Cross-listings and dividend size and stability: evidence from China

Zijian Cheng, Charles P. Cullinan, Zhangxin Liu, Junrui Zhang

Research output: Contribution to journalArticle

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 languageEnglish
JournalAccounting and Finance
DOIs
Publication statusE-pub ahead of print - 11 Dec 2019

    Fingerprint

Cite this