자금조달결정, 배당정책 및 소유구조간의 상호관계와 이러한 재무정책들이 기업가치에 미치는 영향

신민식,신찬식,김지영 한국기업경영학회 2009 기업경영연구 Vol.16 No.1

In this paper, we analyse empirically the interrelations among financing decision, dividend policy and ownership structure, and these financial policies' effects on market value of firms listed on Korea Exchange. The main results of this study can be summarized as follows. Dividend policies and ownership structure both have negative effects on financing decision. Financing have negative effects on dividend policy, and ownership structure have positive effects on dividend policy. Financing decision have negative effects on ownership structure, and dividend policy have positive effects on ownership structure. Accordingly, financing decision, dividend policy, and ownership structure have the significant effects on simultaneous interrelations. In case of robust test using 3SLS, financing decision, dividend policy and ownership structure have the significant effects on simultaneous interrelations. Financing decision, dividend policy, and ownership structure have the significant effects on market value of firms. Accordingly, managers have to considers simultaneous interrelations for financing decision, dividend policy, and ownership structure to improve the market value of firms. Conclusively, managers have to considers simultaneous interrelations for financing decision, dividend policy, and ownership structure, and carry out these financial policies for maximization of value. However, this paper is only early study of the effects of interrelations among financing decision, dividend policy, and ownership structure on market value of firms. It is necessary to expand sample firms and use more elaborate analysis methods. 분석 결과, 배당정책과 소유구조는 자금조달결정에 유의한 음(-)의 영향을 미치는데, 이는 잉여현금흐름이 많은 기업이 대리인비용을 감소시키기 위해 부채를 감소시키고 배당을 증가시키며, 대주주지분율이 높을수록 경영위험 회피성향이 높아지기 때문에 레버리지 비율을 감소시킴을 의미한다. 자금조달결정과 소유구조는 배당정책에 각각 유의한 음(-)과 양(+)의 영향을 미치는데, 이는 잉여현금흐름이 많은 기업은 대리인비용을 줄이기 위해 부채를 감소시키고 배당을 증가시키며, 주주와 경영자간의 대리인 갈등을 완화시키기 위해 배당지급을 증가시킴을 의미한다. 자금조달결정과 배당정책은 소유구조에 각각 유의한 음(-)과 양(+)의 영향을 미치는데, 이는 대주주지분율이 높을수록 경영위험 회피성향이 높아지기 때문에 레버리지 비율을 감소시키며, 주주와 경영자간의 대리인 갈등을 완화시키기 위해 배당지급을 증가시킴을 의미한다. 그리고 재무정책의 구성요소인 자금조달결정, 배당정책 및 소유구조는 기업가치에 각각 유의한 음(-), 양(+) 및 음(-)의 영향을 미친다. 이는 레버리지 비율이 증가하면 자본비용 증가와 경영자의 도덕적 위험에 따른 과도한 레버리지 사용으로 인한 투자위험의 증가로 기업가치가 하락하고, 배당이 증가하면 기업의 미래전망에 관한 신호효과로 작용하여 기업가치가 증가하며, 대주주지분율이 증가할수록 대주주들이 소액주주의 이익을 침해하는 방향으로 사적 이익을 추구할 경우 기업가치가 하락함을 의미한다

