【10月26日】【会计学院学术论坛】Stock Liquidity and Dividend Payouts发布日期：2019-09-12 21:08:13
讲座主题：Stock Liquidity and Dividend Payouts
摘要：This study investigates the informational effect of stock liquidity on dividend payouts. Using a sample of Chinese listed firms during 2000 to 2014, we find a positive relation between stock liquidity and dividend payouts. The result is robust to a series of robustness checks including the use of alternative measures of liquidity, alternative sample, fixed effects model, two-stage IV method and a quasi-natural experiment. Consistent with our hypothesis that stock liquidity provides information and increases insiders’ incentive to pay out dividends, we find that the positive relation between stock liquidity and dividend payouts is more pronounced when the information environment is opaque, and when conflict between controlling shareholders and minority investors is severe. Finally, we rule out several alternative explanations concerning the governance of non-controlling blockholders and the alleviation of manager-shareholder agency conflict.