In times of crisis does ownership matter? Liquidity extraction through dividends during the 2007-2009 financial crisis

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dc.contributor.authorHuang, Wei
dc.contributor.authorGoodell, John W.
dc.contributor.authorGoyal, Abhinav
dc.date.accessioned2021-07-19T13:54:39Z
dc.date.available2021-07-19T13:54:39Z
dc.date.issued2021-06-29
dc.date.updated2021-07-19T13:46:33Z
dc.description.abstractLiquidity flow between regions with different levels of temporary financial constraints has received insufficient attention. This study takes advantage of a natural opportunity: Chinese capital markets clearly distinguish between foreign direct investment firms and firms with foreign institutional investment. Using the distinctive categorization of institutional holding structures in China, we find that foreign controlled enterprises were associated with an extraordinary increase in dividend payouts during the Global Financial Crisis, with concomitant underinvestment. Our results suggest that foreign-controlling shareholders extracted liquidity through dividends, highlighting a previously ignored channel for global transference of liquidity, with concomitant agency costs.en
dc.description.statusPeer revieweden
dc.description.versionAccepted Versionen
dc.format.mimetypeapplication/pdfen
dc.identifier.articleid101380en
dc.identifier.citationHuang,W., Goodell, J. W. and Goyal, A. (2021) 'In times of crisis does ownership matter? Liquidity extraction through dividends during the 2007-2009 financial crisis', Journal of International Financial Markets, Institutions and Money, 73, 101380 (21pp). doi: 10.1016/j.intfin.2021.101380en
dc.identifier.doi10.1016/j.intfin.2021.101380en
dc.identifier.endpage21en
dc.identifier.issn1042-4431
dc.identifier.journaltitleJournal of International Financial Markets, Institutions and Moneyen
dc.identifier.startpage1en
dc.identifier.urihttps://hdl.handle.net/10468/11577
dc.identifier.volume73en
dc.language.isoenen
dc.publisherElsevier B.V.en
dc.rights© 2021, Elsevier B.V. All rights reserved. This manuscript version is made available under the CC BY-NC-ND 4.0 license.en
dc.rights.urihttps://creativecommons.org/licenses/by-nc-nd/4.0/en
dc.subjectChinese capital marketsen
dc.subjectDividendsen
dc.subjectFinancial crisesen
dc.subjectFinancial liquidityen
dc.subjectForeign direct investmenten
dc.subjectForeign equity ownershipen
dc.titleIn times of crisis does ownership matter? Liquidity extraction through dividends during the 2007-2009 financial crisisen
dc.typeArticle (peer-reviewed)en
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