An Empirical Test of Lintner’s Dividend Behavior Model and Its Extended Models on the State-owned Enterprise in China

TIian, Mo (2014) An Empirical Test of Lintner’s Dividend Behavior Model and Its Extended Models on the State-owned Enterprise in China. [Dissertation (University of Nottingham only)] (Unpublished)

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Abstract

The purpose of this dissertation is to examine the applicability of Lintner’s (1956) dividend behavior model and its extended models developed by Brittain (1964, 1966) on the state-owned enterprise (SOE) in China. A sample of 1207 Chinese SOEs for a period of six years from 2007 to 2012 is used for the empirical analysis. The panel data analysis and the continuous cross-sectional analysis are both adopted in the present study to examine the applicability of the three models on the sample firms from the both long-term and short-term perspectives.

The result indicates that the sample Chinese SOEs followed a stable dividend policy during the sample period, and the major determinants of current dividends are lagged dividends and current earnings. Lintner’s model and Brittain’s cash flow model are found to be both valid for the sample Chinese SOEs in the both panel data analysis and continuous cross-sectional analysis. However, Brittain’s segregated cash flow model showed the limited applicability on the sample Chinese SOEs in the both panel data analysis and continuous cross-sectional analysis.

Item Type: Dissertation (University of Nottingham only)
Depositing User: EP, Services
Date Deposited: 12 Nov 2014 09:05
Last Modified: 24 Oct 2016 11:13
URI: http://eprints.nottingham.ac.uk/id/eprint/27198

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