A Study on the Relationship between Bank-firm Relationship and Cash Dividend——Based on Double Hurdle Model

Abstract

Abstract:

Based on agency theory and financing constraints and claims governance assumptions, this paper analyzes the relationship between bank-firm relationship and willingness to pay and the actual pay level of corporate cash dividend using double hurdle model and a share data in 2006-2015, a period after the Reform of Non-tradable Shares. The results show that there are significant differences in cash dividend paying willingness and payment levels. On the one hand, the size, amount and term of bank-firm relationship significantly improve the willingness to pay cash dividend and this result supports the financing constraints hypothesis. On the other hand, the size, amount and term of bank-firm relationship significantly inhibit the level of cash dividend payment when the firm agrees to pay cash dividend and this result supports claims governance hypothesis.

Key words: bank firm relationship, cash dividend, double hurdle model, financial constraint, claims governance

Luo Fuyan. A Study on the Relationship between Bank-firm Relationship and Cash Dividend——Based on Double Hurdle Model[J]. , 2019, 31(11): 60-70.

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