The effect of cash-flow uncertainty and corporate governance on corporate dividend policy: The investigation into the 2008 financial crisis

• Main Authors: Ting-Hau Li, 李庭豪
• Other Authors: Cho-Min Lin
• Format: Others
• Language: zh-TW
• Published: 2011
• Online Access: http://ndltd.ncl.edu.tw/handle/24230709421438210956

碩士 === 靜宜大學 === 財務金融學系 === 99 === The main objective of this study is to investigate whether cash-flow uncertainty or corporate governance is crucial on the corporate dividend payouts during the 2008 financial crisis. This paper investigates the effects using Panel Logit model and Panel Tobit model and a sample spans from 2000 to 2009 with 3820 firm-year observations of publicly listed firms in Taiwan. Our study mainly extend the study of Chay and Suh (2009) by incorporating the effect of 2008 financial crisis. In addition to confirm the important of cash-flow uncertainty indicated by Chay and Suh(2009), We further find that the significance of cash-flow uncertainty becomes weak during the 2008 financial crisis compared to that of pre-2008 financial crisis period. Furthermore, we also find the effect of cash-flow uncertainty on the corporate dividend payouts subject to the quality of corporate governance during 2008 financial crisis.