The Influence of Industry Factors and Corporate Factors on Dividend Policy - A Case of Taiwanese Listed Companies

• Main Authors: Siao, Jhih-Jia, 蕭至嘉
• Other Authors: HUNG, WEI-TING
• Format: Others
• Language: zh-TW
• Published: 2017
• Online Access: http://ndltd.ncl.edu.tw/handle/77766355329574481146

碩士 === 萬能科技大學 === 經營管理研究所 === 105 === Previous studies on the determinants of dividend payment are focused on the factors of the company, but neglect the influence of industrial factors and does not consider the multilevel characteristics of empirical data. Therefore, unlike the traditional literature, this study applies multilevel analysis and uses 2007 to 2015 listed companies in TEJ databank as a research sample to explore whether the dividend policy will be affected by industry factors and corporate factors. Industry factors include industry average undistributed earnings, industry average earnings per share, industry average accumulated profit growth rate, and industry average profitability. Corporate factors are including gross profit margin, undistributed earnings, earnings per share, debt ratio, equity structure. Cash dividend and stock dividend are used as dependent variables. The results of this study reveal that companies are in the industry with high average profitability, high earnings per share and high debt ratio will tend to distribute stock dividends. However, if companies are in the industry with high average profitability, high average earnings per share, high profitability, high earnings per share, low debt ratio is low and high stockholding ratio of directors and supervisors, the company will tend pay cash dividends. Future research are extending research scope to foreign companies and incorporating policy variables in empirical analysis. Furthermore, this study applies TEJ industry classifications in our analysis. A more detailed industry classifications are recommended in future research. However, the results of this study provide investors with investment decisions and the basis for the formulation of dividend policy.