Open Journal of Social Sciences

Volume 4, Issue 8 (August 2016)

ISSN Print: 2327-5952   ISSN Online: 2327-5960

Google-based Impact Factor: 0.73  Citations  

Institutional Investors, Dividend Policy and Firm Value—Evidence from China

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DOI: 10.4236/jss.2016.48015    2,728 Downloads   4,857 Views  Citations
Author(s)

ABSTRACT

The China stock market and institutional investors have experienced an extraordinary development during the past decades. Therefore, it is important to examine the real effects of institutional investors. This paper investigates relationship between institutional investors and firm value using Chinese listed companies from 2008 to 2014. This paper finds that institutional investors help improve firm value. Further analysis shows that institutional investors improve firm value by increasing cash dividend payout. The empirical results of this paper show that institutional investors help improve corporate governance and reduce agency costs.

Share and Cite:

Xiong, J. (2016) Institutional Investors, Dividend Policy and Firm Value—Evidence from China. Open Journal of Social Sciences, 4, 120-126. doi: 10.4236/jss.2016.48015.

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