德勤－复旦会计论坛系列207期讲座
时 间：2023年 10月10日（周二）下午2:00
地 点：思源楼324室
主持人：倪晨凯 教授
报告人：汪晓樵 助理教授 (香港中文大学(深圳))
题 目：Unraveling the Dividend Puzzle: A Field Experiment
摘 要：We conduct a field experiment to explore why firms pay dividends. We change managers’ perception of agency concerns from outside investors, investors’ risk preference, the information gap with outside investors, and firms’ tax clientele by contacting publicly listed firms in China to test four dividend theories (agency, bird-in-hand, signaling, and tax clientele theories). We find that past payers (firms that paid dividends in the previous year) receiving the treatment of agency concerns increase their dividends relative to the control group. In contrast, firms receiving the other treatments do not experience changes in their dividend policy. The treatment effect of agency concerns in past payers is more prominent for firms with weaker governance and robust to various model specifications. A post-experimental survey confirms our treatment effects. The evidence suggests that the agency cost motive is the main determinant of a firm’s dividend policy.
会计学系
2023-9-27
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