Analysis of the Impact of Cash Dividend Policies of Listed Companies on Stock Prices within the Context of Media Attention

DOI

10.2991/978-94-6239-801-6_32How to use a DOI?

Keywords

Cash dividend; Stock price effect; Media attention; Moderating effect; Information environment

Abstract

Against the backdrop of the accelerating digitalization of the information environment in the capital market, this study, based on the data of A-share listed companies from 2018 to 2023, examines the short-term and long-term impacts of cash dividend policies on stock prices to investigate the moderating influence of digital media. Research findings indicate that cash dividend payments generate a significant positive market response in the short term and reduce the risk of stock price crashes in the long term, supporting the signaling and agency theories. Further analysis reveals that the attention from online media acts as a substitute for the market signal conveyed by dividend policy, weakening its short-term signaling impact and long-term governance role, and this effect becomes stronger in positive reports, non-state-owned enterprises, and highly competitive industries. This study reveals the changes in the role of traditional financial signals in the digital information environment and provides new evidence for understanding the interaction mechanism among media, dividend policy, and stock prices.

Copyright

© 2026 The Author(s)

Open Access

Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

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TY  - CONF
AU  - Yazhen Jin
PY  - 2026
DA  - 2026/10/23
TI  - Analysis of the Impact of Cash Dividend Policies of Listed Companies on Stock Prices within the Context of Media Attention
BT  - Proceedings of the 2026 2nd International Conference on Financial Innovation and Marketing Management (FIMM 2026)
PB  - Atlantis Press
SP  - 282
EP  - 291
SN  - 2352-5428
UR  - https://doi.org/10.2991/978-94-6239-801-6_32
DO  - 10.2991/978-94-6239-801-6_32
ID  - Jin2026
ER  -