RISS 검색 - 국내학술지논문 상세보기

다국어 초록 (Multilingual Abstract)

Purpose – This paper empirically investigates what factors contribute to management decisions by corporate governance in the Korean stock market. In the paper, dividends and investments were imployed as management decisions and major stockholders’ shares and foreign investors’ shares were used as corporate governance. Research design, data, and Methodology – Samples are constructed by manufacturing firms listed on the stock market of Korea as well as those who settle accounts in December from 2001 to 2018. Financial institutions are excluded from the sample as their accounting procedures, governance and regulations differ. This study adopted the panel regression model to assess the sample construction including yearly and cross-sectional data.
Results – This results support the literatures that major shareholders showed insignificance to dividends, positive significance to investment in financially unconstrained firms and negative significance to investment in financially constrained firms. Whereas foreign investors favor firms to increase dividends but they decrease investments only in financially constrained firms.
Conclusion – This paper documented evidence that financial constrained firms use dividends for their investment and foreign investors decrease investments under financial constraints. But for dividends decisions, foreign investors give significant positive impacts irrespective of financial constraints.

참고문헌 (Reference)

1 이찬호, "현금관리상 재무제약의 긍정적 측면" 한국재무관리학회 34 (34): 113-141, 2017

2 강신애, "한국기업의 배당과 투자에 대한 외국인 투자자의 영향력 연구" 국제지역학회 14 (14): 79-105, 2010

3 라영수, "재무제약이 기업의 재무구조에 미치는 영향" 대한경영학회 25 (25): 1439-1460, 2012

4 남혜정, "재무제약 하에서 최대주주가 배당정책에 미치는 영향: 중소기업을 대상으로" 한국중소기업학회 39 (39): 1-18, 2017

5 김성민, "외국인투자자의 투자기간과 기업의 배당정책" 한국증권학회 41 (41): 781-812, 2012

6 이선화, "외국인투자자의 배당압박과 이익조정에 관한 연구" 한국회계정책학회 23 (23): 35-56, 2018

7 유성용, "소유괴리도가 기업의 자본투자에 미치는 영향" 한국회계정책학회 19 (19): 171-197, 2014

8 김확열, "소유경영자에 의한 이익조정과 배당성향에 관한 연구" 한국회계정책학회 20 (20): 85-110, 2015

9 김태중, "금융위기 후 경영자유형과 연구개발투자간의 관계에 관한 연구" 한국산업경영학회 28 (28): 299-321, 2013