A Study on Relationships between Investment, Financing, Dividend Policy and Corporate Performance

• Main Authors: Chiu, Kang-Yu, 邱康宇
• Other Authors: Lai, Sue-Ling
• Format: Others
• Language: zh-TW
• Published: 2014
• Online Access: http://ndltd.ncl.edu.tw/handle/63652931793823383231

碩士 === 中國文化大學 === 國際企業管理學系 === 102 === The main objective of this study is to explore the relationship between financial decisions, namely investment policy, financing policy, dividend policy, and corporate performance. Even though in the past literatures, the association between financial deci-sion and corporate performance has been discussed and confirmed, the constructs and the related proxies for the financial decision considered vary with studies. The results regarding the effect on corporate performance from the past studies disagree. Hence, this study integrates all possible measures for the financial decision used in the past studies, and reexamines the relationship between financial decision and corporate per-formance. By applying exploratory factor analysis (EFA), five constructs are extracted and named as investment expenditure, asset size, liquidity, profitability, dividend pay-out to explore the relationship between investment decision, financing decision, dividend policy, and corporate performance. The data source is the 2012 Taiwan economic Journal (TEJ). The sample selected includes companies that have been already on the common stock market for at least three years but excludes all financial institutions. The multiple regressions are applied to assess the relationship between investment decision, financing decision, dividend policy, and corporate performance. The result show that if we use ROA. , ROE. ,EPS. to measure performance then the highest dimensions affectation in electronic components, optical, semiconductor in-dustry is profitability and in computer and peripheral equipment industry is asset size. And if we use Tobin’s Q to measure performance then the highest dimensions affecta-tion in electronic components industry is asset size and in other industry is profitability.