Earticle

초록

영어

This paper investigates how dividend policies affect a firm value according to complex interactions of different market imperfections or firm characteristics. We consider the level of information asymmetry, agency problems, corporate governance, a firm’s stage in its life cycle, transaction costs, and irrationality of investors to show how firm value and dividend policies are related with respect to these factors. We find that dividend payout increases firm value in general and much more when the agency problem is severe. However, we find that dividend payout becomes irrelevant to firm value under specific situations; with high level of information asymmetry, with strong corporate governance, or in early stage of its life cycle. The results provide an answer to the question of why some extant empirical studies argue that dividend is relevant and others not.

목차

Abstract
 1. Introduction
 2. Data and methodology
  2.1. Data
  2.2. Methodology
 3. Understanding the contribution of dividends to firm value
  3.1. Contribution of dividends to firm value depending on free cash flow and information asymmetry
  3.2. Contribution of dividends to firm value depending on corporate governance
  3.3. Contribution of dividends to firm value depending on lifecycle
  3.4. Contribution of dividends to firm value depending on transaction costs
  3.5. Contribution of dividends to firm value depending on irrationality of investors
 4. Conclusion
 Reference
 Table

키워드

저자

• Joon Chae [ Associate Professor of Finance, Seoul National University, Seoul, Korea. ]
• Noolee Kim [ Assistant Professor of Finance, Hanyang University, Ansan, Korea. ]
• Eun Jung Lee [ Assistant Professor of Finance, Hanyang University, Ansan, Korea. ]

참고문헌

발행기관

간행물

표지보기 관심저널 등록

• 간행물명

  한국재무학회 학술대회

• 간기

  부정기

• 수록기간

  2006~2024

• 십진분류

  KDC 325 DDC 330