Abstract
This paper investigates the effects of dividend announcements of culture contents companies on stock prices from the perspective of the dividend signaling hypothesis, focusing on the recent data from 2016 to 2021. The empirical tests reveal that, compared to the extant literature, stock price reactions surrounding the dividend date in the culture contents industry are negative rather than positive. In addition, these negative effects are observed even before the dividend announcement. These results suggest that the dividend signaling hypothesis in prior research does not hold in the culture contents industry, delivering important implications for decision making of firm managers and investors in this industry. We expect this paper to enhance understanding of the culture contents industry from a financial veiwpoint.
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