Corporate Heterogeneity, Herd Effect and Cash Dividend

Based on the classification of corporate heterogeneity, this paper examines the herd effect of corporate cash dividend decision-making in the industry and explores the effect of different types of companies on the herding effect in the industry. Through the analysis of the data of A-share listed companies from 2007 to 2017, we find that:The dividend policy of listed companies in China is susceptible to other companies in the same industry; The "herd effect" between listed companies has different imitation effects in companies with different information transparency. In companies with high information transparency, the "herd effect" is more obvious; Based on the law of learning from the inside to outside, the herding effect between companies with the same property rights is more obvious. The conclusion of the study provides a reference for companies to make effective use of industry information to make dividend payment strategies.