會計穩健性如何影響股利平滑?

在這篇文章中，我們研究美國公開上市公司的股利平滑行為，並結合財務會計的穩健性以過去理論的觀點發展兩大假說以檢視會計的穩健性如何影響公司股利平滑的行為:互補效果及替代效果。從我們的研究中指出，穩健性與股利平滑呈顯著正向關係，符合資訊不對稱解釋下的互補效果。另外，本文還發現當公司規模較小、收益及股票報酬波動性較大、有形資產及現金較少、槓桿較高及股利支付率較低時，公司更有誘因採取股利平滑的政策。

關鍵字

股利平滑；穩健性；資訊不對稱；代理成本

並列摘要

In this article, we examine firms’ dividend smoothing behavior across a wide spectrum of publicly listed-firms in the United States and combine the financial accounting conservatism with dividend smoothing based on theories to develop empirical hypotheses. Our findings show that conservatism is positively associated with dividend smoothing consistent with complementary effect from the perspective of information asymmetry. We also find that firms with smaller size, higher volatilities of earnings and stock return, fewer tangible assets or cash, higher leverage, and lower dividend payouts engage greater dividend smoothing.

並列關鍵字

Dividend smoothing ； Conservatism ； Information asymmetry ； Agency cost

參考文獻

References

Google Scholar

Ahmed, AS., Billings, BK., Morton, RM., 2002. The role of accounting conservatism in mitigating bondholder-shareholder conflicts over dividend policy and in reducing debt costs. The Accounting Review 77, 867-890.