這篇論文主要在探討以不同融資方式為主的經濟體，是否會對個別公司的股利政策造成影響，我們針對15個國家1244家公司作探討，發現在以銀行債為主要融資方式的國家，個別公司相對發放較低的股利，並且現金股利亦呈現較高的波動度，顯示資訊不對稱的嚴重性，是造成不同資本市場有不同股利政策的原因之一。 / Abstract
This paper examines whether differences in the sophistication of capital markets drive dividend policies to vary across countries, by studying on dividend policies of 1244 firms in 15 countries. We find that reliance on banking sector causes lower dividend payout and incentives for dividend smoothing. The same relationship is also found between quality of accounting system and dividend policies. These results confirm that less information asymmetry defuses the need for using dividends as signaling and discipline tools. Furthermore, we find that there exists a positive relation between development of stock market and payout level. This indicates that more important the stock in providing capital to firms, the more likely the firms increase their dividend payout. Finally, some evidences support that a shorter investment horizon leads to a higher payout ratio and a higher extent of dividend smoothing.
| Identifer | oai:union.ndltd.org:CHENGCHI/G0090357001 |
| Creators | 吳建達 |
| Publisher | 國立政治大學 |
| Source Sets | National Chengchi University Libraries |
| Language | 英文 |
| Detected Language | English |
| Type | text |
| Rights | Copyright © nccu library on behalf of the copyright holders |
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