| Summary: | 博士 === 國立中山大學 === 企業管理學系研究所 === 100 === This study examines the relationship between cash flow rights and dividend payout policy of listed family firms in Taiwan, an economy characterized by a predominance of family-controlled firms. Dividend payout levels are important because they are crucial to governing the firm and managing its investments. The empirical results show that at a low level of controlling families’ cash flow rights, the threat to lose control any time makes controlling families claim more in dividends. This yields a positive relationship between dividend payout and the cash flow rights of controlling families. Meanwhile, at a moderate level of controlling families’ cash flow rights, the entrenchment effect creates a negative relationship. Finally, at the very highest level of controlling families’ cash flow rights, excessive firm-specific risk again yields a positive relationship. This nonmonotonic relationship between controlling family cash flow rights and dividend payout also holds for financially mature firms that have high earned to contributed capital mix.
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