Earticle

초록

영어

This paper reviews the empirical evidence on payout policy in Korea over the last three decades. This study aims at providing the researcher with a comprehensive understanding of dividend policy by reviewing the theories and empirical evidence of dividend policy including tax-preference, information asymmetry and signaling hypothesis, agency costs and the free cash flow hypothesis, and catering theory of dividends. The theoretical and empirical research on dividends and stock repurchases has produced an extensive volume of literature. Despite decades of study, we have yet to understand completely the factors that influence dividend policy and how these factors interact. One of the reasons for the difficulty in resolving the dividend puzzle is that some researchers have strived to develop a universal, one-size-fits-all explanation, despite knowing that dividend policy is sensitive to factors like firm characteristics, market friction, corporate governance, and legal environments. Although not all of the pieces of the dividend puzzle may be in place, this paper features information that provides useful guidance for identifying the determinants of payout policy in the real world.

목차

Abstract
Ⅰ. Introduction
Ⅱ. Dividends: Empirical Evidence
1. Dividend Irrelevance Theory
2. Taxes and Ex-dividend
3. Information Asymmetry and Signaling Theory
4. Agency Costs and the Free Cash Flow Hypothesis
5. Catering Theory of Dividends
6. Other Dividend Issues
Ⅲ. Share Repurchases: Empirical Evidence
1. Asymmetric Information
2. Agency Costs and the Free Cash Flow Hypothesis
3. Managerial Incentive Hypothesis
4. Takeover Deterrence Hypothesis
5. The Substitute Hypothesis
6. Other issues
Ⅳ. Summary and Concluding Remarks
References

키워드

저자

• Sungmin Kim [ Professor of Finance, College of Business and Economics, Hanyang University ]
• Eun Jung Lee [ Professor of Finance, College of Business and Economics, Hanyang University ] Corresponding author

참고문헌

발행기관

간행물

표지보기 관심저널 등록

• 간행물명

  재무연구 [Asian Review of Financial Research]

• 간기

  계간

• pISSN

  1229-0351

• eISSN

  2713-6531

• 수록기간

  1988~2026

• 등재여부

  KCI 등재,SCOPUS

• 십진분류

  KDC 325 DDC 330