Regional Peer Effect of Dividend Policy of Listed Companies

DING Zhi-guo; LI Bo-yi

Journal of South China normal University (Social Science Edition) > 2020 > (3): 95-107.

DING Zhi-guo, LI Bo-yi. Regional Peer Effect of Dividend Policy of Listed Companies[J]. Journal of South China normal University (Social Science Edition), 2020, (3): 95-107.

Citation:

DING Zhi-guo, LI Bo-yi. Regional Peer Effect of Dividend Policy of Listed Companies[J]. Journal of South China normal University (Social Science Edition), 2020, (3): 95-107.

Citation:

DING Zhi-guo, LI Bo-yi. Regional Peer Effect of Dividend Policy of Listed Companies[J]. Journal of South China normal University (Social Science Edition), 2020, (3): 95-107.

PDF (2021 KB)

Regional Peer Effect of Dividend Policy of Listed Companies

More Information

Received Date: October 25, 2019
Available Online: March 21, 2021

Graphical Abstract

Abstract

Abstract

The dividend policy of listed companies has a significant regional peer effect, and there are significant differences in the level of corporate dividend payment among provinces and regions. Based on the logical imitation rate and the law of imitation series, learning imitation and competitive imitation are the internal mechanisms of the group effect in the dividend policy area of listed companies, and the level of regional dividend payment has a more significant impact on the non-leading firms, low-growth firms and under-valued firms. The degree of regional marketization and the level of regional economic development have positive effects on the regional peer effect of dividend policy of listed companies. It is suggested that the supervisory authorities should conduct targeted guidance and standard management, and appropriately enhance the guidance for non-leading, low-growth and under-valued enterprises with more significant regional peer effect, so as to facilitate the rational decision-making of their dividend distribution behavior. Meanwhile, attention should be paid to standardizing the dividend distribution behavior of the leading enterprises in the region, creating an orderly regional environment and market atmosphere, helping investors formulate a scientific and rational portfolio of investment strategies, and urging the enterprise managers to perfect the governance ideas, the external governance mechanisms as well as the internal governance structures.
- listed company,
- dividend policy,
- peer effect,
- region,
- clustering behavior

FullText(HTML)

References (50)

