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《Journal of Beijing Technology and Business University(Social Science)》 2007-06
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Empirical Research on Corporate Monitors and Agency Theory of Cash Dividends

Li Xiao-jun1,Wang Ping-xin1 & Tao Yi-ni2(1.Management School,Xi'an Jiaotong University,Xi'an,Shanxi 710049,China; 2.Panzhihua University,Panzhihua,Sichuan 716000,China)  
Using the percentage of shares held by the largest stockholder,the percentage of shares held by outside stockholders and the proportion of outside directors in Board of Directors as agency variables for the effect of corporate monitors,this paper reports a new evidence on the hypothesis that dividends reduce agency costs.After the multivariate controls over the influences of factors including the change rate in dividend yield,unexpected ROE,leverage of corporate finance,firm size and operating performance,this paper finds that the market reaction to the event of dividend increase announcment is positive related to the percentage of shares held by the largest stockholder,and negative related to the effect of corporate monitors.The conclusion of this paper implicates that cash dividend distribution can be a necessary alternative to substitute for ineffective corporate monitors in the interest of mitigating agency costs.
【Fund】: 国家自然科学基金项目(70671058)
【CateGory Index】: F276.6;F275;F224
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