인공지능기법을 이용한 배당정책의 예측가능성에 관한 연구

배재권 국제e-비즈니스학회 2019 e-비즈니스 연구 Vol.20 No.7

배당정책(dividend policy)이란 기업이 벌어들인 이익을 주주에게 줄 배당금과 회사에 남겨둘 유보이익(retained earnings)으로 구분하는 의사결정을 말한다. 배당정책은 장단기투자정책, 자본조달정책과 더불어중요한 기업의 재무적 정책결정사항이다. 경영자는 전기의 배당가능이익에서 기업의 성장과 주주의 이해를고려하여 배당을 유보하거나 배당규모를 결정한다. 본 연구의 목적은 배당금 증가 및 감소 등 배당정책영향요인을 추출하여 투자자에게 사전에 배당관련 정보를 제공하여 투자의사결정에 기여하는 것이다. 이를 위해최근 2년간(2017.01∼2018.12) 코스피 및 코스닥 상장기업 중 현금배당 또는 주식배당을 실시한 기업의 배당정보와 재무정보, 그리고 신용정보 등을 수집하였다. 이를 바탕으로 배당금 감소 및 증가와 관련된 배당정책의영향요인을 도출하고 이를 인공지능기법을 활용하여 배당정책예측모형을 구축하였다. 연구결과, 신경망에서는 신용등급을 가장 영향력 있는 변수로 판별하였고, 다음으로 매출액순이익률, 매출액증가율, 자기자본순이익률, 총자산증가율 순으로 중요도가 분류되었다. CART에서는 주당순이익감소여부가 가장 영향력 있는 변수로 선정되었고, 다음으로 총자산증가율, 매출액순이익률, 배당률, 매출액증가율 순으로 분류되었다. 평균예측력 성과(검증용데이터)로는 로짓분석이 가장 좋은 예측성과(69.78%)를 나타내었으나 실제 배당증가기업을 정확히 맞춘 모형은 신경망으로 나타났다. Dividend policy refers to a decision that divides net profit into dividends of shareholders and retained earnings to leave the company. Although there are many studies regarding decision-making problems, such as credit policy decisions through bankruptcy prediction and credit scoring, there is no research, to our knowledge, about dividend prediction or dividend policy forecasting using artificial intelligence techniques in spite of the significance of dividends. For dealing with the problems involved in previous literature, we suggest dividend policy prediction models using artificial intelligence techniques (neural networks and decision trees). This study collected dividend information, financial information and credit information of KOSPI and KOSDAQ listed companies that executed cash dividend or stock dividend during the past two years. As a result, neural networks identified credit ratings as the most influential variable. In CART, the decrease in earning per share (EPS) was selected as the most influential variable. The experiments show that neural networks always outperforms other models in the performance of dividend policy prediction.

The Impact of dividend policy on the stock price volatility: An Empirical Examination of the US airline industry

( Sindor Mamanazarov ),( Hyunjoon Kim ) 한국항공경영학회 2021 한국항공경영학회 춘계학술대회 Vol.2020 No.-