References

[1]	GABAIX X, LANDIER A. Why has CEO pay increased so much[J]. Quarterly journal of economics, 2008, 123(1):49-100. http://d.old.wanfangdata.com.cn/NSTLQK/NSTL_QKJJ025786231/
[2]	BIZJAK M, LEMMON M, NAVEEN L. Has the use of peer groups contributed to higher levels of executive compensation[J]. Journal of financial economics, 2008, 90(2):152-168. doi: 10.1016/j.jfineco.2007.08.007
[3]	FAULKENDER M, YANG J. Inside the black box: the role and composition of compensation peer groups[J]. Journal of financial economics, 2010, 96(2):257-270. doi: 10.1016/j.jfineco.2010.01.006
[4]	BIZJAK J, LEMMON M, NGUYEN T. Are all CEOs above average? An empirical analysis of compensation peer groups and pay design[J]. Journal of financial economics, 2011, 100(3):538-555. doi: 10.1016/j.jfineco.2011.02.007
[5]	MICHAEL F, YANG J. Is disclosure an effective cleansing mechanism? The dynamics of compensation peer benchmarking[J]. Review of financial studies, 2013, 26(3):806-839. doi: 10.1093/rfs/hhs115
[6]	ALBUQUERQUE A, FRANCO G, RODRIGO S. Peer choice in CEO compensation[J]. Journal of financial economics, 2013, 108(1):160-181. doi: 10.1016/j.jfineco.2012.10.002
[7]	赵颖.中国上市公司高管薪酬的同群效应分析[J].中国工业经济, 2016(2):114-129. http://www.wanfangdata.com.cn/details/detail.do?_type=perio&id=zggyjj201602008
[8]	IVKOVIC Z, WEISBENNER J. Local does as local is: information content of the geography of individual investors' common stock investments[J]. Social science electronic publishing, 2005, 47(3):154-170.
[9]	GAO W, NG L, WANG Q. Does corporate headquarters location mater for firm capital structure[J]. Financial management, 2011, 40(1):113-138. doi: 10.1111/j.1755-053X.2010.01136.x
[10]	王疆, 陈俊甫.国际投资决策中的组织间模仿行为研究述评[J].外国经济与管理, 2013(3):37-46. http://d.old.wanfangdata.com.cn/Periodical/wgjjygl201303005
[11]	FOUCAULT T, FRESARD L. Learning from peers' stock prices and corporate investment[J]. Journal of financial economics, 2014, 111(2):554-577. http://d.old.wanfangdata.com.cn/NSTLQK/NSTL_QKJJ0232472238/
[12]	BURSZTYN L, EDERER F, FERMAN B, et al. Understanding mechanisms underlying peer effects: evidence from a field experiment on financial decisions[J]. Econometrica, 2014, 82(4):95-110.
[13]	DOUGLA C, PARSONS A, TITMAN S. Urban vibrancy and corporate growth[J]. Journal of finance, 2015, 70(1):163-210. http://d.old.wanfangdata.com.cn/NSTLQK/NSTL_QKJJ0234186684/
[14]	石桂峰.地方政府干预与企业投资的同伴效应[J].财经研究, 2015(12):84-94. http://d.old.wanfangdata.com.cn/Periodical/cjyj201512008
[15]	GRAHAM J, HARVEY C. The theory and practice of corporate finance: evidence from the field[J]. Journal financial economics, 2001, 60(2):187-243. http://d.old.wanfangdata.com.cn/OAPaper/oai_doaj-articles_aa60477f3b98d64446b1353cf89cadee
[16]	LEARY M, ROBERTS M. Do peer firms affect corporate financial policy[J]. Journal of finance, 2014, 69(1):139-178. doi: 10.1111/jofi.12094
[17]	许汝俊, 袁天荣, 龙子安, 等.分析师跟进网络会引起上市公司融资决策同群效应吗——分析师角色视角的一个新解释[J].经济与管理, 2018(10):156-172.
[18]	HAUNSCHILD R. Inter-organizational imitation: the impact of Interlocks on corporate acquisition activity[J]. Administrative science quarterly, 1993, 38(4):564-592. doi: 10.2307/2393337
[19]	WESTPHAL D, SHORTELL M. Customization or conformity: an institutional perspective on the content and consequences of TQM adoption[J]. Administrative science quarterly, 1997, 42(2):366-394. doi: 10.2307/2393924
[20]	陈仕华, 卢昌崇.企业间高管联结与并购溢价决策[J].管理世界, 2013(5):144-156. http://d.old.wanfangdata.com.cn/Periodical/glsj201305011
[21]	万良勇, 梁婵娟, 饶静.上市公司并购决策的行业同群效应研究[J].南开管理评论, 2016(3):40-50. doi: 10.3969/j.issn.1008-3448.2016.03.005
[22]	苏诚.连锁董事网中公司并购行为的同群效应[J].华东经济管理, 2017 (1):143-150. doi: 10.3969/j.issn.1007-5097.2017.01.018
[23]	MARK T, MICHAEL R, ROBERTS A. Do peer firms affect corporate financial policy[J]. The journal of fiance, 2014, 8(1):62-70.
[24]	姜永盛, 程小可, 李浩.公司的资本结构决策具有学习效应吗[J].中央财经大学学报, 2015(10):61-68. http://www.wanfangdata.com.cn/details/detail.do?_type=perio&id=zycjdxxb201510008
