Impact of Dividend Policy on Firms’ Financial Decisions and Growth Strategies-Taking Maotai Company as an Example

Haoqi Wang ()
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Haoqi Wang: Tianjin University, Department of Management and Economics

A chapter in Proceedings of the 2025 International Conference on Financial Innovation and Marketing Management (FIMM 2025), 2025, pp 803-809 from Springer

Abstract: Abstract Dividend policy, as a core issue in modern corporate financial decision-making, is always facing the problem of “shareholder return and corporate development” trade-off. Traditional theories, such as signaling theory and agency cost theory, disagree on the value effect of dividend policy. Existing research focuses on static analysis, ignoring dynamic adaptation and industry specificity. Taking Kweichow Moutai as a case study, this study combines EVA theory, agency cost theory and signaling theory, and employs literature research, comparative analysis and case study methodology to explore the impact of Kweichow Moutai’s “high dividend+low debt” model on financial decision-making and strategic development. The results of the study show that the dividend policy is synergistic with EVA growth, the agency cost reduction mechanism is effective, and the signaling effect is significant, revealing the special characteristics of the consumer industry. The study is of great significance to corporate management, investment decision-making and policy formulation.

Keywords: Dividend Policy; Financial Decisions and Growth Strategies; Kweichow Moutai (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:spr:advbcp:978-94-6463-874-5_92

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DOI: 10.2991/978-94-6463-874-5_92

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