The determinants of dividend policy on Chinese high-tech firms

The purpose of this study is to investigate the relationship between dividend payout ratio in Chinese High-tech firms with profitability, firm size, growth opportunities, leverage and liquidity. The study used a sample of 226 firms listed on the Shenzhen stock exchange and Shanghai stock exchange. T...

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Main Author:	Ma, Lie
Format:	Thesis
Language:	eng eng
Published:	2016
Subjects:	HG Finance
Online Access:	https://etd.uum.edu.my/7400/1/s818937_01.pdf https://etd.uum.edu.my/7400/2/s818937_02.pdf
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id	my-uum-etd.7400
record_format	uketd_dc
institution	Universiti Utara Malaysia
collection	UUM ETD
language	eng eng
advisor	Zainuddin, Zaemah
topic	HG Finance
spellingShingle	HG Finance Ma, Lie The determinants of dividend policy on Chinese high-tech firms
description	The purpose of this study is to investigate the relationship between dividend payout ratio in Chinese High-tech firms with profitability, firm size, growth opportunities, leverage and liquidity. The study used a sample of 226 firms listed on the Shenzhen stock exchange and Shanghai stock exchange. These firms were taken from high technology industry sector in China. In order to explain the relationships as stated above, ordinary least squares regression analysis is used to test the hypotheses. The study found that at the pooled data level for whole study period, profitability, growth opportunity, liquidity and firm size have significant positive correlation with dividend payout ratio(DPR). The variable leverage, however, has a strong negative correlation with dividend payout ratio. The findings however differ from term to term (short term, medium term and long term); results reflect that leverage is the common variables which have influence on DPR across various terms, where profitability, growth opportunity, liquidity and firm size are not significantly associated with DPR in short term (0-3 years). Similarly, profitability, liquidity and growth opportunity have no influence on the dividend payout ratio of the companies in the medium term (4-7 years). All variables have significant influence on DPR except growth opportunity.
format	Thesis
qualification_name	masters
qualification_level	Master's degree
author	Ma, Lie
author_facet	Ma, Lie
author_sort	Ma, Lie
title	The determinants of dividend policy on Chinese high-tech firms
title_short	The determinants of dividend policy on Chinese high-tech firms
title_full	The determinants of dividend policy on Chinese high-tech firms
title_fullStr	The determinants of dividend policy on Chinese high-tech firms
title_full_unstemmed	The determinants of dividend policy on Chinese high-tech firms
title_sort	determinants of dividend policy on chinese high-tech firms
granting_institution	Universiti Utara Malaysia
granting_department	Othman Yeop Abdullah Graduate School of Business
publishDate	2016
url	https://etd.uum.edu.my/7400/1/s818937_01.pdf https://etd.uum.edu.my/7400/2/s818937_02.pdf
_version_	1747828212984971264
spelling	my-uum-etd.74002021-04-06T06:16:29Z The determinants of dividend policy on Chinese high-tech firms 2016 Ma, Lie Zainuddin, Zaemah Othman Yeop Abdullah Graduate School of Business Othman Yeop Abdullah Graduate School of Business HG Finance The purpose of this study is to investigate the relationship between dividend payout ratio in Chinese High-tech firms with profitability, firm size, growth opportunities, leverage and liquidity. The study used a sample of 226 firms listed on the Shenzhen stock exchange and Shanghai stock exchange. These firms were taken from high technology industry sector in China. In order to explain the relationships as stated above, ordinary least squares regression analysis is used to test the hypotheses. The study found that at the pooled data level for whole study period, profitability, growth opportunity, liquidity and firm size have significant positive correlation with dividend payout ratio(DPR). The variable leverage, however, has a strong negative correlation with dividend payout ratio. The findings however differ from term to term (short term, medium term and long term); results reflect that leverage is the common variables which have influence on DPR across various terms, where profitability, growth opportunity, liquidity and firm size are not significantly associated with DPR in short term (0-3 years). Similarly, profitability, liquidity and growth opportunity have no influence on the dividend payout ratio of the companies in the medium term (4-7 years). All variables have significant influence on DPR except growth opportunity. 2016 Thesis https://etd.uum.edu.my/7400/ https://etd.uum.edu.my/7400/1/s818937_01.pdf text eng public https://etd.uum.edu.my/7400/2/s818937_02.pdf text eng public masters masters Universiti Utara Malaysia Adu-Boanyah, E., Ayentimi, D. T., & Frank, O.-Y. (2009). Determinants of Dividend Payout Ratio of Firms Listed on The Ghana Stock Exchange. 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The determinants of dividend policy on Chinese high-tech firms

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