Author(s)

Anqi Deng ¹

Affiliation(s)

¹ Business School, Xi'an International Studies University, Xi'an, Shaanxi, China

Corresponding Author

Anqi Deng

ABSTRACT

The Company's cash dividend policy has been concerned by regulators and investors for a long time, and has an important impact on the company's internal governance and value enhancement. Under the background of the Shanghai and Shenzhen Stock Exchanges issuing the "Guidelines on Cash Dividend for Listed Companies" in 2023, it is of practical significance to study the cohort effect of cash dividend policy. This paper takes A-share non-financial listed companies in Shanghai Stock market from 2013 to 2021 as a sample to study the peer effect of cash dividend policy. The empirical results show that the cash dividend policy of Shanghai-A listed companies in China has industry peer effect, that is, the cash dividend policy of listed companies will be affected by other companies in the same industry. At the same time, under the background of semi-mandatory dividend supervision policy, the dividend policy industry peer effect of state-owned holding companies is more obvious than that of non-state-owned holding companies.

KEYWORDS

Cash Dividend Policy, Cohort Effect, Semi-Mandatory Dividend Policy

CITE THIS PAPER

Anqi Deng, Study on Industry Peer Effect of Cash Dividend Policy of Listed Companies in China. Accounting, Auditing and Finance (2024) Vol. 5: 45-54. DOI: http://dx.doi.org/10.23977/accaf.2024.050107.

REFERENCES

[1] Zhuang Y, Nie J, Wu W. Peer influence and the value of cash holdings. Journal of Empirical Finance, 2022, 69: 265-284.
[2] Aghamolla C, Thakor R T. IPO peer effects. Journal of Financial Economics, 2022, 144(1):206-226.
[3] Binay K Adhikari and Anup Agrawal. Peer influence on payout policies. Journal of Corporate Finance, 2018, 48: 615-637.
[4] Markku Kaustia and Ville Rantala. Social learning and corporate peer effects. Journal of Financial Economics, 2015, 117(3): 653-669.
[5] Leary M T, Roberts M R. Do Peer Firms Affect Corporate Financial Policy. The Journal of FinanceVolume 69, Issue 1. 2014. PP 139-178
[6] Jillian Grennan, Dividend payments as a response to peer influence. Journal of Financial Economics, Volume 131, Issue 3, 2019, Pages 549-570.
[7] Kumar A, Lei Z, Zhang C. Dividend sentiment,catering incentives, and return predictability. Journal of Corporate Finance, 2022, 72(1): 102-128.
[8] Bizjak M, Lemmon M, Naveen L. Has the use of peer groups contributed to higher levels of ex ecutive compensation. Journal of financial economics, 2008, 90(2): 152-168. 
[9] Pengfei Ma, Zhu Dong. The mystery of dividend discount: An exploration based on the hollowing out of major shareholders and regulatory pandering. Nankai Management Review, 2019, 22(03): 159-172.
[10] Zhifei Xie. Dual catering and cash dividend stability: Based on an empirical study of Chinese A-share listed companies. Accounting Research, 2019 (11): 78-84.

Sponsors, Associates, and Links

---

• Information Systems and Economics
  
  
• Industrial Engineering and Innovation Management
  
  
• Tourism Management and Technology Economy
  
  
• Journal of Computational and Financial Econometrics
  
  
• Financial Engineering and Risk Management
  
  
• Accounting and Corporate Management
  
  
• Social Security and Administration Management
  
  
• Population, Resources & Environmental Economics
  
  
• Statistics & Quantitative Economics
  
  
• Agricultural & Forestry Economics and Management
  
  
• Social Medicine and Health Management
  
  
• Land Resource Management
  
  
• Information, Library and Archival Science
  
  
• Journal of Human Resource Development
  
  
• Manufacturing and Service Operations Management
  
  
• Operational Research and Cybernetics