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政大機構典藏 > 商學院 > 財務管理學系 > 期刊論文 > Item 140.119/72696

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/72696

Title:	Assets Expropriation via Cash Dividends? Free Cash Flow or Tunneling
Authors:	陳嬿如 Chiou, J.R.;Chen, Y.R.;Huang, T.C.
Contributors:	財管系
Date:	2010
Issue Date:	2015-01-08 17:50:47 (UTC+8)
Abstract:	This study intends to solve the disputes between the free cash flow hypothesis and the tunneling hypothesis in explaining the role of cash dividends on asset expropriation of the controlling shareholders in Chinese listed firms, by investigating the values of cash holdings and cash dividends between firms with high and low ownership control. The results show that investors value more the cash dividends of firms with high ownership control than those of firms with low ownership control, and value more the cash holdings of firms with low ownership control than those of firms with high ownership control, more consistent with the free cash flow hypothesis rather than the tunneling hypothesis.
Relation:	China Journal of Accounting Research, 3(1), 71-93
Data Type:	article
Appears in Collections:	[財務管理學系] 期刊論文

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