Does Regulatory Pressure Influence Bank Dividend Payouts? The Role of Country-Level Institutions

政府監管壓力是否影響銀行的股利政策？國家層級制度的角色

林昆立(Kun-Li Lin) ； 董澍琦(Shuh-Chyi Doong) ； 張鈺娸(Yu-Chi Chang)

《財務金融學刊》 27卷3期 (2019/09) Pp. 75-109

https://doi.org/10.6545/JFS.201909_27(3).0003

摘要

Using a sample of 26 countries, we explore how regulatory pressure influences dividend payouts in various country-level institutions. We find that there is no significant effect of regulatory pressure on bank dividend payouts among all the sample banks. We also document that the negative effects of regulatory pressure on bank dividend payouts are strengthened in countries with common law, strict legal enforcement, and a higher degree of private monitoring and financial freedom. Finally, regulatory pressure was effective in limiting dividend payouts by undercapitalized bank during and after the 2007-2009 financial crisis.

關鍵字

Bank dividend policy ； regulatory pressure ； country-level institutions ； financial crisis

並列摘要

本文檢視政府監管壓力與銀行股利政策的關係，並分析國家層級制度對兩者的影響。結果顯示，政府監管壓力對銀行股利發放無顯著效果，但在普通法、法律和私人監督愈健全與金融自由度愈高的國家，監管壓力對銀行股利發放的負向效果會更為明顯。最後，在金融危機期間及其後，監管壓力對資本不足之銀行的股利限制效果較佳。

並列關鍵字

銀行股利政策 ； 政府監管壓力 ； 國家層級制度 ； 金融危機

參考文獻

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