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Private placements, cash dividends and interests transfer: Empirical evidence from Chinese listed firms

Yu Fang Zhao, Xin Ping Xia, Xiang Xi Tang, Wei Cao, Xiao Yuan Liu and Ying Han Fan

International Review of Economics & Finance, 2015, vol. 36, issue C, 107-118

Abstract: In this paper, the relationship between private placements of common stocks and cash dividends for Chinese listed firms is investigated. It finds that Chinese listed firms pay more cash dividends after private placements than do those that are not involved in placements. Firms with large shareholders participating in private placements pay more cash dividends than those without large shareholder participation. These results indicate that the firms controlled by large shareholders have a high propensity for interests transfer in their cash dividend policies.

Keywords: Private placements; Cash dividends; Interests transfer; Large shareholders (search for similar items in EconPapers)
Date: 2015
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DOI: 10.1016/j.iref.2014.11.011

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