Research on the Influence of Non-Tradable Share Reform on Cash Dividends in Chinese Listed Companies

Fang Zou, Fangjie Su and Wei Peng

International Journal of Business Administration, 2012, vol. 3, issue 3, 11-15

Abstract: In this paper, authors analyze the influences of non-tradable share reform on cash dividends in Chinese listed companies and find that the distribution intensity of cash dividends has been weakened in listed companies after the non-tradable share reform. The research shows that the non-tradable share reform weakens the ¡°tunneling¡± effect of large shareholder cash dividends. While non-tradable shares of large shareholder are in circulation, the large shareholder agency problem is further eased.

Keywords: Non-Tradable Share Reform; Large Shareholder Agency Problem; Tunneling; Cash Dividends (search for similar items in EconPapers)
Date: 2012
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Persistent link: https://EconPapers.repec.org/RePEc:jfr:ijba11:v:3:y:2012:i:3:p:11-15

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