Cross-listings and dividend size and stability: evidence from China

被引：7

作者：

Cheng, Zijian ^{[1
]}

Cullinan, Charles P. ^{[2
]}

Liu, Zhangxin ^{[3
]}

Zhang, Junrui ^{[4
]}

机构：

[1] Shandong Univ, Sch Business, Dept Accounting, Weihai, Peoples R China

[2] Bryant Univ, Smithfield, VA USA

[3] Univ Western Australia, Sch Business, Accounting & Finance, Perth, WA, Australia

[4] Xi An Jiao Tong Univ, Sch Management, Xian, Shaanxi, Peoples R China

来源：

ACCOUNTING AND FINANCE | 2021年 / 61卷 / 01期

关键词：

Cross-listing; Corporate governance; Dividend size; Dividend stability; Hong Kong Stock Exchange; American Depository Receipts; CORPORATE GOVERNANCE; FINANCIAL CONSTRAINTS; STOCK EXCHANGES; FOREIGN FIRMS; UNITED-STATES; MARKET; POLICY; PROTECTION; LOCATION; EQUITY;

D O I：

10.1111/acfi.12579

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We investigate the relationship between cross-listings and dividend policy. We find that Chinese cross-listed firms have lower and more stable dividends than their non-cross-listed peers, and that dividends become more stable the longer a company has been cross-listed. We also find the strength of the cross-listing/dividend policy relationship varies based on the market where the shares are cross-listed. The strength of the relationship varies from B-shares (least strong) to Hong Kong shares (stronger) to American Depository Receipts (strongest). Our results indicate cross-listings may influence both dividend size and stability, and that this influence can vary by the type of cross-listing.

引用

页码：415 / 465

页数：51

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