Despite years of theoretical and empirical investigations, the issue of dividend policy and its effects on the volatility of stock prices has been remaining a controversial subject among financial scholars and managers. Dividend policy is the strategic decision of how much part of earnings should be allocated to the firm’s stockholders and how much to retain for future investment opportunities. Since the primary objective of financial management of firms is the capital maximization of stockholders, the allocation of earnings as dividends and increasing the stock price may be recognized as the most favorable combination to maximize the wealth for stockholders. These two forms of wealth maximization, namely capital growth of stocks and dividend payouts, impacts investor’s choice of stock investments based on investor preference. Since investors are risk-averse by nature, they tend to apt to less volatile stocks that are relatively secure and stable investments. The traditional practices showed that a well-organized dividend policy by a firm is highly likely to ameliorate the firm stock performance on the market and gain the attention of investors or lenders. Yet, although many scholars have attempted to relate the firm’s dividend policy to stock price movements, but there mainly appeared contradictory results and still, an unequivocal answer to the aforementioned issue has not been reached. So, this study aimed to identify the potential impacts of dividend policy on stock price volatility as a main objective. The study sample included publicly traded 135 US airline firms on NYSE, AMEX and NASDAQ for the period of 2010-2018, financial information was available from the COMPUSTAT database. This was a quantitative and descriptive research study and followed Baskin (1989) and Hussainey et al. (2011) approach as the theoretical framework. Dividend payout ratio that is a proxy of dividend policy was employed as an independent variable due to the being potential factor that impacts on the volatility of stock price. Control variables (firm size, asset growth, return on assets, financial leverage, standard deviation of stock returns, systematic and unsystematic risk) were included to account for additional factors in order to provide with more reliable causal inferences while analyzing secondary data. The panel data multiple least squares regression was adopted with a firm-year two-way fixed effect model. The results showed that there appeared a significant and negative relationship between dividend payout ratio and the stock price movements in the airline sector of the US, which supported a hypothesis. The higher the dividend payouts to stockholders are the lower the stock price instability will be in the sampled airline firms. The evidence from the study was also consistent with the theory confirming stockholders put more value to current income than capital gains as explained in birds in the hands theory. Agency cost theory in terms of dividend policy also affirmed by the study, as higher dividend payouts could lower the price volatility of stocks which leads to reduction of risk of the firm. Moreover, firm size, return on assets, growth rates at assets were significantly and negatively associated with stock price volatility, whereas standard deviation of stock returns had a positive link with stock movement in terms of price at the significance level of p=0 .001. The more highly significantly associated determinant appeared to be total assets (LogTA), suggesting that larger firms are well established in their capital markets and capable of paying higher dividends to stockholders, thus leading to relatively stable stock prices compared to small firms. A higher positive correlation coefficient of the standard deviation of stock returns revealed that the higher its value, the greater movements in stock prices would occur in practice. As such, the integrated results drawn out of literature part and the overall analysis of the secondary data showed that dividend policy has a significant impact on stock price fluctuation in the airline sector, whereas the literature associated with this issue in the US hospitality industry is sparse and has not reached the unequivocal answer to whether there is an association or not. This research also contributes to the existing literature by analyzing the dividend policy’s impact on stock price instability for most recent years and by extending the influential determinants such as systematic and unsystematic risk, the standard deviation of stock returns that were rarely used in many studies.

금융소득 종합과세의 기준금액 인하와 기업의 배당정책

윤성만,이상엽 한국회계정보학회 2017 재무와회계정보저널 Vol.17 No.1

[Purpose]The purpose of this study is to investigate the influence of financial income comprehensive taxation changes on the corporate dividend policy. [Methodology]In order to analyze the dividend policy of the shareholder’s tax burden due to the comprehensive taxation of financial income, the dividend size is divided into the total dividend (stock and cash dividend in the middle and the dividend) and the natural log value of the cash dividend Respectively. As the independent variable, it is defined as dummy variable indicating the base year discount rate. For the control variables, differentiated net profit, total asset growth rate, major shareholder ownership ratio and equity ratio are used. [Findings]According to the results of the analysis, unlike the previous study, there was no phenomenon that the dividend size was reduced or increased statistically even if the dividend income tax burden of the shareholders increased due to the reduction of the standard amount of financial income comprehensive taxation. In particular, firms with high net income or large shareholders’ equity did not change dividend policy. This phenomenon means that even if the standard tariff is cut from KRW 40 million to KRW 20 million, even if additional tax burden of 4.8 million won is applied to the highest rate section applicant, it does not affect the dividend policy at the enterprise level. [Implications]The results of this study do not affect the corporate dividend policy by lowering the standard amount of financial income taxation in 2013 and should consider the effect of the financial market such as corporate dividend policy when the financial income taxation system is revised Policy implications. [연구목적]본 연구는 2013년 금융소득 종합과세의 기준금액 인하가 기업의 배당정책에 미치는 영향을 분석하는 것을 목적으로 한다. [연구방법]본 연구는 금융소득 종합과세의 기준금액 인하가 기업의 배당정책에 미치는 영향을 분석하기 위해 인하 이후 연도에 배당규모를 전체배당금(중간 및 결산배당으로 주식과 현금배당)과 현금배당금의 자연로그값으로 측정하였다. 독립변수로는 기준금액 인하연도를 나타내는 더미변수로 정의하였고 통제변수로는 선행연구와 차별화된 당기순이익, 총자산증가율, 대주주지분율 및 자기자본순이익률 등을 사용하였다. [연구결과]분석결과에 따르면 선행연구와는 다르게 금융소득 종합과세의 기준금액 인하로 주주의 배당소득 세부담이 증가하더라도 배당규모를 통계적으로 줄이거나 늘이는 현상은 발견되지 않았다. 특히 당기순이익이 증가하거나 대주주지분율이 높은 기업이라도 배당정책을 변화시키지는 않은 것으로 나타났다. 이러한 현상은 기준금액 4천만원에서 2천만원으로 인하하여 최고세율구간 적용 납세자가 480만원의 추가적인 세부담이 생기더라도 기업수준에서의 배당정책에는 영향을 주지 않았다는 것을 의미한다. [연구의 시사점]본 연구의 결과는 2013년 금융소득 종합과세의 기준금액 인하로 기업의 배당정책에 영향을 주지 않았다는 연구결과를 제시하고 있다. 이처럼 본 연구는 향후 금융소득 종합과세제도의 개편시 기업배당정책 등 자본시장의 파급효과에 영향을 미치지 않는 범위에서 금융세제의 개편이 이루어져야 한다는 정책적 시사점을 제시하고 있다.

