基金小团体对企业现金分红的影响：来自中国的证据

IF 6.3 2区经济学 Q1 BUSINESS, FINANCE

Research in International Business and Finance Pub Date : 2024-10-09 DOI:10.1016/j.ribaf.2024.102619

Yumei Feng , Hongxin Pei , Yuying Pan , Kung-Cheng Ho

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引用次数: 0

摘要

本研究利用 2007-2021 年中国 A 股上市公司的数据，探讨了基金帮派如何影响企业现金分红。研究结果表明，基金抱团可以显著减少企业现金分红。在解决了可能存在的内生性问题并进行了一系列稳健性检验后，这一结论得到了验证。机制检验表明，所有权集中和代理成本是主要渠道。结果进一步表明，基金小团体对现金分红的负面影响在规模较大的公司以及地区投资者保护程度较低和媒体关注度较高的公司中更为显著。此外，我们还发现，基金小团体可以显著增加公司股票分红，而现金分红的减少会促进基金小团体减持股份，基金可以从中获得更高的股份回报。本研究对保护股东权益、维护资本市场稳定有一定的启示。

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Impact of fund cliques on corporate cash dividends: Evidence from China

Utilizing 2007–2021 data on Chinese A-share listed companies, this study explores how fund cliques affect corporate cash dividends. The results reveal that fund cliques can significantly reduce corporate cash dividends. This conclusion is verified after addressing possible endogeneity concerns and conducting a series of robustness tests. Mechanism tests indicate that ownership concentration and agency cost are the primary channels. The results further show that the negative effect of fund cliques on cash dividends is more significant in larger firms, as well as in firms that have lower regional investor protection and greater media attention. Furthermore, we find that fund cliques can significantly increase corporate stock dividends, and the reduction of cash dividends promotes fund cliques’ share lessening, from which funds can obtain higher share returns. This study has some implications for protecting shareholder rights and maintaining capital market stability.

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来源期刊

Research in International Business and Finance BUSINESS, FINANCE-

CiteScore

11.20

自引率

9.20%

发文量

240

期刊介绍： Research in International Business and Finance (RIBAF) seeks to consolidate its position as a premier scholarly vehicle of academic finance. The Journal publishes high quality, insightful, well-written papers that explore current and new issues in international finance. Papers that foster dialogue, innovation, and intellectual risk-taking in financial studies; as well as shed light on the interaction between finance and broader societal concerns are particularly appreciated. The Journal welcomes submissions that seek to expand the boundaries of academic finance and otherwise challenge the discipline. Papers studying finance using a variety of methodologies; as well as interdisciplinary studies will be considered for publication. Papers that examine topical issues using extensive international data sets are welcome. Single-country studies can also be considered for publication provided that they develop novel methodological and theoretical approaches or fall within the Journal''s priority themes. It is especially important that single-country studies communicate to the reader why the particular chosen country is especially relevant to the issue being investigated. [...] The scope of topics that are most interesting to RIBAF readers include the following: -Financial markets and institutions -Financial practices and sustainability -The impact of national culture on finance -The impact of formal and informal institutions on finance -Privatizations, public financing, and nonprofit issues in finance -Interdisciplinary financial studies -Finance and international development -International financial crises and regulation -Financialization studies -International financial integration and architecture -Behavioral aspects in finance -Consumer finance -Methodologies and conceptualization issues related to finance