Assets Expropriation via Cash Dividends? Free Cash Flow or Tunneling

This study solves the dispute between the free cash flow and tunneling hypotheses in explaining the role of cash dividends on asset expropriation of the controlling shareholders in Chinese listed firms. Investors value more the cash dividends and the cash holdings of firms with lower ownership contr...

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Bibliographic Details
Main Authors: Jeng-Ren Chiou, Yenn-Ru Chen, Ting-Chiao Huang
Format: Article
Published: Elsevier 2010-06-01
Series:China Journal of Accounting Research
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