기업의 지급정책이 이익지속성에 미치는 영향 = The Effects of Corporate Payout Policy on Earnings Persistence

다국어 초록 (Multilingual Abstract)

This study empirically analyzes using fixed effect model the effects of corporate payout policy on earnings persistence by using panel data from Korean listed firms. The sample firms are classified into dividends firms, stock repurchase firms and both dividends and stock repurchase firms. The main results of this study can be summarized as follows. Dividends have significant and positive effects on earnings persistence, implying that dividends are associated with higher earnings persistence, confirming the hypothesis on information content of dividends. Stock repurchases have significant and positive effects on earnings persistence, implying that stock repurchases are associated with higher earnings persistence. Although stock repurchases are increasingly being used as dividend-substitutes, they do not provide the same level of assurance about earnings persistence as dividends. These results are true even when controlling for firm characteristics, such as profitability, growth opportunities, financial leverage, firm size, firm age, and industry effects. In conclusion, corporate payout policy affects earnings persistence positively. More importantly, dividends are associated with higher earnings persistence than stock repurchases. This study implies that earnings persistence plays a significant role in payout policy choices, and also contributes to the literature on the relationship between payout policy and earnings persistence.

참고문헌 (Reference)

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