| Summary: | 碩士 === 國立臺北大學 === 國際財務金融碩士在職專班 === 96 === This thesis attempts to find out the interaction between institutional ownership and dividend policies. Samples selection is based on two conditions. First, companies listed in TSEC and OTC. Second, the companies are engaged in the “Optoelectronic Industry”. Both conditions are necessary. Data adoption period is five years, from Year 2002 to Year 2006. Total include 77 companies and 308 samples in this thesis.
In order to have in-depth analysis, the thesis builds up two Simultaneous Equations Models based on the hypotheses of：
1) Different dividend policies would lead to different institutional ownership decisions.
2) Different institutional investors, including foreign investors, securities investment trust companies and security dealers, would have different reactions on dividend policies.
Through Three-Stage Least Square Estimation, the empirical results are as follows:
1) The causal relationships between institutional ownership and dividend policies are significant.
2) There is a significant one way negative causation from foreign investors’ ownership to stock dividends.
3) There is a significant one way positive causation from securities investment trust companies’ ownership to both cash and stock dividends.
4) Different dividend policies do not have significant impact on institutional ownerships.
5) There is a significant U-curve effect of foreign investors’ ownership ratio to stock dividend policies.
6) There is a significant inverse U-curve effect of securities investment trust companies’ ownership ratio to stock dividend policies.
Keywords : Institutional Ownership, Dividend Policies, Three-Stage Least Square, U-curve Effect
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