The Impact of the Audit Committee on Dividend Policy
碩士 === 中原大學 === 會計研究所 === 105 === Abstract After the amendment of Securities Exchange Act in 2006, companies are allowed to form audit committee with all independent directors to replace the supervisors. This change aims at strengthening corporate governance, reducing management perverse behavior fo...
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| Format: | Others |
| Language: | zh-TW |
| Published: |
2017
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| Online Access: | http://ndltd.ncl.edu.tw/handle/7zz75f |
| Summary: | 碩士 === 中原大學 === 會計研究所 === 105 === Abstract
After the amendment of Securities Exchange Act in 2006, companies are allowed to form audit committee with all independent directors to replace the supervisors. This change aims at strengthening corporate governance, reducing management perverse behavior for personal interest at the expense of shareholders'' wealth. Since the company''s dividend policy is the main source of shareholders’ wealth, this study explores whether audit committee influences amount of dividend and whether cash dividends are more prevalent than stock dividends. The sample includes all firms listed in Taiwan Securities Exchange except financial institutions from 2007 to 2015. The empirical results show that the companies that set up the audit committee will not pay dividends, and when the company announces the payment of dividends, it will tend to pay cash dividends and avoid the encroachment of shareholders'' interests by the management.
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