Relationships between Corporate Governance and Dividend Policy

• Main Authors: Chia Han Wang, 王家菡
• Other Authors: C. H. Chan
• Format: Others
• Published: 2012
• Online Access: http://ndltd.ncl.edu.tw/handle/28217864796514386319

碩士 === 長庚大學 === 企業管理研究所 === 100 === In the past literatures, the relationship between corporate governance and dividend policy can be concluded to outcome or substitution models, and we use six dividend policies to investigate the relationship between the corporate governance and dividend policies for the firms in Taiwan from 1996 to 2006. We use panel data model to test which dividend policy is more explainable. Besides, in the past researches, they do not study the cross-section and time-series data at the same time, but we consider not only the cross-section data but also the time-series data. From the empirical results, we have the conclusions as follows: First of all, although the empirical results show that the results of control rights to cash-flow rights are not significant under the six deviation policies, they all support the substitution model. This means firms would pay more dividends while the interest between minority and majority contains more conflicting. Secondly, cash dividends payout is the most significant, because it could reflect actual situation of growth of company. Finally, Stock dividend multiply price is more significant to explain the relationship between corporate governance and dividends policy.