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      재무제약 하에서 최대주주가 배당정책에 미치는 영향: 중소기업을 대상으로 = The Effect of Largest Shareholders on Dividend Policy under Financial Constraint: Focused on Small Companies

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      https://www.riss.kr/link?id=A103335298

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      다국어 초록 (Multilingual Abstract)

      This paper examines the effect of largest shareholders on dividend policy in small business. The dividend policy is one of the important business decisions and is affected by demand of shareholders. Prior studies suggest that decision on dividend payout is determined by the trade-off between agency cost and the cost of borrowing. Unlike large companies with diffuse shareholders, the effect of largest shareholders in small companies is greater. According to National Statistical Office, 98%of small companies in Korea have owner-controlled structure. This implies that majority of shareholders in small companies is the largest shareholders and the impact of largest shareholders in small business is significant. This paper investigates the effect of largest shareholders on dividend policy. Specifically, this paper examines the relationship between dividend payout ratio and the portion of largest shareholders. Then we test whether this relationship still holds when financial constraint of companies is high. Using 3,573 observations from 2001 to 2015, we find that small firms with high portion of largest shareholders are more likely to pay dividends. This is consistent with interest-alignment hypothesis. This suggests that even small companies have an incentive to decreases agency cost by paying dividends. We further find that when small companies is under financial constraints, the firms with high portion of largest shareholders are less likely to pay dividends.
      Our findings of this paper provide the evidence that even small companies with high portions of largest shareholders have incentive to pay dividend to alleviate interest-conflicts between a firm and outside shareholders. Moreover, this relationship is affected by the condition of financial constraints.
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      This paper examines the effect of largest shareholders on dividend policy in small business. The dividend policy is one of the important business decisions and is affected by demand of shareholders. Prior studies suggest that decision on dividend payo...

      This paper examines the effect of largest shareholders on dividend policy in small business. The dividend policy is one of the important business decisions and is affected by demand of shareholders. Prior studies suggest that decision on dividend payout is determined by the trade-off between agency cost and the cost of borrowing. Unlike large companies with diffuse shareholders, the effect of largest shareholders in small companies is greater. According to National Statistical Office, 98%of small companies in Korea have owner-controlled structure. This implies that majority of shareholders in small companies is the largest shareholders and the impact of largest shareholders in small business is significant. This paper investigates the effect of largest shareholders on dividend policy. Specifically, this paper examines the relationship between dividend payout ratio and the portion of largest shareholders. Then we test whether this relationship still holds when financial constraint of companies is high. Using 3,573 observations from 2001 to 2015, we find that small firms with high portion of largest shareholders are more likely to pay dividends. This is consistent with interest-alignment hypothesis. This suggests that even small companies have an incentive to decreases agency cost by paying dividends. We further find that when small companies is under financial constraints, the firms with high portion of largest shareholders are less likely to pay dividends.
      Our findings of this paper provide the evidence that even small companies with high portions of largest shareholders have incentive to pay dividend to alleviate interest-conflicts between a firm and outside shareholders. Moreover, this relationship is affected by the condition of financial constraints.

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      참고문헌 (Reference)

