Ownership concentration, firm performance, and dividend policy in Hong Kong

Pacific Basin Finance Journal

Volumn 13, Issue 4, 2005, Pages 431-449

  Chen, Zhilan ^a   Cheung, Yan Leung ^a   Stouraitis, Aris ^a   Wong, Anita W S ^a  

^a CITY UNIVERSITY OF HONG KONG   (Hong Kong)

Author keywords

Corporate governance; Dividend policy; Firm performance; Ownership structure

Indexed keywords

EID: 23244457425     PISSN: 0927538X     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.pacfin.2004.12.001     Document Type: Article

References (22)

1. A. Cadbury Report of the Committee on the Financial Aspects of Corporate Governance 1992 Gee and Co. Ltd. London, United Kingdom
2. C.R. Chen T.L. Steiner Managerial ownership and agency conflicts: A nonlinear simultaneous equation analysis of managerial ownership, risk taking, debt policy, and dividend policy The Financial Review 34 1999 119-136
3. C.R. Chen W. Guo V. Mande Managerial ownership and firm valuation: Evidence from Japanese firms Pacific-Basin Finance Journal 11 2003 267-283
4. M.H. Cho Ownership structure, investment, and the corporate value: An empirical analysis Journal of Financial Economics 47 1998 103-121
5. S. Claessens S. Djankov L.H.P. Lang The separation of ownership and control in East Asian corporations Journal of Financial Economics 58 2000 81-112
6. H. Demsetz K. Lehn The structure of corporate ownership: Causes and consequences Journal of Political Economy 93 1985 1155-1177
7. M. Faccio L.H.P. Lang L. Young Dividends and expropriation American Economic Review 91 2001 54-78
8. B. Hermalin M. Weisbach The determinants of board composition Rand Journal of Economics 19 1988 589-606
9. B.E. Hermalin M.S. Weisbach The effects of board composition and direct incentives on firm performance Financial Management 1991 101-112
10. C.P. Himmelberg R.G. Hubbard D. Palia Understanding the determinants of managerial ownership and the link between ownership and performance Journal of Financial Economics 53 1999 353-384
11. T. Hiraki H. Inoue A. Ito F. Kuroki H. Masuda Corporate governance and firm value in Japan: Evidence from 1985 to 1998 Pacific-Basin Finance Journal 11 2003 239-265
12. R. La Porta F. Lopez-de-Silanes A. Shleifer R.W. Vishny Law and finance Journal of Political Economy 106 1998 1113-1155
13. R. La Porta F. Lopez-de-Silanes A. Shleifer Corporate ownership around the world Journal of Finance 54 1999 471-517
14. R. La Porta F. Lopez-de-Silanes A. Shleifer R.W. Vishny Agency problems and dividend p0olicies around the world Journal of Finance 55 2000 1-33
15. R. La Porta F. Lopez-de-Silanes A. Shleifer R.W. Vishny Investor protection and corporate valuation Journal of Finance 57 2002 1147-1170
16. J. McConnell H. Servaes Additional evidence on equity ownership and corporate value Journal of Financial Economics 27 1990 595-612
17. R. Morck A. Shleifer R.W. Vishny Management ownership and market valuation: An empirical analysis Journal of Financial Economics 20 1988 293-315
18. R. Morck M. Nakamura A. Shivdasani Banks, ownership structure, and firm value in Japan Journal of Business 73 2000 539-567
19. R.L. Watts J.L. Zimmerman Towards a positive theory of the determination of accounting standards Accounting Review 53 1978 112-134
20. H. White A heteroskedasticity-consistent covariance matrix estimator and a direct test for heteroskedasticity Econometrica 48 1980 817-838
21. D. Yermack Higher market valuation of companies with a small board of directors Journal of Financial Economics 40 1996 185-211
22. X. Zhou Understanding the determinants of managerial ownership and the link between ownership and performance: Comment Journal of Financial Economics 62 2001 559-571