Abstract This paper investigates if institutional investors can affect the dividend of the listed companies in our country during the period 2001-2007. The empirical results show that the institutional shareholder can improve the probability and quantity of dividend payment, that is to say, they can improve the corporate governance of listed companies. However, this effect varies considerably according to the properties of the ultimate controlling shareholders of the companies, and it is significant in the non state-owned companies but not in stated-owned companies. So, the government should make the institution environment of state-owned companies better for the institutional investors as they promote the development of them.
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Received: 20 January 2011
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Corresponding Authors:
wang caiping
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