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Does religion matter to dividend policy? Evidence from Buddhism and Taoism in China

Author

Listed:
  • Chunfang Cao
  • Fansheng Jia
  • Xiaowei Zhang
  • Kam C. Chan

Abstract

Purpose - The purpose of this paper is to examine the relation between Buddhism/Taoism and dividend payout decisions among Chinese listed firms during 2003-2013. Design/methodology/approach - The authors include all Chinese A-share listed stocks in their sample during 2003-2013 and use a multiple regression method to conduct their analyses. Findings - Their findings suggest that firms in regions with high influence of Buddhism and Taoism lean toward having high dividend payouts. The results are robust to a battery of alternative specifications in dividend payout, religiosity measures, research methods and dividend regulation regimes. Originality/value - They show that the religions of Buddhism/Taoism play a role in determining dividend payout, complementing other informal institution studies of dividend policy. They complement the literature by providing insights into the impact of Buddhism and Taoism on corporate behaviors beyond immoral or unethical practices. They are able to relate specific doctrinal tenets of Buddhism and Taoism to corporate behavior rather than using only the general moral and ethical guidelines of religiosity.

Suggested Citation

  • Chunfang Cao & Fansheng Jia & Xiaowei Zhang & Kam C. Chan, 2016. "Does religion matter to dividend policy? Evidence from Buddhism and Taoism in China," Nankai Business Review International, Emerald Group Publishing Limited, vol. 7(4), pages 510-541, November.
    • Handle: RePEc:eme:nbripp:nbri-12-2015-0033
    DOI: 10.1108/NBRI-12-2015-0033
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    Citations

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    Cited by:

    1. Omar Farooq & Mukhammadfoik Bakhadirov & Neveen Ahmed, 2020. "Geographic Variation in Religiosity and Its Impact of Dividend Policies," Asian Academy of Management Journal of Accounting and Finance (AAMJAF), Penerbit Universiti Sains Malaysia, vol. 16(1), pages 109-125.
    2. Wen Shi & Xiaogang Bi, 2023. "Buddhism and M&A performance: Evidence from China," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 63(4), pages 4505-4531, December.
    3. Davaadorj, Zagdbazar, 2019. "Does social capital affect dividend policy?," Journal of Behavioral and Experimental Finance, Elsevier, vol. 22(C), pages 116-128.
    4. Dong, Bin & Chen, Yizi & Fan, Cunbin, 2022. "Local corruption and dividend policy: Evidence from China," Finance Research Letters, Elsevier, vol. 47(PB).

    More about this item

    Keywords

    Religion; Dividend; Behavior;
    All these keywords.

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