The Effect of Dividends Payouts on Firm Value

• Main Authors: Chia-Jung Chiang, 江佳蓉
• Other Authors: Yen-Sen Ni
• Format: Others
• Language: zh-TW
• Published: 2018
• Online Access: http://ndltd.ncl.edu.tw/handle/76jae2

碩士 === 淡江大學 === 管理科學學系企業經營碩士在職專班 === 106 === By employing the firms listed in TWSE from 2012 to 2016 as our samples, we explore whether the firms issuing dividends or the firms issuing higher dividend yield would have higher firm value after taking corporate governance, financial statement, institutional variables and firm scale as our controlling variables, and reveal several important findings. First, the firms issuing dividends might not have higher firm value, which might result from that the firm value of a firm might be declined after issuing dividend payouts. Second, the firm issuing higher dividend yield is negatively related to firm value. We infer that the firm issuing higher dividend yield would weaken the firm value due to that share price would be lower down if the firm issuing higher dividend yield. Third, the firm with higher debt ratio, higher directors’ pledge ratio, and large board size might not have higher firm value, indicating that the firms with either financial or corporate governance issues might not have higher firm value.