공시수준이 기업 배당정책에 미치는 영향 : 불성실공시 지정기업을 대상으로

박수연,문보영,채수준 한국회계정보학회 2018 회계정보연구 Vol.36 No.3

This study empirically analyzed the effect of disclosure level on dividend by using the designation of unfaithful disclosure as a substitute for disclosure level. More specifically, in order to lower the agency cost due to the low disclosure level, the unfaithful disclosure designated company verified whether it changed the dividend policy toward the shareholders favorably. If the dividend payout ratio is high in a company designated as a unfaithful disclosure and the dividend payment amount for the year increases compared to the previous year, it can be interpreted that the dividend policy is used as an alternative means of corporate governance in order to lower the agency cost(substitution hypothesis). On the other hand, if the dividend payout ratio is low it can be interpreted that the manager wants to increase the free cash flow, which reduces the dividend and facilitates opportunistic decision making when the disclosure level is low(outcome hypothesis). In this study, we perform logistic regression and multivariate regression analysis to examine hypotheses using listed companies from 2002 to 2015. Empirical analysis of the change in dividend policy when a company was designated as unfaithful disclosure showed a significant negative (-) relationship between the designation of unfaithful disclosure and the availability of dividends or changes in dividend payments. The results of this empirical analysis support the outcome hypothesis, which implies that dividend policy is also determined against the shareholders. In addition, negative (-) relationship was found between cumulative penalty points and dividend payments or dividend changes. In other words, the lower the level of disclosure, the more serious the agent problem is, the more opportunistic the manager makes the decision, which can be interpreted as affecting the dividend policy. This study have an additional contribution to the relevant preceding study by presenting the results of an analysis that the manager's unfaithful disclosure would affect the company's dividend policy. Moreover, the results of the empirical analysis suggest that low disclosure which may arise due to a manager's moral hazard and opportunistic behavior, may affect the decision of the dividend policy which directly infringes on the shareholders ' wealth. 본 연구는 국내기업을 대상으로 불성실공시 지정여부를 공시수준에 대한 대용치로 사용하여 공시수준이 배당에 미치는 영향을 실증분석하였다. 보다 구체적으로 불성실공시 지정기업의 경우 낮은 공시수준으로 인해 높아진 대리인비용을 낮추기 위하여 배당정책을 주주에게 우호적인 방향으로 변경하는지 여부를 검증하였다. 만약 불성실공시 지정기업의 배당성향이 높게 나타나고 전년도 대비 당해연도의 배당지급액이 증가한다면 낮은 공시수준으로 인해 높아진 대리인비용을 낮추기 위해 배당정책을 기업지배구조의 대체수단으로 활용하는 것으로 해석할 수 있다(substitution hypothesis). 반면 불성실공시 지정기업에서 배당성향이 낮게 나타나고 배당변동액이 감소한다면 이는 공시수준이 낮을 경우 경영자가 의도적으로 배당을 줄이고 기회주의적 의사결정을 용이하게 하는 잉여현금흐름을 늘리고자 하는 것으로 해석할 수 있다(outcome hypothesis). 본 연구에서는 가설검정을 위해서 2002년부터 2015년까지 상장기업을 대상으로 로지스틱 회귀분석과 다중 회귀분석을 수행하였다. 불성실공시 기업으로 지정된 경우 배당정책이 달라지는지 여부를 실증분석 한 결과는 다음과 같다. 첫째 불성실공시 지정여부와 배당지급 여부 및 배당액변동 간에 유의한 음(-)의 관계가 나타났다. 이는 경영자 기회주의 가설을 지지하는 것으로 불성실공시 지정기업의 경우 배당정책 역시 주주들에게 불리한 방향으로 결정하는 것을 의미한다. 둘째, 불성실공시 지정기업의 누적벌점과 배당지급 여부와 배당액변동 간에 음(-)의 관계가 나타났다. 이는 낮은 공시수준으로 대리인문제가 심각한 상황일수록 경영자는 기회주의적 의사결정을 하며 이는 배당정책에도 영향을 미치는 것으로 해석이 가능하다. 본 연구는 경영자의 불성실공시 행위가 기업의 배당정책에 영향을 미친다는 실증분석 결과를 제시함으로써 관련 선행연구에 추가적인 공헌점을 줄 수 있을 것으로 판단된다. 나아가 경영자의 도덕적 해이와 기회주의적 행동으로 인해 나타날 수 있는 불성실공시 행위가 주주의 부를 직접적으로 침해하는 배당정책 결정에도 영향을 미친다는 실증분석 결과를 바탕으로, 경영자로 하여금 성실공시를 유도할 수 있는 보다 강도 높은 정책 마련이 필요하다는 시사점을 제시한다.

