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 journalJournal articlepeer-review

    46 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 - Sept 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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