| The cash dividend policy is one of the most important financial decisions for a business.The distribution of cash dividends by enterprises is not only for the protection of investors’ personal interests,but also has an important impact on the growth of enterprises.However,due to its special development background,China’s securities market was mainly established to help state-owned enterprises to raise funds,so in the early days,the entire securities market did not pay enough attention to the protection of investors’ interests,and the phenomenon of listed enterprises only financing without dividends was very common.This not only harms the interests of investors,but also affects the long-term development of China’s securities market.The issue of the impact mechanism of cash dividend distribution has also been widely discussed in the academic community.However,most of the past research has been based on the assumption that members of senior management team members are rational economic people,and has not conducted in-depth analysis of the impact of personal characteristics of senior management members.Therefore,this paper takes the "foreign" characteristics of enterprise executives as the starting point of research,focuses on analyzing the influence mechanism of foreign executives on corporate cash dividend decision-making,which provides a new perspective for the research of cash dividend decision-making of Chinese enterprises,and also provides a reference for further formulating reasonable policies to improve the market environment.In this paper,listed companies in the A-share market from 2011 to 2020 are used as research samples,and after processing the data with reference to previous studies,Logit and Ols regression models are used to test the research hypotheses with the data results.In further analysis,the influencing factors such as property rights,financing constraints,asset-liability ratio,and enterprise growth were taken into account,and the samples were classified and discussed.Finally,the robustness test of the regression results is carried out by substituting the independent variables,PSM test,substitution of intermediary variables and substitution of the test methods of intermediary effect to ensure the accuracy of the results.The findings of this paper show that foreign executives can effectively promote cash dividend distributions by listed companies.Moreover,foreign executives can reduce the manipulation of earnings by improving the intermediary factor of earnings management,thereby promoting the payment of cash dividends.In addition,after examining the classification of enterprises according to the nature of property rights,it was found that the role of foreign executives in promoting cash dividends was more obvious in state-owned enterprises.After the classification test according to the financing constraints,it is found that the role of foreign executives in promoting the issuance of cash dividends of enterprises under high financing constraints is more obvious.After testing the asset-liability ratio as the classification basis,it is found that enterprises in a high asset-liability environment are often in an expansion period at the same time,which means that the enterprise is in good operating conditions and is more inclined to cash dividend distribution.Further research finds that the influence of foreign executives on the distribution of cash dividends will change with the growth of enterprises.Compared with low-growth enterprises,the positive effect of foreign executives on the distribution tendency of cash dividends in high-growth enterprises is more obvious. |
