Earticle

초록

영어

This study examines how capital intensity and growth opportunities influence the relationship between dividend payouts and firm value. Although previous research has extensively explored dividend policy and firm value, little attention has been given to how firm-specific traits, particularly capital intensity, affect the value implications of dividend payouts. Using signaling theory and agency theory, this study proposes that dividends may serve as stronger signals of financial stability and managerial discipline in firms with higher capital intensity and more growth opportunities. By analyzing a sample of 7,822 firm–year observations of Korean listed firms from 2014 to 2023, we empirically test whether capital intensity moderates the link between dividend payout ratios and firm value. Firm value is assessed using Tobin’s Q and the price-to-book ratio. The findings indicate that dividend payouts are positively related to firm value, and this relationship intensifies for firms with higher capital intensity and greater growth prospects. These results suggest that tangible assets in capital-intensive firms enhance dividend signals’credibility and lower financing frictions, thus boosting investor confidence. This research adds to the literature by emphasizing the moderating role of capital intensity in the dividend–firm value relationship and providing new evidence from Korean listed firms.

목차

Abstract
Ⅰ. Introduction
Ⅱ. Background
1. Measurement of Growth Opportunities
2. Capital Intensity and Financial Flexibility
Ⅲ. Literature Review and Hypotheses Development
1. Dividends, Firm Value, and the Moderating Role of Growth Opportunities
2. The Impact of Capital Intensity on Dividend Policies
Ⅳ. Research Design
1. Model specification
2. Sample selection
Ⅴ. Results
1. Descriptive Statistics and Correlation Matrix
2. Univariate analysis
3. Multivariate analysis
Ⅵ. Robustness check
1. Substitute measurement of capital intensity
2. Extend the sample
3. Substitute measurement of growth opportunity
4. Instrument Variable
Ⅶ. Conclusion
Acknowledgments
References

키워드

저자

• Ohong Kwon [ Assistant Professor, Ulsan University, Nam-gu, Ulsan, Republic of Korea ]
• Sung-soo Yoon [ Professor, Korea University Business School, Seongbuk-gu, Seoul, Republic of Korea ] 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