      1 강형철, "한국상장기업에 있어 지배구조 지분율의 결정요인:기업가치와 통제권간의 선택" 한국증권학회 35 (35): 39-75, 2006

      2 신민식, "중소기업의 소유집중도가 배당정책에 미치는 영향" 한국산업경제학회 21 (21): 733-758, 2008

      3 육근효, "주주-경영자간의 대리문제에 관한 실증분석-배당정책을 중심으로" 11 (11): 143-166, 1989

      4 김성혜, "외국인투자자의 특성과 실제이익조정- 외국인대주주의 역할을 중심으로" 한국회계학회 37 (37): 129-165, 2012

      5 박경서, "외국인투자자가 한국기업의 경영 및 지배구조에 미치는 영향" 한국금융연구원 20 (20): 73-114, 2006

      6 남혜정, "배당지급 손실기업의 이익의 질에 대한 연구" 한국회계학회 41 (41): 231-241, 2016

      7 박종일, "기업지배구조와 이익조정: 최대주주 지분율을 중심으로" 한국회계학회 28 (28): 135-172, 2003

      8 문상혁, "기업지배구조가 보고이익의 질, 경영성과 및 기업가치에 미치는 영향" 한국공인회계사회 (44) : 257-288, 2006

      9 Jensen, M. C., "Theory of the firm : Managerial behavior, agency costs and owenership structure" 3 (3): 305-360, 1976

      10 Demsetz, H., "The structure of ownership and the theory of the firm" 26 (26): 375-390, 1983

      1 강형철, "한국상장기업에 있어 지배구조 지분율의 결정요인:기업가치와 통제권간의 선택" 한국증권학회 35 (35): 39-75, 2006

      2 신민식, "중소기업의 소유집중도가 배당정책에 미치는 영향" 한국산업경제학회 21 (21): 733-758, 2008

      3 육근효, "주주-경영자간의 대리문제에 관한 실증분석-배당정책을 중심으로" 11 (11): 143-166, 1989

      4 김성혜, "외국인투자자의 특성과 실제이익조정- 외국인대주주의 역할을 중심으로" 한국회계학회 37 (37): 129-165, 2012

      5 박경서, "외국인투자자가 한국기업의 경영 및 지배구조에 미치는 영향" 한국금융연구원 20 (20): 73-114, 2006

      6 남혜정, "배당지급 손실기업의 이익의 질에 대한 연구" 한국회계학회 41 (41): 231-241, 2016

      7 박종일, "기업지배구조와 이익조정: 최대주주 지분율을 중심으로" 한국회계학회 28 (28): 135-172, 2003

      8 문상혁, "기업지배구조가 보고이익의 질, 경영성과 및 기업가치에 미치는 영향" 한국공인회계사회 (44) : 257-288, 2006

      9 Jensen, M. C., "Theory of the firm : Managerial behavior, agency costs and owenership structure" 3 (3): 305-360, 1976

      10 Demsetz, H., "The structure of ownership and the theory of the firm" 26 (26): 375-390, 1983

      11 Skinner, D. J., "The evolving relation between earnings, dividends, and stock repurchases" 87 (87): 582-609, 2008

      12 Claessens, S. J., "The benefits and costs of group affiiliation : Evidence from East Asia" 7 (7): 1-26, 2006

      13 Jensen, G., "Simultaneous determination of insider ownership, debt, and dividend policies" 27 (27): 247-264, 1992

      14 Stulz, R., "On takeover resistance, managerial discretion, and shareholder wealth" 20 : 24-54, 1988

      15 Eckbo, B., "Managerial share ownership, voting power, and cash dividend policy" 1 (1): 33-62, 1994

      16 Hu, A., "Managerial entrenchment and payout policy" 39 (39): 759-790, 2004

      17 Morck, R., "Management ownership and market valuation : An empirical analysis" 20 : 293-315, 1988

      18 Shleifer, A., "Large shareholders and corporate control" 94 (94): 461-488, 1986

      19 Kowalewski, O., "Influence of family involvement in management and ownership on firm performance : Evidence from Poland" 23 (23): 45-59, 2010

      20 Chae, J., "How corporate governance affects payout policy under agency problems and external financing constraints" 33 (33): 2093-2101, 2009

      21 Rozeff, M. S., "Growth, beta and agency costs as determinants of dividend payout ratios" 5 (5): 249-259, 1982

      22 Anderson, R., "Foundingfamily ownership and firm performance : Evidence from the S&P 500" 58 (58): 1301-1328, 2003

      23 Gonzalez, M., "Family involvement and dividend policy in closely held firms" 27 (27): 365-385, 2014

      24 Baker, H. K., "Factors influencing the dividend policy decisions of NASDAQ firms" 36 (36): 19-38, 2001

      25 Nissim, D., "Dividend changes and future profitability" 56 (56): 2111-2133, 2001

      26 Lintner, J., "Distribution of incomes of corporations among dividends, retained earnings, and taxes" 46 (46): 97-113, 1956

      27 Michaely, R., "Corporate dividend policies : Lessons from the private firms" 25 (25): 712-746, 2012

      28 Zeckhauser, R, "Clearly heard in the street : The effect of takeover rumors on stock price" 63 (63): 291-308, 1990

      29 이문영, "Board Characteristics and Payout Policy: A Comparison Between SMEs and Large Firms" 한국중소기업학회 16 (16): 21-40, 2013

      30 La Porta, R., "Agency problems and dividend policy around the world" 55 (55): 1-33, 2000

      31 Baker, H. K., "A survey of management views on dividend policy" 14 (14): 1007-1034, 1985

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