This study solves the dispute between the free cash flow and tunneling hypotheses in
explaining the role of cash dividends on asset expropriation of the controlling shareholders …

According to classic corporate governance theory, strengthening large shareholders' cash
flow rights without changing their control rights should reduce expropriation incentives by …

This paper finds several interesting pattern of cash dividend paying behavior in China. First,
despite of low benefit of cash dividend to investors, listed companies pay cash dividends …

This paper examines the association between cash dividends and the shareholders
balancing mechanism (SBM) using the exogeneity and endogeneity assumptions of …

This study examines the effects of takeover defenses on the value implication of dividends.
Using the framework of Fama and French in J Finance 53 (3): 819–843 (1998), the paper …

We investigate how a firm's decision to hold excessive cash or to overinvest could influence
its dividend payout policy in Indonesia. Additionally, we examine the association between …

We investigate whether institutional investors' distraction affects corporate cash holdings.
We also investigate two channels that may explain the relationship (if any) between …

This paper investigates whether corporate payout policy is associated with insiders' share
holdings and their tax preferences. We find that insider ownership and the implied tax …

Taiwanese firms sometimes make stock repurchases or reduce capital as alternative forms
of paying earnings in place of distributing cash dividends. Yet, distributing dividends is still …

We investigate the relationship between controlling shareholders' share pledging and firms'
cash dividend payout policies. Using Chinese A-share market data, we find that firms with …