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PurposeIn public firms, the largest shareholder can make decisions on cash dividends in favor of its own interests at the expense of other investors. While the second largest shareholder can actively participate in corporate governance and protect the interests of investors, its impact has not been fully understood. This research investigates how shareholding ratio and ownership type of the second largest shareholder moderate the relationship between controlling shareholder's shareholding ratio and cash dividends.Design/methodology/approachThe authors conducted econometrics analysis based on a panel data of China's A-share listed companies from 2007 to 2017.FindingsThe authors find that the controlling shareholder's shareholding ratio has a significant negative impact on cash dividends. However, this influence is conditional on the shareholding ratio of the second largest shareholder. The negative impact is weakened when the second largest shareholder holds a large proportion of shares or when the shareholding gap between the second largest and the controlling shareholder is small.Originality/valueThis research extends the existing literature by highlighting the nuanced moderating effect of the second largest shareholder on the relationship between the controlling shareholder and cash dividends, thus making a unique contribution to the understanding of corporate governances in the emerging financial market in China.

The study attempts to pinpoint politically and economically induced corporate payout patterns in Ukrainian pharmaceutical firms. The authors identify key trends of corporate payouts of private pharmaceutical companies in Ukraine. The research analyses panel data generated from the ten biggest firms during 2010–2017. Pooled ordinary least squares (OLS) regression is used to check if financial performance, competition and macroeconomic indicators affect the level of cash dividends and share repurchases. The final sample includes 720 observations. The decision to pay a certain proportion of dividends and repurchases is an outcome of countervailing macroeconomic, firm-level, competitive and political forces. The amount of cash dividends is directly proportional to retained earnings and earnings per share. Dividends also tend to decline as total assets grow. Share repurchases are negatively affected by Consumer Price Index and market competition and boosted by increased retained earnings.

Understanding dividend policy and its effect on firm value is critical, as dividend decisions convey information about profitability and future growth. This study examines the effect of dividend policy on firm value and the moderating effects of the chairperson’s gender and ownership. A Bayesian regression framework is employed, which enables the integration of prior knowledge and yields full posterior distributions rather than relying solely on point estimates. Using a panel dataset of Vietnamese listed firms from 2010 to 2022, the Bayesian results indicate that dividend payouts positively affect firm value, signaling potential growth and financial stability, thereby reducing information asymmetry and enhancing investor confidence. Moreover, the chairperson’s gender and shareholding proportion significantly moderate this effect: female chairpersons are generally more supportive of dividend payments and associated with higher firm value, whereas chairpersons with larger shareholdings tend to weaken the link between cash dividends and firm value. Robustness checks confirm the reliability and consistency of these findings.

With reference to Ohlson' model, we optimise earnings persistence model and express earnings persistence measure as a function of return on equity (R.O.E.), dividends payout ratio and other factors. Our theoretical model reveals that dividends payout ratio has little effect on the earnings persistence, while R.O.E. has a decisive effect on earnings persistence. Using quarterly earnings data of 872 listed firms in China over 2011-2020, we calculate the Revised Persistence value of earnings (RPer value) of our earnings persistence model, and find that the Rper value of our model have more explanatory power than that of Kormendi and Lipe' model. Our study also suggest that quarterly earnings are useful and have information content. Both the theoretical model and empirical results of our research are of great significance to understand and support the implementation of semi-compulsory cash dividends rules in China.

The paper examines the factors influencing dividend payout decisions. Our analysis is based on unbalanced panel data with 799 observations of companies from 15 countries over a period of 14 years. The study develops eight research hypotheses and uses a modelling approach based on the random effects panel probit model. An important conclusion reached in our study is that a company's financial situation in preceding year influences the dividend payout decision. In addition, the key significant determinants of dividend payout decision in the period covered by our study include free cash flow, growth, liquidity, profitability and size. These important research results are confirmed by other studies in the field. They are therefore essential for determining dividend policies. Individual effects across investigated enterprises also played an important role in the dividend policy.