지주회사 체제가 배당정책에 미치는 영향

권해숙,오원정 한국국제회계학회 2022 국제회계연구 Vol.- No.103

[Purpose]In previous studies, incentives affecting dividend payout policy were examined only within companies. In the holding company system, the holding company can be involved in the management decision-making of the subsidiary, which can affect the dividend payout policy of the subsidiary. Therefore, this study examines whether the dividend payout policy of subsidiaries under the holding company system differs from general companies under the non-holding company system in the same industry, and verifies the incentives affecting the dividend payout policy. [Methodology]In order to verify the dividend payout policy of subsidiaries under the holding company system, this study conducted a regression analysis on non-financial companies listed companies between 2008 and 2018. Dividend payment level and dividend payout ratio were used as proxies for dividend payout policy. In order to verify that the incentives affecting the dividend payout policy were to signal future profitability, the future earning growth rate and the future sales growth rate were used as proxies for future profitability. [Findings]Subsidiaries under the holding company system were found to have a higher level of dividend payment and dividend payout ratio than general companies under the non-holding company system in the same industry. In the analysis of subsidiaries under the holding company system, it was found that companies that paid dividends had higher future earning growth rate and future sales growth rate. [Implications]This study is expected to expand the scope of existing studies related to dividends and holding company system. It is also believed that it can inform investors of the meaning of dividends of subsidiaries under the holding company system and provide implications for dividends of subsidiaries among government policies that are tightening regulations on the holding company system. [연구목적]기존 선행연구에서는 배당정책에 영향을 미치는 유인을 기업 내에서만 살펴보았다. 그러나 지주회사 체제에서는 지주회사가 자회사의 경영의사결정에 관여할 수 있기 때문에 자회사의 배당정책이 상이해질 수 있다. 이에 본 연구에서는 지주회사 체제 자회사의 배당정책이 동일산업 내 비지주회사 체제 일반회사와 차이를 보이는지 살펴보고, 배당정책에 영향을 미치는 유인에 대해 검증해보고자 한다. [연구방법]2008년~2018년 사이 유가증권시장과 코스닥시장에 상장되어 있는 12월 결산 비금융기업을 대상으로 다중회귀분석을 실시하였다. 배당정책에 대한 대용치로서 배당지급여부 및 배당성향을 사용하였고, 배당정책에 영향을 미치는 유인이 미래 수익성을 신호하기 위한 것인지 알아보기 위해 미래 수익성에 대한 대용치로서 미래 이익성장률과 미래 매출액성장률을 사용하였다. [연구결과]지주회사 체제 자회사는 동일산업 내 비지주회사 체제 일반회사에 비해 배당지급여부 및 배당성향이 높은 것으로 나타났다. 지주회사 체제 자회사만을 대상으로 한 분석에서는 배당을 지급한 기업일수록 미래 이익성장률과 미래 매출액성장률이 높은 것으로 나타나 본 연구의 가설을 지지하는 결과를 보였다. [연구의 시사점]본 연구는 배당 및 지주회사와 관련된 기존 연구의 폭을 넓힐 것으로 기대한다. 또한 투자자에게 지주회사 체제 자회사의 배당에 대한 의미를 알려주고 지주회사 체제에 대한 규제를 강화하고 있는 정부 정책 중 자회사의 배당과 관련하여 시사점을 제공해 줄 수 있을 것으로 사료된다.

