Business, Management and Accounting
3 years ago

Dividends boost low-growth firms, but harm high-growth ones in China.

SSRN Electronic Journal
The Two Faces of Debt or the Two Faces of Dividends? Growth Opportunities and Firm Value in China
José López‐Gracia, Félix J. López‐Iturriaga, Juan Antonio Rodríguez Sanz

Paper Summary

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The study looked at how a company's debt and dividend decisions affect its value in China from 2004 to 2013. They found that dividends can be good for firms with low growth opportunities but bad for firms with high growth opportunities. Surprisingly, having more debt can increase a company's value in China, likely due to financial constraints in the market.