摘要
本文以1989年到2018年全球企業的資料，探討語言與公司股利支付之間關聯所在。強FTR語言（例如，英語）的語言使用者因為有未來式語法區分未來和現在的事件，而弱FTR語言（例如，中文）的使用者則無，所以本研究假設以現在時態談論未來可能會使人們對未來充滿不確定性，希望持有較多現金股利。實證發現弱FTR語言會對公司股利支付率呈顯著正向影響，顯示在弱FTR語言國家或地區會支付較多股利，我們的結果支持股利迎合理論，弱FTR語言國家的股東希望持有較多的現金，公司管理者會滿足股東的渴望支付較多的股利。實證結果即使在控制其他國家文化因素、法律起源及宗教等因素之後仍維持穩健。本文還發現在股東保護程度及債權人保護程度越好的國家，語言對股利政策的影響會較弱，限制治理與與語言對股利政策的影響有存在替代效果。本文證明文化差異很重要，並提供語言是額外的解釋股利政策的因子，並強化了語言對經濟結果的影響。
並列摘要
Adopting global data from 1989 to 2018 to explore the relationship between weak-FTR language and corporate dividend payouts. Speakers of the strong FTR language (English) have future grammars that distinguish future and current events, while speakers of weak FTR languages (Chinese) do not, so this study hypothesize that the weak-FTR language let them feel uncertainty about the future and hope to get more cash dividends. Consistent with this assumption, the results show that the weak FTR language was are significantly and positively associated with the company's dividend payout ratio, suggesting that firms located in weaker language countries or regions will pay more dividends. Our results support the catering theory that shareholders in weak FTR language countries want to hold more cash, and company managers will satisfy shareholders' desire to pay more dividends. These results are robustness after controlling for other national cultural factors, legal sources and religious factors. Our results also show that the relationship between and language and dividend payout policy will be weaker under good shareholder protection and creditor protection environments. This paper demonstrates that cultural differences are important and provides additional explanatory, language, to explain dividend policies and further increase the impact of language on economic outcomes.