Using a sample of 1486 Chinese A-share listed companies for the period 2004-2008,this study empirically tests the impact of family control,institutional environment and their interaction on the cash dividend policy of...Using a sample of 1486 Chinese A-share listed companies for the period 2004-2008,this study empirically tests the impact of family control,institutional environment and their interaction on the cash dividend policy of listed companies.Our results indicate that(1)family firms have a lower cash dividend payout ratio and propensity to pay dividends than non-family firms;(2) a favorable regional institutional environment has a significant positive impact on the cash dividend payout ratio and propensity to pay dividends of listed companies;and(3) the impact of the regional institutional environment on cash dividends is stronger in family firms than in non-family firms.Somewhat surprisingly,we find that controlling family shareholders in China may intensify Agency Problem Ⅰ(the owner-manager conflict) rather than Agency Problem Ⅱ(the controlling shareholder-minority shareholder conflict),and thus have a significant negative impact on cash dividend policy.In contrast,a favorable regional institutional environment plays a positive corporate governance role in mitigating Agency Problem 1 and encouraging family firms to pay cash dividends.展开更多
镇痛镇静是重症脑损伤患者的主要治疗手段之一,用以减轻疾病或医疗护理操作给患者带来的不适,维持脑供氧平衡[1]。研究显示68%~76%的患者在ICU期间处于深镇静状态[2]。不恰当的深镇静会延长ICU患者机械通气时间和住院时间,增加住院病死...镇痛镇静是重症脑损伤患者的主要治疗手段之一,用以减轻疾病或医疗护理操作给患者带来的不适,维持脑供氧平衡[1]。研究显示68%~76%的患者在ICU期间处于深镇静状态[2]。不恰当的深镇静会延长ICU患者机械通气时间和住院时间,增加住院病死率和谵妄发生率[3]。eCASH(early comfort using analgesia,minimal sedatives and maximal humane care)理念由Vincent等学者提出,通过早期实施以镇痛为基础、最小剂量浅镇静和最大化人文关怀策略,使患者处于舒适、合作和安静状态,减少镇痛镇静不当给患者带来的伤害[4]。展开更多
The period economic fluctuation is vital for an enterprise to exist and further develop, it directly affect the enterprise financial health. So, it is significant to build up financial early-warning index and measure ...The period economic fluctuation is vital for an enterprise to exist and further develop, it directly affect the enterprise financial health. So, it is significant to build up financial early-warning index and measure the warning condition that the enterprise faces and take the effective measures to eliminate. We criticize Altman’sZ calculating model and build up some new indexes for enterprise financial early-warning condition measuring and making sound decision.展开更多
Previous studies have shown that product market competition has an important effect on corporate strategies and internal governance mechanisms. Using a sample of China's listed firms from 2004 to 2009, we explore ...Previous studies have shown that product market competition has an important effect on corporate strategies and internal governance mechanisms. Using a sample of China's listed firms from 2004 to 2009, we explore the relationship between product market competition and normal related party transactions and find a significant positive relationship. In addition, we investigate the substitutive effect of product market competition and the cash flow rights owned by ultimate controlling shareholders on the extent of normal related party transactions. In particular, our results suggest a positive relationship between the ultimate controlling shareholders' cash flow rights and normal related party transactions that is strongest in noncompetitive industries and weakens as product market competition increases.展开更多
基金supported by the Program for New Century Excellent Talent at University(Grant No.NCET-06-0565)the Foundation of the Key Research Institution of Humanities and Social Science at University(Grant No.07JJD630009)of the Ministry of Education of Chinathe National Nature Science Foundation of China(Grant No.G0205-70572092)
文摘Using a sample of 1486 Chinese A-share listed companies for the period 2004-2008,this study empirically tests the impact of family control,institutional environment and their interaction on the cash dividend policy of listed companies.Our results indicate that(1)family firms have a lower cash dividend payout ratio and propensity to pay dividends than non-family firms;(2) a favorable regional institutional environment has a significant positive impact on the cash dividend payout ratio and propensity to pay dividends of listed companies;and(3) the impact of the regional institutional environment on cash dividends is stronger in family firms than in non-family firms.Somewhat surprisingly,we find that controlling family shareholders in China may intensify Agency Problem Ⅰ(the owner-manager conflict) rather than Agency Problem Ⅱ(the controlling shareholder-minority shareholder conflict),and thus have a significant negative impact on cash dividend policy.In contrast,a favorable regional institutional environment plays a positive corporate governance role in mitigating Agency Problem 1 and encouraging family firms to pay cash dividends.
文摘镇痛镇静是重症脑损伤患者的主要治疗手段之一,用以减轻疾病或医疗护理操作给患者带来的不适,维持脑供氧平衡[1]。研究显示68%~76%的患者在ICU期间处于深镇静状态[2]。不恰当的深镇静会延长ICU患者机械通气时间和住院时间,增加住院病死率和谵妄发生率[3]。eCASH(early comfort using analgesia,minimal sedatives and maximal humane care)理念由Vincent等学者提出,通过早期实施以镇痛为基础、最小剂量浅镇静和最大化人文关怀策略,使患者处于舒适、合作和安静状态,减少镇痛镇静不当给患者带来的伤害[4]。
文摘The period economic fluctuation is vital for an enterprise to exist and further develop, it directly affect the enterprise financial health. So, it is significant to build up financial early-warning index and measure the warning condition that the enterprise faces and take the effective measures to eliminate. We criticize Altman’sZ calculating model and build up some new indexes for enterprise financial early-warning condition measuring and making sound decision.
基金supported by the National Nature Science Foundation of China(71263034,70902004)Humanities and Social Science Project of the Ministry of Education of China(10XJC630003)Program of Higher-level Talents at Inner Mongolia University,China(Z20100103)
文摘Previous studies have shown that product market competition has an important effect on corporate strategies and internal governance mechanisms. Using a sample of China's listed firms from 2004 to 2009, we explore the relationship between product market competition and normal related party transactions and find a significant positive relationship. In addition, we investigate the substitutive effect of product market competition and the cash flow rights owned by ultimate controlling shareholders on the extent of normal related party transactions. In particular, our results suggest a positive relationship between the ultimate controlling shareholders' cash flow rights and normal related party transactions that is strongest in noncompetitive industries and weakens as product market competition increases.
基金国家自然科学基金青年项目“宏观审慎政策的理论依据与最优政策设计”(72104101)中央高校基本科研业务费专项资金项目(The Fundamental Research Funds for the Central Universities)-南京大学“研究阐释党的二十大精神专项课题”(010414370312)。
