기업수명주기에 따른 배당정책이기업가치에 미치는 영향

Abstract

This paper examines the effect of high dividend payout policy on firm value according to the corporate life cycle. For the empirical analysis, we conduct the effect of the interaction term between the corporate life cycle and the dividend payout rate measured by cash flow patterns, on Tobin's Q measured by firm value.
 According to the life cycle effect of DeAngelo et al. (2006), we expect that the high dividend payout of the maturity stage will have a more positive effect on firm value than the dividend payout of companies in other life cycles. As a result of the analysis, we confirm that the high dividend payout in the maturity stage is positively associated with firm value compared to the other corporate life cycles. In the analysis, which includes dummy variables in other corporate life cycles except for the maturity stage, the dividend payout in the introduction stage and the decline stage has a lower positive effect on firm value than the dividend payout in other corporate life cycles. On the other hand, we find that the dividend payout in the growth stage has a higher positive effect on firm value than the dividend payout in other corporate life cycles.
 As an additional analysis, we divide by market and find that the dividend payout at the maturity stage is positively associated with firm value compared to the other corporate life cycles in all markets. And the dividend payout at the introduction stage and decline stage is negatively associated with firm value. In addition, as a result of analyzing the dividend payout by dividing it by various measurement methods(dividend to sales, net income, equity), we find that the dividend payout of the maturity stage is positively associated with firm value compared to the other corporate life cycles.
 This results imply that there is a difference in the value relevance of the dividend payout policy according to the corporate life cycle. Through this, we expect that information of the dividend payout policy effects can work differently according to the corporate life cycle.