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Research on the Distribution of Corporate Cash Dividends from the Perspective of Human Capital and Its Structure
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Mafei Tian1, Hongyan Sun2, Xing Xiao1, Nuo Xu3, Shu Li4
Journal of Technology Economics | 2024, 43(6) : 58 - 67
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Journal of Technology Economics | 2024, 43(6): 58-67
• Technology Economics Management •
Research on the Distribution of Corporate Cash Dividends from the Perspective of Human Capital and Its Structure
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Mafei Tian1, Hongyan Sun2, Xing Xiao1, Nuo Xu3, Shu Li4
Affiliations
  • 1 School of Economics and Management Tsinghua University Beijing 100084 China
  • 2 School of Accounting Hebei University of Economics and Business Shijiazhuang 050061 China
  • 3 School of Business Administration Guangxi University Nanning 530004 China
  • 4 School of Business Nankai University Tianjin 300071 China
Published: 2024-06-10 doi: 10.12404/j.issn.1002-980X.J23090409
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Human capital, as one of the important factors for firms to gain competitive advantage, can have a significant impact on the behaviour of firms. A sample of Chinese A-share listed firms from 2009 to 2020 was used to explore the impact of human capital and senior human capital structure on corporate cash dividend distribution. It is found that human capital investment and advanced human capital structure significantly reduce corporate cash dividend distribution. The findings still hold after a series of robustness tests. Further analysis reveals that cash dividends are distributed less frequently or are less likely to be distributed by firms that are more human capital intensive, and that both the financing constraint and Corporate Accounting Standard No. 9-Employee Compensation reinforce the negative relationship between human capital and senior human capital structure and cash dividend distribution. By combining labor economics theory with corporate finance, the mystery of the "low dividend" phenomenon of Chinese enterprises is discovered from the "positive" perspective of human capital.

human capital  /  cash dividends distribution  /  financing constraints  /  cash holdings
Mafei Tian, Hongyan Sun, Xing Xiao, Nuo Xu, Shu Li. Research on the Distribution of Corporate Cash Dividends from the Perspective of Human Capital and Its Structure[J]. Journal of Technology Economics, 2024 , 43 (6) : 58 -67 . DOI: 10.12404/j.issn.1002-980X.J23090409
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doi: 10.12404/j.issn.1002-980X.J23090409
  • Receive Date：2023-09-04
  • Online Date：2025-07-28
  • Published：2024-06-10
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  • Received：2023-09-04
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Affiliations
    1 School of Economics and Management Tsinghua University Beijing 100084 China
    2 School of Accounting Hebei University of Economics and Business Shijiazhuang 050061 China
    3 School of Business Administration Guangxi University Nanning 530004 China
    4 School of Business Nankai University Tianjin 300071 China
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