Continuous cash dividends, ownership structure and firm value: Evidence from Chinese A-share market

Qin Qi, Weijie Li, Chong Liu, Yuncheng Huang and Changsheng Hu

PLOS ONE, 2022, vol. 17, issue 3, 1-18

Abstract: This paper examines the relation between continuous cash dividends, ownership structure and firm value across a sample of 1503 firms listed on Chinese A-share market from 2009 to 2017. The empirical results reveal (1) the positive effect of continuous cash dividends on firm value and that (2) values of both state-owned enterprises controlled by central government (SOECGs) and state-owned enterprises controlled by local governments (SOELGs) that distribute continuous cash dividends increase more with ownership concentration than values of those that distribute discontinuous cash dividends; continuous cash dividends fail to mediate the effect of ownership concentration on firm value in private firms (PFs). The results are robust.

Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:plo:pone00:0265177

DOI: 10.1371/journal.pone.0265177

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