| Summary: | 碩士 === 義守大學 === 財務金融學系 === 104 === The study focuses on company''s operating income in market share of industry have an impact on cash dividend distribution which is different from reference researching capital or assets. Because we found out that there are many companies make a large incomes and earnings just in small capital or assets. Thus the scale''s variable of this study is based on operating income instead.
This study is used the panel data regression, the periods included 15years from 2000 to 2014, cross-section included 1575, mean there are 1575 companies, total panel observation is 23625,and we add “cash to total assets” and “debt ratio” as control variables. In the final, we focus the “cross-section fixed effect”, cause the “cross-section fixed effect” mean the number of cash dividend increase or reduce when the company got zero earnings per share, and we collate all of the companies’ cross-section fixed effect.
Finally, our regression result provides strong evidences and positive impact to the level of total. These are consistent with our hypotheses and most of our literature findings. The implication of this study shows the company’s operating income in the market share of industry influences cash dividend positively. Cash dividends will be reduced by high market share if the company got zero earnings per share. Conversely, cash dividends will be increased by low market share if the company got zero earnings per share.
|
|---|
