The Effect of Growth, Leverage and Size on Dividend Behavior in Taiwan's Firms

公司的成長性、槓桿作用、規模對股利行為之影響

謝美緞(Mei-Tuan Hsieh)

《慈濟技術學院學報》 18期 (2012/03) Pp. 31-62

https://doi.org/10.6975/JTCCT.201203.0031

摘要

本研究檢測台灣的上市公司在成長遠景、槓桿作用及公司規模上對股利行為的影響。以2005年到2010年為研究期間，採計686家公司，共4116個觀察樣本。參考Lintner（1956）模型，增修部分變數，運用普通最小平方法，來加以分析比較；並且，將樣本公司依成長性、槓桿操作、規模大小區分為三組（低、中、高）來觀察對財經政策所受的影響。結果發現公司的股利政策會受盈餘、成長性、槓桿作用及公司規模影響。

關鍵字

股利行為 ； 分配盈餘 ； 財經政策

並列摘要

This study examines the impact of growth prospects, leverage and firm's size on dividend behavior in Taiwan's firms. I carry out 4116 firm-year study by empirically analyzing the determinants of dividend policy on a sample of 686 quoted firms in Taiwan over the testing period from 2005 to 2010. I use the testing period and more refined dividend measures than previous studies. I also introduce dummy variables to capture economic policy changes.Dividend behavior is tested by using Lintner (1956) model and its variants on the pooled cross sectional/time series data for observations from 2005-2010. The models are estimated using the ordinary least square (OLS) method. The result shows that there is significant interaction between the conventional Lintner model and dividend decisions of Taiwan's firms. Drawing from traditionally financial theories, Jensen (1986) and Chariot and Vafeas (1998), I hypothesize that the relationship between the traditional determinants and dividend behavior in Taiwan's firms which depends on growth prospects, lever of gearing and firm's size. I partition the data into three classes which each based on growth opportunities, lever of gearing and firm's size.The empirical results reveal that dividend policies of Taiwan's firms are influenced by earnings, economic policy changes, growth potentials and long-term debt. However, the validity of Lintner model and its variants on dividend policy in Taiwan's firms which is somehow remote, partly depends on the growth prospect, lever of gearing and firm's size.

並列關鍵字

breast cancer ； complementary and alternative medicine ； factor ； gynaecologic cancers ； quality of life