Abstract
We investigate the relationship between cross-listings and dividend policy. We find that Chinese cross-listed firms have lower and more stable dividends than their non-cross-listed peers, and that dividends become more stable the longer a company has been cross-listed. We also find the strength of the cross-listing/dividend policy relationship varies based on the market where the shares are cross-listed. The strength of the relationship varies from B-shares (least strong) to Hong Kong shares (stronger) to American Depository Receipts (strongest). Our results indicate cross-listings may influence both dividend size and stability, and that this influence can vary by the type of cross-listing.
Original language | English |
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Pages (from-to) | 415-465 |
Number of pages | 51 |
Journal | Accounting and Finance |
Volume | 61 |
Issue number | 1 |
Early online date | 11 Dec 2019 |
DOIs | |
Publication status | Published - Mar 2021 |