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| The Globalizing Board, Analyst Coverage,and Cash Dividend |
| DU Xingqiang, TAN Xue
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| School of Management, Xiamen University |
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Abstract Using a sample of Chinese listed firms for the period of 2004-2014 and hand-collected data on the globalizing board, this study empirically investigates the effect of the globalizing board on cash dividend. Our findings show that the globalizing board has a significantly positive impact on cash dividend. Moreover, analyst coverage attenuates the positive association between the globalizing board and cash dividend. Furthermore, after considering the semi-mandatory dividend policy, our findings show that the positive association between the globalizing board and cash dividend is significantly stronger for pre-2008 period than for post-2008 period. Above findings are robust to alternative measures of the globalizing board and cash dividend and further our conclusions are still valid after controlling for the potential endogeneity between the globalizing board and cash dividend. Results of subsample tests show that the positive effect of the globalizing board on cash dividend only exists for the subsamples of higher Marketization and non-state-owned enterprises.
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Received: 25 November 2015
Published: 18 January 2018
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