[25]	钟田丽, 张天宇.我国企业资本结构决策行为的"同伴效应"[J].南开管理评论, 2017(2):58-70. doi: 10.3969/j.issn.1008-3448.2017.02.006
[26]	陆蓉, 王策, 邓鸣茂.我国上市公司资本结构"同群效应"研究[J].经济管理, 2017(1):181-194. http://www.wanfangdata.com.cn/details/detail.do?_type=perio&id=jjgl201701012
[27]	PARSONS A, JOHAN S, TITMAN S. The geography of financial misconduct[J]. National bureau of economic research, 2014, 203(4):171-180.
[28]	陆蓉, 常维.近墨者黑:上市公司违规行为的"同群效应"[J].金融研究, 2018(8):172-189. http://d.old.wanfangdata.com.cn/Periodical/hzsfdxxb-rwsh201604021
[29]	刘计含, 王建琼.基于社会网络视角的企业社会责任行为相似性研究[J].中国管理科学, 2016(9):115-123. http://d.old.wanfangdata.com.cn/Periodical/zgglkx201609014
[30]	GIACOMO A, LORENZO S. Social responsibility, activism and boycotting in a firm stakeholders network of games with player's conformist preference[J]. Journal of socio-economics, 2013, 5(2):18-26.
[31]	POPADAK A, JILLIAN A. Dividend payments as a response to peer influence[J]. Social science electronic publishing, 2012, 11(4):112-169.
[32]	ADHIKARI K, AGRAWAL A. Peer influence on payout policies[J]. Journal of corporate finance, 2018, 7(1):37-62.
[33]	KAHNEMAN D, TVERSKY A. Prospect theory: an analysis of decision under risk[J]. Econometric, 1976, 47(2):263-291. http://d.old.wanfangdata.com.cn/Periodical/xtkxyxtgcxb-e201904006
[34]	SHEFRIN H, STATMAN M. The disposition to sell winners too early and ride losers too long: theory and evidence[J]. The journal of finance, 1984, 40(3):777-790.. doi: 10.2307-2327802/
[35]	BAKER M, WURLGER J. Ends as reference points: a behavioral signaling model[J]. Review of financial studies, 2016, 29(3):697-738.
[36]	SARGENT S, WILLIAMSON R. Social psychology[M]. New York : The Ronald Company, 1966:117-212.
[37]	ELLISON G, FUDENBERG D. Word of mouth communication and social learning[J]. Quarterly journal of economics, 1995, 110(1):93-125.
[38]	HENISZ J, DELIOS A. Uncertainty, imitation, and plant location: Japanese multinational corporations[J]. Administrative science quarterly, 2001, 46(2):443-475.
[39]	HAUNSCHILD R, MINER S. Modes of inter organizational imitations: the effects of outcome saleince and uncertainty[J]. Administrative science quarterly, 1997(42):472-500.
[40]	TRADE G. The law of imitation[M]. New York : Holt and Company, 1903:127-165.
[41]	MARCH G. Exploration and exploitation in organizational learning[J]. Organization science, 1971, 2(1):71-87. http://d.old.wanfangdata.com.cn/Periodical/kxxykxjsgl201201008
[42]	LIEBERMAN B, ASABA S. Why do firms imitate each other[J]. Academy of management review, 2006, 31(2):366-385. doi: 10.5465/amr.2006.20208686
[43]	谢军.股利政策、第一大股东和公司成长性:自由现金流理论还是掏空理论[J].会计研究, 2006(4):51-57. doi: 10.3969/j.issn.1003-2886.2006.04.008
[44]	DEANGELO H, DEANGELO L, STULZ R. Dividend policy and the earned/contributed capital mix: a text of the lifecycle theory[J]. Journal of financial economics, 2006, 81(2):227-254. doi: 10.1016/j.jfineco.2005.07.005
[45]	SHLEIFER A, VISHNY R. Stock market driven acquisitions[J]. Journal of financial economics, 2003, 70(10):304-219. http://d.old.wanfangdata.com.cn/NSTLQK/NSTL_QKJJ0218676544/
[46]	王疆.组织间模仿、环境不确定性与区位选择:以中国企业对美国直接投资为例[J].管理学报, 2014(12) :1775-1781. doi: 10.3969/j.issn.1672-884x.2014.12.007
[47]	李志生, 苏诚, 李好, 等.企业过度负债的地区同群效应[J].金融研究, 2018(9):74-90. http://www.wanfangdata.com.cn/details/detail.do?_type=perio&id=jryj201809005
[48]	樊纲, 王小鲁, 张立文, 等.中国各地区市场化相对进程报告[J].经济研究, 2003(3):9-18. http://www.wanfangdata.com.cn/details/detail.do?_type=perio&id=jjyj200303002
[49]	夏立军, 方轶强.政府控制、治理环境与公司价值[J].经济研究, 2005(5):40-51. http://www.wanfangdata.com.cn/details/detail.do?_type=perio&id=15993382
[50]	樊纲, 王小鲁, 胡李鹏.中国市场化指数报告(2018)[M].北京:社会科学文献社出版, 2018:12-20.

Cited By

Get Citation

PDF

XML

Article views (1974) PDF downloads (92)

Turn off MathJax

Article Contents

Abstract

References

Regional Peer Effect of Dividend Policy of Listed Companies

Abstract

References

Catalog

Export File

Citation

Format

Content