A Study of Peer Effects in the Dividend Distribution Behaviour
DOI:
https://doi.org/10.54097/rage4w33Keywords:
Peer Effect, Dividend Distribution, Company Size, Industry CompetitionAbstract
Based on the data of A-share listed companies from 2013 to 2022, this paper mainly studies the dividend distribution behavior of enterprises from the perspective of the theory of peer group effect, and tests the existence of peer group effect and analyzes the strength of peer group effect indicators in terms of Willingness to pay and intensity of payment in the dividend behavior of enterprises. For the selection of impact indicators, this article takes into account the internal and external environment of enterprise operation, mainly focusing on company size and industry competition as the research focus.According to the research, in the dividend distribution behavior of listed companies, the existence of the peer effect is confirmed in both the Willingness to pay and the degree of payment; The size of the company and the level of industry competition will have a significant impact on the strength of the peer effect. Based on the research results, the following conclusions can be drawn: enterprises should face their own business development characteristics and make appropriate dividend distribution behavior based on this.
Downloads
References
[1] Robert J. Shiller. Measuring Bubble Expectations and Investor Confidence [J]. Journal of Psychology and Financial Markets, 2000, 1(1).
[2] Williams, G., Zimmerman, D.J. Peer Effects in Higher Education [J]. NBER Working Paper Series, 2003.
[3] Popadak J A , Dividend Payments as a Response to Peer Influence [J]. Social Science Electronic Publishing, 2012, 131(3): 549- 570.
[4] Kaustia M, Rantala V.Social Learning and Corporate Peer Effects [J]. Social Science Electronic Publishing, 2015, 117(3):653-669.
[5] Jillian Grennan. Dividend payments as a response to peer influence [J]. Journal of Financial Economics, 2018, 131(3).
[6] Thierry Foucault,Laurent Fresard. Learning from peers' stock prices and corporate investment [J]. Journal of Financial Economics, 2014, 111(3).
[7] Deng Huihui, Zhao Jialing. Peer Effect in Local Government Economic Decision-making [J]. China Industrial Economics, 2018(04): 59-78.
[8] Zhao Ying. Analysis of Peer Effects on Executive Compensation in Chinese Listed Companies[J]. China Industrial Economics, 2016(02): 114-129.
[9] Li Zhisheng, Su Cheng, Li Hao, Kong Dongmin. The Regional Homophily Effect of Excessive Corporate Debt [J]. Journal of Financial Research, 2018(09): 74-90.
[10] Liu Jingjun, Liu Yanchu, Xiong Heping. Research on imitative behavior of fund competition and bubble asset allocation [J]. Journal of Management Science, 2018, 21(02):114-126.
[11] Li Jianing, Zhong Tianli. Empirical Test of Peer Effect and Its Characteristics in Corporate Investment Decision Making: Based on Panel Data of Chinese Listed Companies [J]. China Management Science, 2019, 27 (12): 22-31.
[12] Yang Songling, Zhang Qiuyue, Liu Mengwei, Shi Qianqian. The same group effect of controlling shareholder equity pledge and the risk of stock price collapse [J]. Economic Management, 2020, 42 (12): 94-112.
[13] Zhang Xiaoyu, Chang Wei, Yu Jingjing, Wang Ce. Research on the Group Effect of Dividend Policies of Listed Companies in China [J]. Industrial Organization Review, 2019, 13 (03): 127-144.
[14] Zhou Hui, Tan Yue. Is the stock market just an interlude in the main melody of the real economy—— Research on Market Learning Effect Based on Cash Dividend Decision making [J]. Investment Research, 2020, 39 (08): 4-24.
[15] Feng Gejian, Wang Jianqiong. Cash dividend distribution behavior and its herd effect from the perspective of social networks [J]. Management Review, 2021, 33 (03): 255-268.
[16] Li Chunyun, Han Liangliang, Ma Dongshan. Research on the Same Group Effect of Cash Dividend Policies of Listed Companies [J]. Finance and Accounting Communication, 2020 (10): 29-33+38.
[17] Ding Zhiguo, Li Boyi. Regional homogeneity effect of dividend policies of listed companies [J]. Journal of South China Normal University (Social Sciences Edition), 2020 (03): 95-107+192.
[18] Lu Rong, Wang Ce, Deng Mingmao. Research on the "same group effect" of capital structure of listed companies in China [J]. Economic Management, 2017, 39 (01): 181-194.
[19] Wan Liangyong, Liang Chanjuan, Rao Jing. Research on the Industry Group Effect of Mergers and Acquisitions Decisions of Listed Companies [J]. Nankai Management Review, 2016, 19 (03): 40-50.
Downloads
Published
Issue
Section
License
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
