David Bourget (Western Ontario)
David Chalmers (ANU, NYU)
Rafael De Clercq
Ezio Di Nucci
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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Po Keung Ip (2009). The Challenge of Developing a Business Ethics in China. Journal of Business Ethics 88 (1):211 - 224.
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.
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