국제비교를 통한 배당성향 결정요인에 대한 실증분석
Taxes, Firm Characteristics, and Dividends: Evidence from Firm-level Micro Data in 67 Countries
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본 논문은 기업의 재무, 기본정보, 주가 등을 담고 있는 원자료인 OSIRIS를 이용하여 구축된 67개국의 15,813개 기업에 대한 미시데이터를 이용하여, 배당 관련 조세와 기업특성이 기업의 배당금지급 성향에 어떠한 영향을 미치는가에 대해 실증분석하였다. 실증분석 결과, 배당 관련 조세가 배당금 지급을 저해하는 것이 확인되었으며, 오래되고 규모가 크며 수익률 변동성이 낮으며 재단과 연금에 의해 소유된 기업에서 그리고 수입의 안정성이 높거나 현금 수입비중이 높은 산업에서 배당 성향이 높은 것으로 나타났다. 이러한 실증분석 결과는 배당성향에 있어서 조세유인, 대리인 비용, 시그널 효과, 고객효과 등이 작용하고 있음으로 해석될 수 있다.
Abstract
The purpose of this article is to investigate empirically the effect of taxes and firm characteristics on dividend payout. We used the OSIRIS database which has information on 15,813 firms in 67 countries from 1986 to 2003 to provide evidence that taxes and firm characteristics affect corporate dividend policy. The empirical results suggest that dividends increase with firm size, years in operation, and the tax advantage of dividends. Dividends decrease with variability of profit. In our analysis, one standard error increase in the tax advantage is estimated to increase dividend payout ratio by 6.5%p in OLS, and by 14.5%p in Tobit. And in the case of firm size, if there is one standard error change, the ratio increases by 5.1%p in OLS, and 15.9%p in Tobit. Also a one year increase in operation increases the payout ratio by 0.15%p in OLS, and 0.28%p in Tobit. When the profit fluctuation increases by one standard error, the corporation tends to decrease the dividend payout ratio by -0.7~-2.0%p. In addition, we find that the dividend payout varies systematically across industries. Firms in the utility industry pay 17.5%p more dividends than those in technology industries. Firms in the financial industry pay 12.7%p more than technology industry. Ultimate ownership is also found to affect the dividend payout. The ultimate ownership by foundations is associated with 17.5%p larger dividends than firms with not concentrated or unknown. Next are Mutual & Pension funds, trust or nominees whose corporation pay 7%p more dividends than the reference group.Our empirical results suggest that tax incentive, agency cost (positive effect of firm size and industry with stable cash income on dividends), signaling effect (negative effect of variability of profit on dividends), and clientele effect (positive effect of foundations and fund), affect the dividend payout ratios.
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