기업은 왜 배당을 지급하는가?

김성신(Sung Sin Kim) 한국경영학회 2013 經營學硏究 Vol.42 No.3

This study investigates whether there is a relationship between life-cycle of firms and dividend policy in a sample taken from the KOSPI market over the period 1982-2010. In life-cycle theory, dividend policy of firms differs across the need to distribute the firm`s free cash flow by means of investment opportunity set. Specifically, mature firms with current high-profitability and low-growth rate tend to pay dividends because they have fewer attractive investment opportunities, while established firms with low-profitability and high-growth rate become more likely to retain profits because they have abundant positive NPV investment opportunities. We predict a positive and highly significant relation between the probability that a firm pays dividend and life-cycle. We use RTE (retained earning to book equity) variable as proxy of life-cycle of firms. The main empirical results are as follows: First, when comparing paying and non-paying firms, paying firms have higher profitability and larger cash balance than non-paying firms. However, paying firms have less investment opportunities than non-paying firms. After IMF, proportions of payers have steadily decreased over time. We calculate firm`s propensity to pay dividends (CP) as difference between actual percent that pay them and expected percent of firms that pay dividends in a estimated logit regression model. Over a period excluding the IMF period, 2001, and global financial risk period, CP shows negative value and it indicates that many firms pay more dividend than expected. Second, we find that in a logit regression, controlling for cash balances and dividend premium, there is a positive relation between RTE and the probability that a firmpays dividend. Furthermore, these results offer that there is a weak negative relation between dividend premium and dividend policy. Thus, our evidence indicates that dividend policy of Korean firms doesn`t support dividend premium theory. Third, we examine the impact of RTE vs profitability/growth on the probability of paying dividends by means of portfolio approach. Firms with high profitability and low growth rate exhibit a substantially higher probability of paying dividends than firms with low profitability and high growth rate, despite controlling firm size. Also, differences in the probability of paying dividends are associated with firmssize differences. Fourth, RTE and the propensity to pay dividend (CP) have some predictive power for the second year ahead and the third year ahead stock return. Fifth, Whenwe divide the study period into before IMF period and after IMF period, RTE plays an important role in dividend policy. It indicated that these findings support life-cycle theory.

