| Summary: | 碩士 === 國立彰化師範大學 === 財務金融技術學系 === 103 === Dividends paid has been an important business issue, the amount of dividends paid to its stability is also an important indicator of corporate governance mechanism. Because executive in the company often based on its own interests and not the interests of the shareholders as the main great goal, so the increase in executive compensation reduce the agency problem that results to enhance the performance of the company (dividend) method. From year 2008 to 2013, according to Taiwanese listed company at stock exchange market &; over-the-counter market data, the company's dividend policy is divided into cash dividends, dividends (cash + stock dividend), the cash dividend payout ratio, the dividend payout ratio, dividend variability, to discuss executive compensation whether the issuance of stock options will affect the dividend policy. On the main independent variable, this paper will divide executive compensation into average compensation and the ratio of employee stock option accounted for total compensation to measure.
The empirical results found that the higher the corporate executive average compensation, the higher the company's dividend level and dividend radio, and the lower the degree of variation dividend; The higher the ratio of employee stock option accounted for total compensation, the lower the company's dividend ratio level and payout ratio will be, but does not significantly affect the degree of variability of dividends. Finally, consider a two-step consistent estimator to reduce selection bias and lag independent variable in order to reduce the same period errors of analysis, the main results did not change significantly.
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