KOSPI시장에서 외국인 투자자 지분율 및 기업특성이 배당정책에 미치는 영향에 관한 연구

Abstract

· Research topics: The purpose of this study is to analyze the relationship between the Divided Policy of a company by considering the Corporate Characteristics variables used in prior studies of foreign investors in the domestic financial market with Foreign Investor Share Ratio. · Research background: The increase in Foreign Investor Share Ratio has forced foreign shareholders to buy high dividends and stocks for the sake of satisfaction and management rights, and this excessive cash outflow may lead to a decline in corporate value due to a long-term decline in growth potential and competitiveness. In addition, there is a possibility that stock price volatility will focus on short-term investment gains rather than on re-investment that can induce long-term growth of the company due to the outflow and inflow of speculative short-term funds, thus requiring excessive dividends. This means that in Divided Policy, one of the key decisions of the entity, foreign investors who want to quickly recover their investments through dividends can exert influence on the entity to make high dividends above the appropriate level. · Differences from prior research: Based on existing research that suggests that high dividends and cash outflows due to the increase in the Foreign Investor Share Ratio can lower corporate value, we empirically analyze how corporate distribution policies affect corporate distribution. · Research method: Between 2005 and 2019, multiple regression analysis for significance verification of each variable was conducted using Divident Payout Ratio, Divident Yield, and Divident Rate as substitute variables for companies listed on the KOSPI market. · Research results: First, the Foreign Investor Share Ratio increases in the relationship between the Divident Payout Ratio and the Corporate Characteristics variable BET, and the lower the risk of the company, the more significant the impact it exerts. Second, the relationship between Divident Yield and the Corporate Characters increases with the Foreign Investor Share Ratio, and Yield has a significant impact when it is a company with higher liquidity, lower risk, and lower debt ratios. Third, in the relationship between Divident Rate and Corporate Characters, the Foreign Investor Share Ratio increases, and Divident Rate is an enterprise with high liquidity, large revenue growth, and the lower the risk and lower the debt ratio, the more significant it is. · Contribution points and expected effects: As Korea reaches a low-interest, low-growth era, dividends may contribute not only to stable revenue sources but also to revitalizing the stock market by expanding investment demand for stocks. Therefore, a decision by the Divident Policy, which can maximize the competitiveness of the company in conjunction with the long-term strategy of the company, is needed, and it is hoped that this could serve as a factor to expand the demand base for stocks.