The Association between Corporate Governance and Dividend Policy of Firms Cross-listed in Taiwan

• Main Authors: TSAI, YUEH-LIN, 蔡岳霖
• Other Authors: KO, CHUN-YOU
• Format: Others
• Language: zh-TW
• Published: 2018
• Online Access: http://ndltd.ncl.edu.tw/handle/47q9ne

碩士 === 東吳大學 === 會計學系 === 106 === Since the investment structure and transaction arrangement of KY firms (firms that cross-listed IPO in Taiwan) are usually complicated. It is difficult for investors to understand the company's whole picture. As a result, the protection of shareholders’ rights and the information transparency of KY firms are often questioned. Both corporate governance and dividend policy are important tools for mitigating agency problems, and the relationship between corporate governance and dividend policy is an important issue in both academic and practice. We investigated the relationship between corporate governance and dividend policy of KY firms from 2016 to 2017. Partial evidences reveal that KY firms pay out less cash dividends in case of better corporate governance, which means that corporate governance and dividend policy have a substitution effect. Additionally, compared with domestic listed firms, partial evidences show that negative association between corporate governance and cash dividends are more pronounce in KY firms with higher growth opportunities.