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Study of the Impact of Legal Protection of Investors on the Cash Dividend Policy

  • Fulian Shi
  • Jing Guo
  • Ran Li
Conference paper
Part of the Lecture Notes in Electrical Engineering book series (LNEE, volume 132)

Abstract

This paper select both listing in the mainland A-share market and Hong Kong H-share market in 2007, 44, 2008, 50, 2009, 53 companies as samples to study the impact of legal protection of investors on cash dividend policy of A and H share double listed companies. The result shows that the impact of legal protection of investors on cash dividend policy of A and H share double listed companies is significant, which verified the result model of legal protection and dividend policy, and different degrees of legal protection lead to different cash dividends policy between two places.

Keywords

A and H share double listed companies cash dividend policy legal protection of investors 

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References

  1. 1.
    Fama, E., French, K.: Disappearing Dividends: Changing Firm Characteristics or Lower Propensity to Pay? Journal of Financial Economics 60, 3–43 (2001)CrossRefGoogle Scholar
  2. 2.
    Smith Jr., C.W., Watts, R.L.: The Investment Opportunity Set and Corporate Financing, Dividend and Compensation Policies. Journal of Financial Economics (32), 263–292 (1992)Google Scholar
  3. 3.
    Kallapur, S.: The Investment Opportunity Set: Determinants, Consequences and Measurement. Managerial Finance (27), 3–15 (2001)Google Scholar

Copyright information

© Springer-Verlag Berlin Heidelberg 2011

Authors and Affiliations

  1. 1.School of Economics and ManagementNorth China Electric Power UniversityBeijingChina
  2. 2.School of Economics and Business AdministrationZhejiang Sci-tech UniversityHangzhouChina

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