Abstract: Based on a sample of listed companies in China during the period 2011 to 2015, this paper empirically tests whether the cash dividend policy has social network peer effect, and examines the impact of corporate social network characteristics on the peer effect strength and cash dividend distribution. The results show that the willingness and intensity of cash dividend distribution will be positively affected by the peer firms' dividend distribution behavior in the social network, and corporate cash dividend policy has social network peer effect. After excluding the regional peer effect and industry peer effect, social network peer effect of cash dividend policy still exists significantly. The network centrality of enterprise is negatively related to the peer difference of cash dividend distribution, and positively related to the peer effect strength of cash dividend policy. The characteristics of corporate social network have no obvious effect on cash dividend distribution willingness, but have a significant positive impact on cash dividend distribution intensity. The centrality of social network can positively affect cash dividend per share and cash dividend scale. This paper enriches the research scope of the peer effect of corporate economic activity, and provides incremental empirical evidence for the field of social network research and dividend policy research.

Key words: cash dividend distribution, management connection, corporate social network, network centrality, peer effect