Dividends are not Disappearing: Evidence From Taiwan

• Main Authors: Huei-Jhen Hong, 洪惠珍
• Other Authors: Ming-Long Lee
• Format: Others
• Language: zh-TW
• Published: 2007
• Online Access: http://ndltd.ncl.edu.tw/handle/20590587965337799426

碩士 === 國立雲林科技大學 === 財務金融系碩士班 === 95 === This study takes listed and delisted, and enterprise groups companies of Taiwan as research objects to discuss the relationship between the characteristics of companies and dividend policy tendency of companies in Taiwan from 1983 to 2005. I use the analysis of Multinomial Logit to explore the relationship between the characteristics of companies and dividend policy as well as the reason of the changing in dividend policy after income tax integration. The results show that those companies, which are highly profitable as well as are of bigger size and low debt ratio are more inclined to issue dividend. However, from 1997 on, the reasons that dividend policies of the listed companies in Taiwan change are change of company characteristics and change of inclination of issuing stock dividend only, while the latter is more important. Keywords：Dividend Policy、Income Tax Integration、Multinomial Logit、Company Characteristics