세계 주요국가의 동료효과를 고려한 배당정책에 관한 연구

• 영문명: A Study of Peer Effects on Dividend Policy in Financial Market
• 발행기관: 한국무역연구원
• 저자명: 김락준(Nak-Joon Kim) 김학민(Hag-Min Kim)
• 간행물 정보: 『무역연구』제13권 제6호, 515~534쪽, 전체 20쪽
• 주제분류: 경제경영 > 무역학
• 파일형태: PDF
• 발행일자: 2017.12.03

영문 초록

This study investigates shareholder return policy focused on peer effect and payout rigidity under global financial environment. The peer effect and payout rigidity factors are hypothesized in this paper for explanations why firms pay dividends and repurchase stocks in major country’s financial market. We examine peer effect and payout rigidity on the firms’ dividend and stock repurchase policies within the industry groups defined by Korean Standard Industry Classification and Korean Stock Exchange Industry Classification. We collect the data from January 3, 2006 to December 31, 2015 and test whether both peer effect and payout rigidity can be supported in Korean financial market using different models respectively. The results show that the peer effects are not found in Korean market but the payout rigidity is significant in a firm’s payout decision making. It means that the Korean firms more consider payout rigidity than their peers’ financial behaviors in making shareholder return policy. Also, this rigidity became more apparent after the financial crisis. Several implications are made compared to other country.

목차

Ⅰ. 서론

Ⅱ. 이론적 배경 및 선행연구

Ⅲ. 국내외 증권시장의 주주환원 동향

Ⅳ. 연구가설 및 모형

Ⅴ. 실증 분석 결과

Ⅵ. 결론

키워드

Dividend Rigidity OLS Payout Policy Peer Effects Shareholder Return Policy