Who Makes the Dividend Policy Decision and Their Motives for Doing So: An analysis based on a questionnaire survey of non-stateowned listed companies in China

摘要

This paper analyzes the decision-making of dividend policy and the reasons for dividends policy selection in non-state-owned listed companies by using structural equation modeling. The main research findings are as follows: (1) the dividend policy of non-state-owned listed companies in China can be interpreted by the western agency theory for dividend, and we find that if compared with manager, owner is a more important variable that influence the dividend policy, (2) four motives such as investment opportunities, refinancing ability, stock price and potential repayment capacity are all important factors for decision-maker to determine the dividend policy. Among them, refinancing ability works more notably to the point, and earning level plays an unconsidered role.