정보비대칭과 신용등급 보유기업의 배당스무딩에 관한 연구 = Information Asymmetry and Dividend Smoothing by Rated Firms

다국어 초록 (Multilingual Abstract)

This paper investigates dividend smoothing behavior by rated firms in Korea. Previous literature suggests that rated firms have an incentive to smoothen dividends because it helps them resolve information asymmetry between corporate insiders and outsiders, thereby improving their financing environment. We find that rated firms indeed exhibit a greater dividend smoothing tendency than non-rated firms in Korea. However, there is no significant difference in dividend smoothing between high-information-asymmetry rated firms and low-information-asymmetry rated firms. Furthermore, we show that the greater dividend smoothing tendency by rated firms is merely attributable to endogenous firm characteristics of those rated firms. Overall, we provide novel evidence that challenges the widely held view that the resolution of information asymmetry is the primary motivation for dividend smoothing by rated firms.

참고문헌 (Reference)

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