A Study on the Determinants of Corporate Dividend Policy among Industries
| Autor: | Hsiu-Hwa Liu, 劉秀華 |
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| Rok vydání: | 2014 |
| Druh dokumentu: | 學位論文 ; thesis |
| Popis: | 102 In this study, sample companies were classified into high-tech, conventional, financial, and others types of industries to determine how cash flow uncertainty, corporate life cycle, agency problems, and growth opportunity factors affect the dividend policies among industries. This study evaluated listed companies in Taiwan Stock Exchange from 2000 to 2012. According to the empirical results of the Tobit regression analysis, a high level of cash flow uncertainty in the high-tech industry decreased the issuance of cash dividends and treasury stock buyback, but increased issued stock dividends. Regarding the conventional and others industries, the analysis indicated that a high level of cash flow uncertainty decreased the issuance of cash dividends, and increased issued stock dividends. When the financial industry exhibited high cash flow uncertainty levels, the buyback of treasury stock is implemented. Concerning the corporate life cycle, the more mature the high-tech industry was, the more likely that stock dividends, treasury stocks, and total dividend were issued. The more mature the conventional, financial, and others industries were, the more likely that cash dividends, stock dividends, treasury stocks, and total dividends were issued. Regarding agency problems, when internal employees of high-tech and other industries possess low shareholding, stock dividends, treasury stocks, and total dividends were likely to be issued. When internal employees of conventional and financial industries possess low shareholding, treasury stocks buyback is effectively executed. Finally, increased growth opportunities in the high-tech industry indicated reduced stock dividends, treasury stock buybacks, and total dividends. In conventional industries, elevated growth opportunities rendered a reduction in stock dividends and treasury stock buybacks; for others industries, increased growth opportunity is indicative of a decline in treasury stock buybacks and total dividends. The growth opportunity factor exerted no significant influence on dividend policies of the financial industry. |
| Databáze: | Networked Digital Library of Theses & Dissertations |
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