杨丹,Cheng Linyin,王国俊,王跃堂，“Dividends and management promotion—Evidence from internal labor market in an emerging economy”，INTERNATIONAL REVIEW OF FINANCE，Volume21, Issue3，https://doi.org/10.1111/irfi.12312（SSCI）

Abstract

Top management in state-owned enterprises (SOEs) works in a typical internal labor market and seeks political promotion after the tenure. By using a sample of Chinese listed SOEs for 2003–2013, this paper documents that top management in SOEs has motivations to trade-off its own promotion through increasing dividend payout, and the evidence becomes more significant when SOEs report better financial performance than their industry averages.