Cash Dividend, Principal-agent Problem and Local Chairperson: Evidence from China

IF 16.4 1区化学 Q1 CHEMISTRY, MULTIDISCIPLINARY

Accounts of Chemical Research Pub Date : 2023-01-02 DOI:10.1080/1226508X.2023.2166973

Xiaohong Yu, Maonan Chen, Liping Zhang

引用次数: 0

Abstract

ABSTRACT This paper studies the relationship between the local chairperson of the board and the cash dividend distribution level by using annual data from A-share listed firms in China. Firstly, the empirical results show a firm’s cash dividend distribution level will increase when the firm has a local chairperson. The analysis of mediating effect concludes that the local chairperson can improve corporate performance by alleviating the first type of principal-agent problems, and this ultimately increases its cash dividend distribution level. Secondly, the cross-sectional tests show this consistency has a greater effect on the cash dividend distribution levels of state-owned enterprises and those that embraced high-quality external audits. Finally, this relationship will be weakened in firms that have the more serious second type of principal-agent problems.

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现金股利、委托代理问题与地方董事长:来自中国的证据

摘要本文利用中国a股上市公司的年度数据，研究地方董事长与现金股利分配水平之间的关系。首先，实证结果表明，当公司有一名地方董事长时，公司的现金股利分配水平会提高。中介效应分析表明，地方董事长可以通过缓解第一类委托代理问题来提高公司绩效，最终提高公司现金股利分配水平。其次，横断面检验表明，这种一致性对国有企业和接受高质量外部审计的企业的现金股利分配水平有更大的影响。最后，在存在更严重的第二类委托代理问题的企业中，这种关系将被削弱。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Accounts of Chemical Research 化学-化学综合

CiteScore

31.40

自引率

1.10%

发文量

312

审稿时长

2 months

期刊介绍： Accounts of Chemical Research presents short, concise and critical articles offering easy-to-read overviews of basic research and applications in all areas of chemistry and biochemistry. These short reviews focus on research from the author’s own laboratory and are designed to teach the reader about a research project. In addition, Accounts of Chemical Research publishes commentaries that give an informed opinion on a current research problem. Special Issues online are devoted to a single topic of unusual activity and significance. Accounts of Chemical Research replaces the traditional article abstract with an article "Conspectus." These entries synopsize the research affording the reader a closer look at the content and significance of an article. Through this provision of a more detailed description of the article contents, the Conspectus enhances the article's discoverability by search engines and the exposure for the research.