국가별 제도적 차이에 따른 배당스무딩 결정 요인
- Authors
- 최경섭[최경섭]; 김현석[김현석]
- Issue Date
- 2016
- Publisher
- 한국증권학회
- Keywords
- 배당스무딩; 대리인가설; 정보비대칭가설; 국가적 특징; 문화; Dividend Smoothing; Agency Cost; Information Asymmetry; National Characteristics; Culture
- Citation
- 한국증권학회지, v.45, no.3, pp.477 - 506
- Indexed
- KCI
- Journal Title
- 한국증권학회지
- Volume
- 45
- Number
- 3
- Start Page
- 477
- End Page
- 506
- URI
- https://scholarworks.bwise.kr/skku/handle/2021.sw.skku/40838
- ISSN
- 2005-8187
- Abstract
- This paper investigates how different national characteristics affect firms’ dividend smoothing around the world. Firstly, consistent with prior literature, known firm-level determinants of dividend smoothing support the agency-cost explanation of it, rather than the information-asymmetry one. Secondly, country-level determinants, i.e. investor protection, financial systems, legal regimes, culture, religion, are put in regressions. Firms in countries with stronger investor protection smooth dividends less, which supports the ‘substitute model’ (La Porta et al., 2000). Firms smooth dividends more in market-based countries, in common-law countries, in more individualistic, masculine, uncertainty-avoiding, indulgent countries, and in Protestant countries. Finally, therefore, collecting the national characteristics that have positive effects on dividend smoothing, we come to adumbrate the Englishspeaking Anglo-Saxon world where firms smooth dividends the most.
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Collections - Business > Department of Business Administration > 1. Journal Articles
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