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| Cash Dividends, Debt Policy Conservatism and Corporate Performance |
| LI Bin |
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Abstract The listed companies’ cash dividends and debt decision making are the hot issues of capital market. Using annual report data of Chinese A-share listed companies, the researcher analyzes the relationships between cash dividends, debt policy conservatism and corporate performance. It is found that cash dividend behavior of listed companies have significantly impact on debt policy conservatism and corporate performance, the cash dividend companies have higher debt policy conservatism and corporate performance than the non-cash dividend company, debt policy conservatism has significant mediating effect in relationship between cash dividends and corporate performance. The findings have policy implication for the improvement of cash dividends system and debt policy conservatism of Chinese listed companies.
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Received: 09 January 2013
Published: 15 September 2013
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Corresponding Authors:
LI Bin
E-mail: libin2010@mail.xjtu.edu.cn
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2013, Vol. 
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