In contrast with the evidence for the US and UK, the percentage of Chinese firms that pay
dividends is increasing. We find that the level of dividend payment is positively related to
ownership concentration but is negatively related to the percentage of outside directors. We
further determine that after paying dividends, these firms issue new equity more often than
non-payer while enjoying higher market-to-book ratios. These findings suggest that dividends
might substitute for board monitoring for Chinese firms and hence contributes to resolving
the conflict of interest between the controlling and minority shareholders.
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