Document Type

Journal Article

Department/Unit

Department of Finance and Decision Sciences

Title

Dividends behavior in state- versus family-controlled firms: Evidence from Hong Kong

Language

English

Abstract

This study comparatively examines the dividends behavior in state-controlled firms versus family-controlled firms. With the sample of large industrial firms listed on the Main Board of Hong Kong Stock Exchange, we investigate the dividends payment rates, stability of dividends payment, the effects of firm size, profitability and growth opportunity on likelihood to pay dividends, as well as the concentration of dividend in state-controlled versus family-controlled firms. Based on the findings, we derive some ethical implications of dividends policy regarding the differences in business ethical behavior, corporate social responsibility, corporate governance, business sustainability, and shareholder activism in state-controlled versus family-controlled firms, as well as the improvement in these respects through cross-listing in Hong Kong. © 2011 Springer Science+Business Media B.V.

Keywords

Business ethical behavior, Corporate governance, Corporate social responsibility, Dividend, Family, State

Publication Date

2012

Source Publication Title

Journal of Business Ethics

Volume

110

Issue

1

Start Page

97

End Page

112

Publisher

Springer Verlag

DOI

10.1007/s10551-011-1150-0

Link to Publisher's Edition

http://dx.doi.org/10.1007/s10551-011-1150-0

ISSN (print)

01674544

ISSN (electronic)

15730697

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