دانلود رایگان مقاله لاتین ارتباط عدم تقارن اطلاعات و ساختار مالکیت از سایت الزویر
عنوان فارسی مقاله:
رابطه بین عدم تقارن اطلاعات، سیاست تقسیم سود و ساختار مالکیت
عنوان انگلیسی مقاله:
The relationship among information asymmetry, dividend policy and ownership structure
سال انتشار : 2017
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بخشی از مقاله انگلیسی:
2. Literature Review and Hypotheses Development
2.1. The relationship between information asymmetry and dividend policy Dividend policy is one of the most important decisions made within firms. The signaling hypothesis suggests that there exists information asymmetry between themanagement and external investors. The management can release information to the markets through dividend payouts. Compared to the repurchasing of stock shares, dividend payments imply not only a positive prospect for future operations, but also a significant commitment to future cash flow. Therefore, dividends provide a channel with cost to deal with information asymmetry. Managers can reduce information asymmetry through the distribution of dividends, and the higher the level of information asymmetry, the higher the dividend payouts will be. For investors, their perception of the dividend payments should be more pronounced in firms with higher information asymmetry. However, Li and Zhao (2008) argued that information asymmetry is negatively related to the dividend payout, which is inconsistent with the signaling hypothesis. Especially in emerging markets like the China. In the past, the Chinese government retained a powerful control over firms, event after the firms go partial privatization. The powerful control gave the government incentive and ability to divert corporate resources for some political or social welfare goals and this will worsen the information asymmetry. In addition, government set up the split share structure and shares were split into “tradable shares” and “non-tradable shares”. It led to serious agency problems in firms and cash dividends can help prevent government managers and controlling shareholders from extracting private benefits at expense of minority shareholders. In other words, the weak institutional environment severe information asymmetry lead to the dividends as a disciplining mechanism that reduces the agency costs. Therefore, this study infers that in China, since the legal system is underdeveloped, dividend payouts will be lower when information asymmetry is higher. The hypothesis is developed as follows: H1: Information asymmetry is negatively related to dividend payouts.
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کلمات کلیدی:
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