Media Attention And Cash Dividend Payment Behavior

Cash dividend policy is an important part of corporate profit distribution,and it plays an important role in establishing corporate image and operating development.According to the existing research,it is found that,in addition to the internal factors of an enterprise will affect its dividend policy formulation,external factors of the enterprise can also effectively affect the dividend distribution behavior of the enterprise.In recent years,as an important external supervision and governance mechanism,the media has gradually begun to attract the attention of many scholars.It is of great significance to study its influence mechanism and effect on corporate cash dividend payment.Based on the semi-mandatory dividend policy implemented in China since2001,this article analyzes the impact of media attention on corporate cash dividend payments based on relevant literature theory,and studies the difference in the impact of media attention on cash dividend behavior in growing and mature industries.On the basis of controlling related variables,by collecting data on Shanghai and Shenzhen Ashare listed companies from 2010 to 2018 and manually organizing the media report data of various companies,the regression model was used to test the media's attention to the promotion of cash dividend payments for companies.And after classifying the sample industries,research the media attention on the impact of cash dividend policies in different industries.The final research results found that:(1)media attention can significantly increase the cash dividend payment level of enterprises;(2)media attention has a greater impact on cash dividends in mature industries than in growth industries.Therefore,the research in this article provides a new idea for the development of related policies to improve China's cash dividend payment,First of all,as an important supervisor,the media can effectively improve the cash dividend level of the company by vigorously supporting the media industry and ensuring its objectivity and independence;Secondly,because the media attention has different degrees of impact on cash dividend policies in different industries,it is possible to increase the media's supervision of mature industries in particular,so as to maximize the effectiveness of media governance.