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公司多角化經營策略與股利發放政策之關聯性研究 / Firm diversification and Dividend policy

本文以2000~2009台灣地區不含金融證券業之上市公司為樣本,資料來源為台灣經濟新報社資料庫(Taiwan Economic Journal),研究主題為探討多角化與股利發放政策之關聯性,同時也檢測多角化程度愈高而經營績效較差或盈餘品質較差的企業與股利發放政策之關係,實證研究的結果顯示,多角化程度會影響股利發放政策,而多角化與股利發放政策呈現顯著負相關,企業多角化程度愈高,股利支付率較低、較不會發放股利及較不會增加發放股利,而這些現象主要是集中在經營績效較差或盈餘品質較差的企業。 / Based on a sample of firms listed in Taiwan during 2000-2009, this study investigates the relationship between firm diversification and dividend policy and the extent to which firm performance and earnings quality affect diversified companies in making dividend policy decisions. The empirical results show that firms with greater diversification are less likely to pay dividends, pay lower dividend yields, and are less likely to increase dividends. I also find that such evidence is more pronounced among poor financial performance and lower earnings quality firms.

Identiferoai:union.ndltd.org:CHENGCHI/G0098353011
Creators林君蓉
Publisher國立政治大學
Source SetsNational Chengchi University Libraries
Language中文
Detected LanguageEnglish
Typetext
RightsCopyright © nccu library on behalf of the copyright holders

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