A Study on the Effect of Enterprise Characters and Stocks Exchange Markets on the Information Contents of Stock Dividends

• Main Authors: Huang, Kuei-Jung, 黃桂榮
• Other Authors: Chen, Chin-Feng
• Format: Others
• Language: zh-TW
• Published: 1998
• Online Access: http://ndltd.ncl.edu.tw/handle/14545775270632239987

碩士 === 國立政治大學 === 會計學研究所 === 86 === 　　The main purposes of this study are to examine the information contents of stock dividends and to investigate the factors, including business characteristics and stocks exchange markets, that differentiate information contents. The sample consists of the listed companies on the Taiwan Stock Exchange and on the OTC, which has the total number of 503. 　　This study uses daily stock returns form 1994 to 1996, by removing the market factor to obtain residual returns. And then by computing each company''s CAR, this study examine if the information contents of stock dividends exist. Besides, this study also uses T-test and multiple multivariate regression model to obtain each factor''s effect on the information contents. The results can be summarized as follows: 　　1.Stock prices react positively to stock dividends announcement Board of Directors approval dates. 　　2.The stock dividends issuance factors, company sizes and company''s profitability are positively correlated with price changes. 　　3.Only the outsider directors factor has effect on the information contents. 　　4.Stock dividends issuance in the OTC have higher abnormal returns than in the Taiwan Stock Exchange.