韩国企业的股票市场流动性与股利政策

Q4 Business, Management and Accounting

Journal of Applied Business Research Pub Date : 2017-06-30 DOI:10.19030/JABR.V33I4.9995

J. Lee, Bohyun Yoon

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引用次数: 7

摘要

流动性假说预测股票流动性与股息支付倾向之间存在负相关关系，即公司将决定支付股息来补偿投资者的流动性需求。本研究全面考察了流动性假设是否适用于在KOSPI和KOSDAQ市场上市的韩国公司样本。本文的主要研究结果如下。首先，韩国企业的股利政策不支持流动性假设，这与现有的实证研究相矛盾。其次，流动性假说对KOSDAQ市场的解释力更弱，与国际证据不一致。最后，即使我们关注股息支付不可忽略的公司年度观察，流动性假设也不能解释韩国公司的股息政策。我们的研究结果有力地证实了流动性假说对韩国金融市场的作用非常有限，从而对文献做出了重大贡献。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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Stock Market Liquidity And Dividend Policy In Korean Corporations

The liquidity hypothesis predicts a negative relationship between stock liquidity and dividend payout propensity, i.e., a firm will decide to pay dividends to compensate for the liquidity demand of investors. This study comprehensively examines whether the liquidity hypothesis applies to the sample of Korean firms listed in the KOSPI and KOSDAQ markets. The main results of this paper are as follows. First, the dividend policy in Korean firms does not support the liquidity hypothesis, contradictory to the existing empirical studies. Next, the explanatory power of the liquidity hypothesis is even weaker for the KOSDAQ market, inconsistent with international evidence. Finally, even when we focus on the firm-year observations with non-negligible dividend payments, the liquidity hypothesis does not explain the dividend policy of Korean firms either. Our findings significantly contribute to the literature by robustly confirming the very limited role of the liquidity hypothesis for Korean financial markets.

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来源期刊

Journal of Applied Business Research Business, Management and Accounting-Business and International Management

CiteScore

0.60

自引率

0.00%

发文量

期刊介绍： The Journal of Applied Business Research (JABR) welcomes articles in all areas of applied business and economics research. Both theoretical and applied manuscripts will be considered for publication; however, theoretical manuscripts must provide a clear link to important and interesting business and economics applications. Using a wide range of research methods including statistical analysis, analytical work, case studies, field research, and historical analysis, articles examine significant applied business and economics research questions from a broad range of perspectives. The intention of JABR is to publish papers that significantly contribute to these fields.