CORPORATE PERFORMANCE AFTER CASH DIVIDENDS: BASE ON INDUSTRY COMPETITION AND CORPORATE GOVERNANCE

This paper specify this relationship based on the views of industry competition and corporate governance with internal and external. Because of the relationship between the firm’s payout policy and its operating performance is still undetermined. By the examination from the 2011-2015 samples of listed companies in China. We found the amount of dividends issued is signally correlated with the corporate performance. The stronger the external governance, the more the executives tend to use the dividend signal to provide business information. In addition, business opacity and the industrial characteristics will also affect the formulation of dividend policy and the improvement of corporate performance. Therefore, it makes contribution on the regular’s control of corporate governance, the signaling of information quality, and the monitoring of product market competition.