Divine dividends: How religious traditions shape corporate payout policies
研究中国A股公司2009-2023年数据，发现佛教和道教影响强的地区公司更可能分红且分红比例更高，尤其对非国有企业，宗教作为替代治理机制发挥作用。
We examine the impact of religious traditions on corporate dividend policies using Chinese A-share firms from 2009 to 2023. Firms in regions with stronger Buddhist and Taoist influence are more likely to pay dividends and exhibit higher payout ratios, particularly non-state-owned enterprises, where religion serves as an alternative governance mechanism. Buddhism has a stronger effect than Taoism, reflecting doctrinal differences in ethical and financial outlooks. Mechanism tests suggest that religious traditions enhance corporate social responsibility and investor protection, reinforcing dividend commitments. Additional analyses show that religiosity fosters dividend smoothing. Our results, robust to alternative measures and instrumental variable analyses, highlight the role of informal institutions in shaping corporate financial decisions in transitional economies.