Payout Policy in Korea II: A Review of Empirical Evidence

김성민,이은정 한국재무학회 2022 財務硏究 Vol.35 No.3

This paper reviews the empirical evidence on payout policy in Korea over the last three decades. This study aims at providing the researcher with a comprehensive understanding of dividend policy by reviewing the theories and empirical evidence of dividend policy including tax-preference, information asymmetry and signaling hypothesis, agency costs and the free cash flow hypothesis, and catering theory of dividends. The theoretical and empirical research on dividends and stock repurchases has produced an extensive volume of literature. Despite decades of study, we have yet to understand completely the factors that influence dividend policy and how these factors interact. One of the reasons for the difficulty in resolving the dividend puzzle is that some researchers have strived to develop a universal, one-size-fits-all explanation, despite knowing that dividend policy is sensitive to factors like firm characteristics, market friction, corporate governance, and legal environments. Although not all of the pieces of the dividend puzzle may be in place, this paper features information that provides useful guidance for identifying the determinants of payout policy in the real world.

기업의 배당정책과 지배 및 소유구조에 관한 연구

김도성,양준선,황승찬 한국회계정책학회 2010 회계와 정책연구 Vol.15 No.3

Despite many literatures addressing the issue of dividend policy, most of them do not explain the role of outsider directors in their studies. Therefore, this study tries to investigate how outside directors and ownership system affect interim and annual dividend policy in the view of agency cost theory. Futhermore, this study also analyzes determinants of dividend policy and payout ratios such as growth ratio, ROA, firm size, leverage and advertising and R&D costs. The results are as follows: The number of outside directors started to play an important role in decision-making processes of the firm's dividend policies and payout ratios from 2003. Insider ownership and foreign ownership showed positive relationship with the firm's dividend policy. Firm's profitability and size had positive relations with the dividend policy. And leverage, advertising, and R&D costs had negative effects on dividend policy. 배당정책에 관한 많은 연구가 있었음에도 불구하고, 국내 기업의 사외이사제도와 배당정책의 관련성을 다룬 연구는 많지 않은 실정이다. 이에 본 연구는 연간배당 뿐만 아니라 중간배당의사결정에 있어서 기업지배 및 소유구조가 어떠한 영향을 미치고 있는지 대리인비용의 관점에서 실증 분석하였다. 아울러 기존의 선행연구에 주목하여 기업의 배당성향에 영향을 미치는 여러 요인들과의 관계를 기간별, 규모별, 중간배당의 실시여부로 나누어 다방면의 측면에서 분석하였다. 분석 결과, 사외이사비율은 2003년 이후 유의한 양(+)의 관계를 지속하여 주주권익을 대변하는 역할을 하고 있음을 보였다. 내부지분율과 외국인 지분율은 배당성향과 양(+)의 관계를 보여 국내기업의 배당정책 전반에 있어서 양향력을 행사하는 것으로 분석되었다. 기업의 수익성과 규모는 배당성향과 양(+)의 상관성을 보였고, 부채비율과 광고비 및 연구개발비는 음(-)의 상관성을 보였다.

