- 學位論文
同儕公司對企業支付政策之影響：以臺灣為例
Peer Firm and Corporate Payout Policy: Evidence from Taiwan
摘要
公司的支付政策會受到許多因素影響，而早期文獻多專注於公司自身的財務條件及營運狀況。Adhikari and Agrawal (2018)和Grennan (2019)的實證研究顯示美國公司的支付政策有顯著的產業同儕效果，Lee (2020)的實證研究亦發現臺灣公司的股利發放存在產業同儕效果。本文使用2010年至2019年除了金融與公共事業外的所有台股上市櫃公司，沿用Adhikari and Agrawal (2018)的模型設定，進行公司支付政策的產業同儕效果之實證研究。實證結果發現臺灣上市櫃公司現金股利發放與否與同儕平均發放的比例呈正向關係，且股利發放金額亦與同儕平均發放的金額呈正向關係，並隨著同儕的金額增減而有所增減，在公司的庫藏股買回執行方面，產業同儕的庫藏股買回政策對公司自身庫藏股買回的實施並沒有顯著影響。
並列摘要
A company’s payout policy is influenced by various factors. Early literature mainly focuses on how the company’s own financial and operating conditions affect its payout policy. Recently, Adhikari and Agrawal (2018) and Grennan (2019) show that the payout policy of U.S. companies is significantly influenced by peer firms in the same industry. Lee (2020) also finds the same effect in dividend payout of Taiwanese companies. This study investigates the effect of peer firms on both dividend payout and stock repurchase, based on all non-financial and non-utility listed companies in Taiwan from 2010 to 2019. Following Adhikari and Agrawal (2018), we find a significantly positive peer effect on companies’ cash dividend payout, including payout decision, the amount of dividend, and the change in dividend amount. However, no significant peer effect on companies’ stock repurchase is found in our empirical analysis.
參考文獻
延伸閱讀
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