| Summary: | 碩士 === 中原大學 === 企業管理研究所 === 100 === When a company has sufficient funds for working capital, they usually share to shareholders by paying cash and stock dividends. In the essence, to participate in ex-dividend and ex-right will not increase wealth, but investors are usually regarded as dividends paid by companies signaling expected operation in the future. Taiwan's stock markets have been attentively focused on ex-dividend. This paper collects 640 samples from 2002 to 2011 totaling ten-year period for analyzing in Taiwan 50 and Mid-Cap 100 stock indexes. The results showed that Taiwan 50 and Mid-Cap 100 have the quotation of ex-dividend. We used a market model of event study for examing standardized abnormal returns (SAR) and standardized cumulative abnormal returns (SCAR) to analyze abnormal returns at ex-dividend quotation. Furthermore, by using the variables of Corporate Governance and Financial Indicators, this paper used the Panel Data of fixed and random effects models to examine an impact of factors that may influence abnormal return. The empirical results are as follows:
1. Taiwan's stock markets usually have ex-dividend quotation. There are significant cumulative abnormal returns prior to 16 days.
2. There were happened a big selling for neglecting cash dividend prior to 3 days.
3. It is estimated that the positive abnormal return happened prior to 2 days or after 3 days.
4. There were negatively significant in the three factors due to neglecting cash dividend for selling stock. Including Ownership Concentration, Insiderset Pledge Ratio, and Cash Dividend Yield.
5. The six factors (such as The Board of Director and Supervisor Ownership, Board Members Plodge Ratio, Operating Profit Margin, Net Profit Margin, Inventory Turnover Ratio, and Total Asset Turnover Ratio) have the significant and positive relationship for abnormal return.
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