Earticle

초록

영어

This study holds a significant meaning in that it verified a positive relationship between information asymmetry level and dividend level using direct information asymmetry models(GH and HFV) that were studied in the context of market microstructure, and it expanded on the results of the preceding studies in further details by adopting beta coefficient as a proxy variable for firms’ risk level. We also find that higher firms’ risk level is the more positive effects information asymmetry has on dividends. Furthermore firms with low risk level witness weak reactions from investors on dividend decisions, and less financial constraints. An interesting outcome is that firms’ risk itself has a negative effect on dividends, but when this risk is combined with information asymmetry, the effect turns positive with a growing risk level.

목차

ABSTRACT
 I. Introduction
 II. Previous Literature and Hypotheses
  A. Dividends and Investor Reactions
  B. Dividends and Information Asymmetry
  C. Hypotheses
 III. Sample Selection and Data
  A. Data sources
  B. Variables
 IV. Empirical Design and Results
  A. Firm’s Transaction Cost of External Financing and Dividend Level
  B. Firms’ Information Asymmetry and Dividend Level
  C. Dividend Policies by Risky Firm Group
 V. Conclusion
 References

저자

• Sunhyun Kim [ Inha University, Incheon, Republic of Korea ]
• Jin-Young Jung [ Assistant Professor of Finance, College of Business Administration, Inha University, Incheon, Korea. ]

참고문헌

발행기관

간행물

표지보기 관심저널 등록

• 간행물명

  한국재무학회 학술대회

• 간기

  부정기

• 수록기간

  2006~2024

• 십진분류

  KDC 325 DDC 330