| Summary: | 碩士 === 元智大學 === 財務金融暨會計碩士班(財務金融學程) === 105 === In Taiwan, there are many companies claim they adopt residual dividend theory to formulate their dividend policy. However, current research related to the phenomenon that whether the dividend policy of Taiwanese companies accords with the residual theory is incomplete, even some of them indicate that the growth opportunity is irrelevant to the dividend policy. This situation arouse my interest to further discuss this issue. In this research, I combine the dividend situation of Taiwanese companies and the residual theory to discuss whether the dividend policy of Taiwanese companies accord with the residual theory.
On the other hand, if legal systems of the companies are different, the degree of protection for minority shareholders will also be different. This will affect their dividend policy eventually. Therefore, this research divides companies into two groups according to the score of corporate governance, and explore whether their dividend policy accord with the residual theory.
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