Corporate Governance and Cash Dividend Payout in Taiwan Listed Financial Companies

• Main Authors: HUANG,CI-SHENG, 黃慈生
• Other Authors: LI,CHU-SHIU
• Format: Others
• Language: zh-TW
• Published: 2017
• Online Access: http://ndltd.ncl.edu.tw/handle/09785318710660277593

碩士 === 國立高雄第一科技大學 === 風險管理與保險系碩士班 === 105 === This study mainly analyzes the relationship between payouts ratios and corporation governance variables in Financial Industry. We use Taiwan listed financial industry companies’s payout ratios, corporation governance variables and financial data from 2000 to 2015 of Taiwan Economic Journal(TEJ) databases. We also investigate the different between the Financial holding companies and the non-Financial holding companies for company variables and payout ratios.Our results show that in total samples and Financial holding companies have significantly positive correlation between the shares of institutional and payout ratios. The higher shares of institutional, the higher payout rations. The pledge ratio of directors variables is significantly negative with payout ratios in the finance holding group only. In addition,when the pledge ratio of directors higher, the payout rations increases. In non-Financial holding companies show that significantly positive correlation between share of director and payout ratios. For others variables, EBIT and ROE are proxy variables for profitability.Both in Financial holding companies and in non-Financial holding companies,the higher profitability, the higher payout ratios.In addition we find negative correlation between the variables of financial crisis and payout ratios in financial industry samples only.