기업의 신용등급 변화가 배당정책에 미치는 영향

• 영문명: The Effects of Credit Rating Change on Corporate Dividend Policy
• 발행기관: 한국무역연구원
• 저자명: 신민식() 이재익() 정호영()
• 간행물 정보: 『무역연구』제13권 제3호, 563~585쪽, 전체 23쪽
• 주제분류: 경제경영 > 무역학
• 파일형태: PDF
• 발행일자: 2017.06.30

영문 초록

This paper empirically analyzes the effects of credit rating change on corporate dividend policy. Sample firms are collected from the Korea Exchange from 1997 to 2015 using FnGuide.com and the KIS Value Library database. The number of firm-year observations is 3,206 for the full sample and the analytical models are the fixed effects panel regression model and logistic model. The empirical results are as follows. First, the credit rating changes have important effects on the subsequent dividend policy. However, the credit rating downgrades have negative and significant effects on the subsequent dividend policy, whereas the credit rating upgrades are insignificant on it. That is, the credit rating downgrades and upgrades have asymmetric effects on the subsequent dividend policy. Second, the firms downgraded from investment grade to speculative grade are more likely to decrease their dividend ratios following credit rating changes. Third, the credit rating downgrades are more likely to decrease dividends and to omit dividends. That is, the credit rating downgrades are positively associated with the probability of dividend decreases and dividend omissions. These findings imply that firms’credit rating changes play a significant role in dividend policy choices.

목차

Ⅰ. 서론

Ⅱ. 선행연구

Ⅲ. 연구설계

Ⅳ. 실증분석

Ⅴ. 결론

키워드

Credit Rating Dividend Policy Dividend Decrease Dividend Omission