Peer Effect to Dividend Policies of Listed Firms in China
Corporate dividend distribution policy has been deeply concerned by regulators and in-vestors for a long time and has an important impact on the internal governance and value enhancement of the company.Under the regulation of the Guidelines on Cash Dividends for Listed Companies issued by the Shanghai and Shenzhen Stock Exchanges in 2023,it is of practical significance to study the peer effect of dividend distribution policy.This paper empirically examines the performance and heterogeneity of the peer effect of dividend distribution policy in the Shanghai and Shenzhen A-share markets using an instru-mental variable two-stage probit model.It is found that there is a significant peer effect in the formulation and implementation of dividend distribution policy of listed companies in China,and this peer effect is mainly manifested in the following effect of small-capitalization companies in the industry on large-cap-italization leading companies.The peer effect of dividend distribution policy has asymmetric properties:large-capitalization companies in the industry will follow the industry practice in non-cash dividend dis-tribution,while small-capitalization companies in the industry are more inclined to follow the industry standard in cash dividend distribution and show a significant peer effect.There is heterogeneity in the peer effect of firms raising and lowering the dividend yield on the dividend distribution policy of other firms in the industry.This paper further discusses the causes of the peer effect from the basic assumptions on informa-tion-based theories and rivalry-based theories.The research in this paper has important policy implications for securities regulators to standardize and guide listed firms in formulating dividend distribution policies.
万方数据
维普
