Peer Effects on Firm Dividend Policies in Taiwan

同業效應對臺灣公司股利政策之影響

King Fuei Lee

《財務金融學刊》 28卷3期 (2020/09) Pp. 113-144

https://doi.org/10.6545/JFS.202009_28(3).0003

摘要

With the dividend-paying culture increasingly taking hold in Taiwan, this paper investigates the effects of industry peers on the corporate dividend policies in the country. By employing the instrument variable technique, we find strong evidence that the payout policies of Taiwanese firms are positively influenced by the policies of their industry peers. This peer influence tends to be stronger for companies operating in industries with lower product competition and higher information uncertainty, indicating that firms imitate their peers for information-based reasons. Younger, smaller and harder-to-value companies are also more likely to mimic their larger, older and easier-to-value peers.

關鍵字

Dividend policy ； peer effects ； Taiwan

並列摘要

本研究探討同業對臺灣企業股利政策的影響，藉由工具變數法發現同業的股利政策對公司具正向顯著影響力。在低產品競爭且高資訊不確定性的產業中，此同業效應的影響力更為明顯，即模仿行為基於資訊明確性。研究亦發現，市值小、新設立及難以估價的公司更有可能模仿市值大、創立更久及較易估價的同行企業。

並列關鍵字

股利政策 ； 同業效應 ； 臺灣

參考文獻

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