Dividends Behavior in State- Versus Family-Controlled Firms: Evidence from Hong Kong

Tina T. He, Wilson X.B. Li, Gordon Y N TANG

Research output: Contribution to journalArticlepeer-review

29 Citations (Scopus)


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.

Original languageEnglish
Pages (from-to)97-112
Number of pages16
JournalJournal of Business Ethics
Issue number1
Publication statusPublished - Sep 2012

Scopus Subject Areas

  • Business and International Management
  • Business, Management and Accounting(all)
  • Arts and Humanities (miscellaneous)
  • Economics and Econometrics
  • Law

User-Defined Keywords

  • Business ethical behavior
  • Corporate governance
  • Corporate social responsibility
  • Dividend
  • Family
  • State


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