David Bourget (Western Ontario)
David Chalmers (ANU, NYU)
Rafael De Clercq
Jack Alan Reynolds
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Journal of Business Ethics 110 (1):97-112 (2012)
This study comparatively examines the dividends behavior in state-controlled firms versus family-controlled firms. With the sample of large industrial firms listed on the Main Board of Hong Kong Stock Exchange, we investigate the dividends payment rates, stability of dividends payment, the effects of firm size, profitability and growth opportunity on likelihood to pay dividends, as well as the concentration of dividend in state-controlled versus family-controlled firms. Based on the findings, we derive some ethical implications of dividends policy regarding the differences in business ethical behavior, corporate social responsibility, corporate governance, business sustainability, and shareholder activism in state-controlled versus family-controlled firms, as well as the improvement in these respects through cross-listing in Hong Kong.
|Keywords||Business ethical behavior Corporate governance Corporate social responsibility Dividend Family State|
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References found in this work BETA
Rosa Chun (2009). Ethical Values and Environmentalism in China: Comparing Employees From State-Owned and Private Firms. [REVIEW] Journal of Business Ethics 84 (3):341 - 348.
Mojca Duh, Jernej Belak & Borut Milfelner (2010). Core Values, Culture and Ethical Climate as Constitutional Elements of Ethical Behaviour: Exploring Differences Between Family and Non-Family Enterprises. [REVIEW] Journal of Business Ethics 97 (3):473 - 489.
Georges Enderle (2010). Wealth Creation in China and Some Lessons for Development Ethics. Journal of Business Ethics 96 (1):1 - 15.
Linfen Jennifer Huang & Robin Stanley Snell (2003). Turnaround, Corruption and Mediocrity: Leadership and Governance in Three State Owned Enterprises in Mainland China. [REVIEW] Journal of Business Ethics 43 (1/2):111 - 124.
Po Keung Ip (2009). The Challenge of Developing a Business Ethics in China. Journal of Business Ethics 88 (1):211 - 224.
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