Minority Shareholder Activism and Corporate Dividend Policy: Evidence From China （中小股东积极主义与公司分红政策：来自中国的经验）

主讲人：

王志斌，北京大学经济学院金融系博士生，研究方向为公司金融，共同基金和货币经济学。研究成果发表在SSCI期刊《Pacific-Basin Finance Journal》、《International Review of Economics and Finance》，并在China International Risk Forum等国际金融会议上宣读论文。同时担任FRL、IREF匿名审稿人。

题目：

Minority Shareholder Activism and Corporate Dividend Policy: Evidence From China （中小股东积极主义与公司分红政策：来自中国的经验）

时间：

2023年3月2日周四

12:00-13:30

地点：

北京大学经济学院107会议室

摘要：

Minority shareholder activism (MSA) on online interactive platforms is a new form of corporate governance in China. This paper investigates whether and how dividend-related MSA affects corporate dividend policies. We find listed firms are more likely to pay dividends and raise payout ratios with MSA. Our baseline findings are robust to a variety of robustness checks. We establish a causal relationship between MSA and future dividend payouts, with both instrumental variable approach and PSM-DID approach, and we provide evidence to show the increasing effect of MSA can be explained by joint monitoring, compulsory responses, and regulator attention. Our focused MSA is different from the voting rights of minority shareholders. Overall, our findings suggest that minority shareholders can effectively monitor management when they are empowered with voice in the age of information.

供稿单位：经济学院金融系

供稿人：孟令超