한국기업의 ESG활동과 배당정책

김영환,정성창 한국재무학회 2022 財務硏究 Vol.35 No.2

Recently ESG (Environmental, Social, Governance) activities have attracted a lot of theoretical and practical attention. With these changes, there have been an active research on corporate social responsibility activities measured by ESG and major financial strategies of companies. Related with previous research, this study seeks to systematically analyze the association between social responsibility activities and dividend policies of corporations. Studies such as Rakotomavo (2012) and Benlemlih (2019) suggest that social responsibility activities have a positive impact on dividend policy, while studies such as Pham and Jung (2020) and Ni and Zhang (2019) report that social responsibility activities have a negative effect on dividend policy. In addition, the domestic previous research has analyzed the effect of social responsibility activities on dividends by using a simple OLS regression. These studies have not considered the endogeneity problem of variables and the partial adjustment of dividends with panel data. They did not investigate the relation between corporate social activities and stability of dividends either. Studies on these topics with Korean firms are still lacking. The dividend theory has been greatly developed with signaling theory, agency theory, and life cycle theory based on the dividend-irrelevance theory of MM (1961). If the signal theory of dividends is true, it can be argued that social responsibility activities will affect dividend payout level positively (Benlemlih, 2019). If the outcome hypothesis of agency theory of dividend is true, social responsibility activities will show a positive relationship between dividend levels (Adjaoud and Ben-Amar, 2010), conversely, if substitute hypothesis of agency theory is true, social responsibility activities and dividend levels will show a negative (-) relationship (John and Knyazeva, 2006). According to life cycle theory, corporate social activities have a positive association with dividend payout (Rakotomavo, 2012). In addition, Benlemlih (2019) shows that the companies with excellent levels of social responsibility activities prefer to have more stable dividend policy in order to signal a reduction in agent costs through dividend and a sound management policy. Matos, Barros and Sarmento (2020) also show that the firms with more sustainability have more stable dividend policies by using data from the European securities market. These studies imply that social responsibility activities are expected to have a significant impact on the stability of dividend policies. This study utilizes the ESG ratings provided by the Korea Corporate Governance Service as the measures of CSR/ESG activities of firms. We collected the data from the non-financial firms listed in Korea security market during the period of 2013 through 2019. The financial data required for analysis used the KIS-VALUE database of Korea Credit Evaluation Information. The information about the major shareholders’ equity was collected from the section of ownership status in the annual reports of the firms. The samples used in this study are 4,126 firm-year unbalanced panel data. The empirical analysis was conducted by applying a fixed effect panel analysis and a two-stage fixed effects panel analysis using the industrial average of social responsibility activities as an instrumental variable for social responsibility activities to alleviate the endogenous problem of social responsibility activities. The results of the analysis are as follows: First, the empirical results show that the ESG activities of the company have different effects on dividend level according to the measures of dividend payout. When dividend payout ratio (dividend/net income) is used for the dependent variable, only the social rating has been analyzed to have a statistically significant and positive effect on dividend. On the other hand, when dividend rate (dividend/total asset) and dividend yield(dividend/stock pri... 본 연구는 기업의 ESG 활동이 기업의 배당수준과 안정배당정책과의 관련성에 대하여 체계적으로 연구하고자 한다. 본 연구의 ESG 활동의 대용치는 한국기업지배구조원의 ESG등급을 활용하였다. 2013년부터 2019년까지의 자료를 토대로 유가증권시장에 상장된 12월 결산 법인 중에서 비금융업을 대상으로 분석하였다. 분석결과는 첫째, 기업의 ESG활동은 기업의 배당수준에 대한 정의에 따라 미치는 영향이 상이함을 알 수 있다. 종속변수가 배당성향인 경우에는 사회등급만이 통계적으로 유의한 양(+) 의 영향을 주는 것으로 분석되었다. 반면에, 종속변수가 배당률과 배당수익률인 경우 에는 기업의 ESG 통합 등급, 환경등급, 사회등급, 지배구조등급이 유의한 양(+)의 영향을 주는 것으로 나타났다. 둘째, 기업의 ESG 활동이 기업의 배당수준에 긍정적인 영향을 주는 원인을 대리인이론의 결과가설과 수명주기이론으로 설명될 수 있음을 제시한다. 대리인 이론의 관점에서 기업의 ESG 활동이 기업의 배당성향에, 기업의 사회적 책임 활동은 배당률에 영향을 주고 있다. 수명주기이론의 관점에서 기업의 환경적 책임 활동과 사회적 책임 활동이 기업의 배당수익률에 유의한 영향을 주고 있다. 셋째, 기업의 ESG활동은 기업의 안정배당정책에도 유의한 영향을 주는 것으로 분석되었다. ESG활동이 양호한 기업일수록 상대적으로 목표배당수준이 보다 더 높은 것으로 나타났으며, 목표배당수준과 실제배당수준의 차이를 보다 더 빠르게 조정하는 것으로 나타났다.