Media Attention,Board Characteristics And Cash Dividend Policy Of Listed Companies

Profit distribution is a major financial management decision of modern companies and formulating cash dividend policy is an important part of profit distribution.It is also the research focus of management activities.profit distribution in the financial management field.So the cash dividend policy is reasonable or not will directly affect the company's operation and company image,and even affect the stability of the financial market.The cash dividend policy reflects the company's profitability,development prospects,profit distribution willingness and other aspects that regulators and investors pay particular attention to.Scientific and reasonable cash dividend policy can stimulate investors' investment enthusiasm,help to adjust the company's capital structure,and maintain the company's good market image.Different listed companies will adopt different cash dividend policies according to their own business conditions and financial status.Studies have shown that there are many factors affecting the company's cash dividend policy,which are influenced by external corporate governance factors and internal corporate governance factors.In recent years,the media industry has developed rapidly,and the role of the media in corporate governance has been valued by many scholars.Only some scholars have studied the impact of external governance factors on cash dividend policy,but it is not comprehensive.They pay little attention to the impact of the media attention on the cash dividend policy and the study on the influence mechanism is less.what's more,the interaction effect on the cash dividend policy between media attention and the influence mechanism of board governance on cash dividend policy needs further investigated.This paper combines the background of the semi-mandatory dividend policyimplemented by the China Securities Regulatory Commission since the early 21 st century,theoretically deducing the influence of media attention and board governance on the company's cash dividend policy,as well as the interaction effect on the cash dividend policy between media attention and the influence mechanism of board governance on cash dividend policy.Controlling the relevant variables such as company characteristics,using the panel data of the Shanghai and Shenzhen Stock Exchange from 2015 to 2017 as a sample,using OLS to test media attention and board governance how to influence the cash dividend policy of listed companies as well as the interaction effect on the cash dividend policy between media attention and the influence mechanism of board governance on cash dividend policy.In further research,the negative media attention in the media attention is separately screened out for research to increase the depth of research in this paper.The research results are shown as follows:(1)Media attention will significantly affect the formulation of cash dividend policy for listed companies.The cash dividend payment level of listed companies will increase with the increase of media attention;(2)The independence of the board and the increase of the remuneration of the board of directors will effectively improve the cash dividend payment level of listed companies.The leadership structure of the two-in-one and the increase in the number of board meetings will not be conducive to the increase in the level of cash dividends paid by listed companies;(3)Media attention and board independence,board leadership structure,the remuneration of the board of directors and the number of board meetings show an interactive effect,which significantly affected the cash dividend policy of listed companies;(4)Further research found that negative media attention can significantly increase the level of cash dividends paid by listed companies.And the interaction effects with the board of directors are also more pronounced.Based on the actual situation of China's capital market,this paper comprehensively considers the internal and external governance mechanism of the company.This paper constructs a theoretical model describing the relationship between media attention,board characteristics and listed company's cash dividend policy.The research confirms the important role that media attention and its interaction with board characteristics play in corporate governance.The research in this paper provides a new idea for the relevant policy formulation to improve the cash dividend payment level of listed companies:(1)In order to improve the level of cash dividends paid by listed companies,We should vigorously support the development of the media industry,regulate the laws and regulations of the media industry,ensure the objectivity and independence of the media,and give full play to its important role in corporate governance;(2)It is necessary to further improve the characteristics of the board of directors and improve the level of governance of the board of directors,in order to protect the rights and interests of minority shareholders and improve the level of cash dividends paid by listed companies;(3)We should regulate the internal governance mechanism of the company,so that it could play the interactive effect of the internal and external governance mechanisms of the company,and effectively promote the increase of cash dividends of listed companies;(4)It is necessary to encourage the media to increase the attention to listed companies,especially the disclosure of negative information such as violations of listed companies.Listed companies would be forced to correct their violations,protect investor rights and raise the level of cash dividends paid by listed companies.