How does dividend regulation policy of exchange affect the innovation of listed companies?

被引：0
|
作者：
Ma B. [1 ,2 ]
Gu Z. [1 ,2 ]
机构：
[1] China Academy of Corporate Governance, Nankai University, Tianjin
[2] Business School, Nankai University, Tianjin
来源：
Xitong Gongcheng Lilun yu Shijian/System Engineering Theory and Practice | 2021年 / 41卷 / 09期
基金：
中国国家自然科学基金;
关键词：
Difference-in-difference; Dividend regulation policy; Innovation; Sharp regression discontinuity;
D O I：
10.12011/SETP2020-2566
中图分类号：
学科分类号：
摘要：
Regarding the "comply-or-explain" regulation policy from Shanghai stock exchange in January 2013 as a quasi-natural experiment, the paper studies how dividend regulation policy affects corporate innovation in which the sharp regression discontinuity (SRD) is embedded into the difference-in-difference (DID) model, and obtains the following conclusions. At first, the results of DID show that the dividend regulation policy significantly inhibits R&D expenditures and innovation output. Secondly, the SRD model reveals that the "comply-or-explain" regulation has a more significant inhibitory effect on the companies when comply the regulation policy. At last, the test of mediator effect of cash flow means that the implementation of comply-or-explain regulation policy can reduce the agency cost of free cash flow, and then company will reduce the R&D expenditures. The paper provides the new perspective and evidence for studying how does investor protection influence on the innovation of listed companies. © 2021, Editorial Board of Journal of Systems Engineering Society of China. All right reserved.
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页码：2218 / 2238
页数：20
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