배당평판과 상품시장경쟁의 상호작용이 기업의 배당에 미치는 영향
The Effect of Dividend Reputation and Product Market Competition on Dividend payout
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본 연구에서는 배당평판과 상품시장의 경쟁 간의 상호작용과 기업의 배당 지급 간의 관계에 대해 실증적으로 밝히고자 한다. 지난 몇 년간 배당을 줄이지 않았던 기업은 배당평판을 형성하였다고 가정하고, HHI(Herfindahl- Hirschman Index)를 상품시장의 경쟁정도에 대한 대용치로 이용하였다. 전체 표본을 대상으로 분석한 결과, 상품시장경쟁이 치열할수록 배당을 많이 지급하는 것으로 드러났으나, 이러한 관계에서 배당평판효과는 존재하지 않았다. 그러나 기업규모에 따라 표본을 분류하면, 소기업에서는 경쟁이 덜 치열한 기업이 배당평판을 구축하는 경우 한계적으로 더 많은 배당을 지급하지만 대기업에서는 경쟁이 더 치열한 기업이 배당평판을 구축하는 경우 더 지급하였지만, 유의하지 않았다. 성장기회에 대해서는, 기회가 적은 기업은 경쟁과 평판의 상호작용이 배당과 유의한 관련이 없으나 성장기회가 많은 기업은 경쟁이 치열하고 배당평판이 있는 기업에서 비교적 더 많은 배당을 지급하였다. 배당수익률에 대해서는, 배당수익률이 작은 기업은 평판효과가 한계적으로 있었으나, 배당수익률이 높은 기업은 평판효과가 없었다.
Abstract
We examine the impact of the interaction between dividend reputation and product market competition on the dividend policy. Reputation-established firms are defined as firms that continue to pay non-decreasing dividends per share for several years, and HHI(Herfindahl-Hirschman Index) is the proxy for product market competition. We find that firms in more competitive market pay more dividend, but there is not reputation effect in this relationship. However, small firms with dividend reputation pay more dividend when market is less competitive, while large firms with dividend reputation pay more dividend when market is more competitive. Also, firms with more growth opportunity pay more dividend when they are in more competitive market and establish reputation. In addition, firms with lower dividend yield marginally have reputation effect.
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