Purpose: The purpose of this study is to Explanation the relationship between the characteristics boards of directors (Board size, Board women's representation, Board independency, and Board diversity) and cash Dividend Policy.   Design/Methodology/Approach: The study uses a firm level panel data set of sample included 13 banks and insurance companies publicly traded firms on the Palestine Stock Exchange between 2012 and 2021. Cash Dividend Policy have been measured by (dividends per share), and the data analyzed within the framework of OLS regression technique.    Findings: The results of this study reveal no significant effects of all characteristics boards of directors on cash Dividend Policy at banks and insurance companies publicly traded on the Palestine Stock Exchange. The study recommended the need to control the application of corporate governance for commercial banks and insurance companies in Palestine.   Research, Practical & Social implications: The results of this study differ somewhat from most previous studies. The study emphasizes the necessity of activating internal governance factors related to the characteristics of the board of directors to support the process of making a decision to cash dividend Policy because of their important reflection on the analyzes and expectations of investors in the Palestine Stock Exchange.   Originality/Value: This study provides valuable insights to shareholders and stakeholders about activating internal governance mechanisms in the Palestinian financial sector and highlights the role of the characteristics boards of directors in making financial decisions, including cash dividend Policy, while giving a clearer picture to investors and analysts for building investment strategies.

Purpose: The purpose of this report was to assess the relationship among the cash dividend payout and share repurchase, through essential cash distribution methods adopted by Vietnamese publicly listed companies. The complementary along with substitute relationship from these financial practices might contribute to determine the financial managerial behavior in Vietnam as a leading development emerging market within Asia Pacific area. Design/methodology/approach: The research applied regression analysis technique to determine the nonlinear relationship among the share repurchase and cash dividend. Findings: The research found the nonlinear relationship among the change in dividend along with the repurchase yield. Moreover, the research found a significant positive correlation which reveals the prominent of complementary impact in the complete sample. The results and estimations of the research are consistent in robustness tests. There is a nonlinear relationship between the change in dividend and the repurchase yield. In addition, a significantly positive correlation reveals the dominant of complementary effect in the whole sample. The results are consistent in robustness tests. Research limitations/implications: It is crucial to ensure that there is an essential scope for the enhancement which remains and it is a component of the future study such as the influence of the stock dividend through various practice while companies are partly dominated or effected by the government, through the characteristics as the emerging markets such as Vietnam, as they are interesting topics which need further study. Originality/value: Through a comprehensive analysis, the study outcomes propose that Vietnamese listed companies should meticulously assess their future growth concerning share repurchase and other capital distribution activities. This strategy should take into account the involvement of various stakeholders and their benefit.

This article examines how stock prices behave following cash dividend announcements in the Indian equity market considering 3,671 cash dividend announcements during the period 2012–2019, using both aggregate-level and firm-level analysis. Further, the study investigates the factors that lead to the generation of abnormal gain or loss following dividend announcements. We found that cash dividend announcements generate abnormal stock returns in the Indian equity market immediately after the dividend announcement. However, this impact persists for a very short spell, and after that, the stock prices normalize gradually. Results also show that firms with a higher promoter shareholding gain less on dividend announcements. The empirical evidence of this study thinly supports the information signalling theory and dividend clientele theory in the Indian market.

'Investor Protection and Corporate Governance' analyzes the impact of corporate governance on firm performance and valuation. Using unique datasets gathered at the firm-level—the first such data in the region—and results from a homogeneous corporate governance questionnaire, the book examines corporate governance characteristics, ownership structures, dividend policies, and performance measures. The book's analysis reveals the very high levels of ownership and voting rights concentrations and monolithic governance structures in the largest samples of Latin American companies up to now, and new data emphasize the importance of specific characteristics of the investor protection regimes in several Latin American countries. By and large, those firms with better governance measures across several dimensions are granted higher valuations and thus lower cost of capital. This title will be useful to researchers, policy makers, government officials, and other professionals involved in corporate governance, economic policy, and business finance, law, and management.

As an important development trend for accounting higher education, accounting empirical teaching plays a fundamental role in enriching and improving researching methods in accounting fields. This paper starts from the relationship between internal control and cash dividend policy, combines with author’s accounting teaching experience for years, follows the general research ideas of questions raising, questions analysis, questions solving, and from the aspects of theoretical analysis, literature review, research hypothesis, research methods, empirical process and results discussion to make a detail description on accounting empirical teaching methods and process. The results show that there is a significant positive correlation between internal control and cash dividend policy, and this kind of correlation shows different influence intensity according to the difference of company nature. Through the research of this paper, it can make the relevant educator further clarify the process and methods of the accounting classroom empirical teaching, which is of great significance to popularize and enhance the application of accounting empirical research methods in accounting field.