Study on Industry Peer Effect of Cash Dividend Policy of Listed Companies in China

The Company's cash dividend policy has been concerned by regulators and investors for a long time, and has an important impact on the company's internal governance and value enhancement. Under the background of the Shanghai and Shenzhen Stock Exchanges issuing the "Guidelines on Cash Dividend for Listed Companies" in 2023, it is of practical significance to study the cohort effect of cash dividend policy. This paper takes A-share non-financial listed companies in Shanghai Stock market from 2013 to 2021 as a sample to study the peer effect of cash dividend policy. The empirical results show that the cash dividend policy of Shanghai-A listed companies in China has industry peer effect, that is, the cash dividend policy of listed companies will be affected by other companies in the same industry. At the same time, under the background of semi-mandatory dividend supervision policy, the dividend policy industry peer effect of state-owned holding companies is more obvious than that of non-state-owned holding companies.