TITLE

Study on the Institutional investors holding shares and the listed companies' dividend policy

AUTHOR(S)
Xiya Luo
PUB. DATE
June 2011
SOURCE
International Proceedings of Economics Development & Research;2011, Vol. 12, p442
SOURCE TYPE
Academic Journal
DOC. TYPE
Article
ABSTRACT
This paper takes institutional investors' shareholding ratios in non-financial listed companies from the Chinese A-share market from 2003 to 2008 and listed companies' cash dividend policy as the research object, making an empirical study on the relationship between institutional investors and cash dividend policy in the listed companies. The results show that: (1) whether listed companies issue the cash dividend and its cash dividend payment level are positively related to its early institutional investors' shareholding ratio; (2) during periods that before and after share reform, company's cash dividend payment level and early institutional investors' shareholding ratio are all significantly positively related to each other at 1% level , but before share reform, listed companies' cash dividend payment levels are in a stronger correlation to early institutional investors' shareholding ratio; Judging from the probability of cash dividend payment, listed companies' cash dividend payment probability is in a stronger correlation to institutional investors' shareholding ratio than the time before share reform.
ACCESSION #
74561287

 

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