Dividends Behavior in State- Versus Family-Controlled Firms: Evidence from Hong Kong

Tina He (), Wilson Li () and Gordon Tang ()

Journal of Business Ethics, 2012, vol. 110, issue 1, 97-112

Abstract: This study comparatively examines the dividends behavior in state-controlled firms versus family-controlled firms. With the sample of large industrial firms listed on the Main Board of Hong Kong Stock Exchange, we investigate the dividends payment rates, stability of dividends payment, the effects of firm size, profitability and growth opportunity on likelihood to pay dividends, as well as the concentration of dividend in state-controlled versus family-controlled firms. Based on the findings, we derive some ethical implications of dividends policy regarding the differences in business ethical behavior, corporate social responsibility, corporate governance, business sustainability, and shareholder activism in state-controlled versus family-controlled firms, as well as the improvement in these respects through cross-listing in Hong Kong. Copyright Springer Science+Business Media B.V. 2012

Keywords: Business ethical behavior; Corporate governance; Corporate social responsibility; Dividend; Family; State (search for similar items in EconPapers)
Date: 2012
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Citations: View citations in EconPapers (22)

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DOI: 10.1007/s10551-011-1150-0

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