| Summary: | 碩士 === 義守大學 === 財務金融學系 === 105 === This study''s subjects are TWSE/GTSM companies that were listed between 1996 and 2015. We used the Logit regression empirical method to explore the relationship between company characteristics and cash dividend distributions for companies in the electronics, traditional, and finance industries, and to verify whether the characteristics of the companies in these different industries may affect cash dividend distribution.
In recent years, companies have gradually replaced stock dividends with cash dividends in terms of dividend policies because even companies with life cycles that have reached maturity do not want to reduce their EPS stability by issuing stock dividends. So in this study, we focused more on cash dividends. The empirical findings indicated that the lower the debt ratios and total asset growth rates for companies in the traditional and electronics industries, the higher the ROE for companies in the electronics and financial industries, the higher the ratio of foreign ownership for companies in the financial and traditional industries, while the higher the ROA and EPS for companies in the entire industry, the more likely it is for such companies to distribute cash dividends. For investors focusing on earning cash dividends, we suggest screening the company characteristics according to the different industries in order to achieve the objective.
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