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Abstract
This study comparatively examines the dividends behavior in state-controlled firms versus family-controlled firms. With the
sample of large industrial firms listed on the Main Board of Hong Kong Stock Exchange, we investigate the dividends payment
rates, stability of dividends payment, the effects of firm size, profitability and growth opportunity on likelihood to pay
dividends, as well as the concentration of dividend in state-controlled versus family-controlled firms. Based on the findings,
we derive some ethical implications of dividends policy regarding the differences in business ethical behavior, corporate
social responsibility, corporate governance, business sustainability, and shareholder activism in state-controlled versus
family-controlled firms, as well as the improvement in these respects through cross-listing in Hong Kong.
- Content Type Journal Article
- Pages 1-16
- DOI 10.1007/s10551-011-1150-0
- Authors
- Tina T. He, Division of Business and Management, BNU-HKBU United International College, Zhuhai, Guangdong, China
- Wilson X. B. Li, Division of Business and Management, BNU-HKBU United International College, Zhuhai, Guangdong, China
- Gordon Y. N. Tang, School of Business, Hong Kong Baptist University, Kowloon, Hong Kong
- Journal Journal of Business Ethics
- Online ISSN 1573-0697
- Print ISSN 0167-4544