宗族观念抑制企业分红吗?

Do Ancestral Idea Corporate Block Dividends?

作为非正式制度的重要组成部分,文化对经济具有全面而深刻的影响。宗族观念在我国具有深厚的历史背景并对社会生活具有重要影响,是传统文化的重要组成部分。本文以宗族观念作为传统文化的一个度量,理论分析了宗族观念对企业分红行为的影响机理,构建了衡量地区宗族观念水平差异的指标并进行了实证研究。实证研究结果表明,宗族观念可以影响企业的分红行为,这种影响程度随着企业所有权的异质性而变化,而宏观融资约束能减弱宗族观念对企业分红的抑制作用。

In recent years, more problems in the framework of cultural and more scholars have factors. Researchers becc begun to study the economic and financial behavior me increasingly interdisciplinary, and on the basis of empirical studies, more findings enrich and deepen our understanding of economic phenomena. As an important part of informal institutions, culture has a comprehensive and profound impact on the economy. Ancestral idea in our country has deep historical background and a significant impact in social life, which is an important part of tradition- al culture. This paper attempts to use inter-regional tribalism differences to measure the cultural differences. Hofstede＇ s cultural dimensions analysis theoretically analyses the mechanism of tribalism in corporate dividend policy. Specifically, the tribalism influence corporate dividend policy from two dimensions,＂ individualism - collectivism＂ and ＂power distance＂, In this paper, the ancestral idea, as a measure of traditional culture, theoretically analyzes the impact on corpo- rate dividends mechanism. We build ancestral idea indicators to measure differences in the level of empirical re- search. It proposed hypothesis ＂corporate dividend behavior has regional cultural imprint＂; at the same against the objective reality of ownership for the heterogeneity and different macro-financial constraints, and it further proposed a ＂dividend will and the level of dividends of non-state enterprises more influenced by ancestral idea ＂ and ＂macro- financial constraints can weaken the impact of ancestral idea for dividends ＂ theory assumptions. Subsequently, this article 290 of China＇ s prefecture-level city and 1432 listed companies as samples, using the region＇ s population sex ratio at birth to measure ancestral idea, and Logit model and Tobit model was tested for the hypothesis. Empirical results show： （1）The ancestral idea can affect dividend behavior, Ancestral idea will block corpo- rate dividend behavior. Because ancestral idea is a proxy variable for traditional culture, the more conservative areas with traditional cultural concepts which show more people＇s risk-averse, the lower the corporate dividends will. （2） Because of the heterogeneity of business ownership, ancestral idea has the different influence while private enterpri- ses affected more significantly. State-owned enterprises are more subject to the system, rather than non-system con- tract, but the financial behavior of non-state-owned enterprises are more likely to be affected by entrepreneur＇s ide- a. This conclusion is also consistent with the reality of corporate behavior. （3）The dividend policy for businesses that depend on external financing market conditions, tight credit markets will weaken trihalism＇s impact on dividend policy for the enterprise. When tightening macro-financial environment, companies are more intensely aware of the risk, while financing is subject to certain constraints. Although the concept of the traditional culture can be consid- ered as a long, stable and sustainable factor, when external environment changes, companies are more sensitive to other factors which weakening the influence of the ancestral idea on corporate dividends. We make three main contributions to the field of study. First, through rigorous empirical analysis, we use the proxy variable of ancestral idea to prove the influence of traditional culture on corporate dividend behavior. Second, we empirically choose a new proxy for ancestral idea which prompts the empirical research in culture finance. Third, improvement, we focus on informal institution such as ancestral idea. However, this paper is a tentative research, it is not very complete and mature. Not only establishing the measurement system on traditional culture, but also the comprehensive study of the issue, and the selection and optimization of the research methods, there still many aspects to be improved. In short, the culture and finance provides us with a new perspective, and we could do more in-depth research.