Title

High Dividend Rates Can Not Contribute To Long Investment Horizons: The Chinese Evidence

Document Type

Journal Article

Publisher

Taiwan Institute of Business Administration

Faculty

Faculty of Business and Law

School

School of Business

RAS ID

18626

Comments

This article was originally published as: Long, H. , & Zhang, Z. (2014). High dividend rates can not contribute to long investment horizons: The Chinese evidence. Academy of Taiwan Business Management Review, 10(1), 66-73. Original article available here

Abstract

This paper, based on Campbell (2000), introduces investor sentiment-related variables to a logarithm model, aiming to examine the relationship between dividend rate and investment horizons in the emerging Growth Enterprise Market of China. Using data sample of 243 IPO firms during 2009-2012, the study find that these firms' dividend policies do not contribute to investment horizons in the listing market, and both dividend rates and investment horizons vary across mdustry sectors. In addition, a majority ofthese firms failed to fulfill their dividend policies.

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