장기배당계획 공시와 시장반응

Abstract

[Purpose] The purpose of this study is to examine the market response to the fair disclosure of a company’s long－term dividend plan. In addition, this study analyzes how the market reacts to the size of the long－term dividend plan, which is one of the disclosures of the long－term dividend plan.
 [Methodology] This study manually collects the disclosure of a company’s long－ term dividend plan and empirically analyzes the market response at the disclosure date and the market response according to the size of the long－term dividend plan using abnormal returns and cumulative abnormal returns values.
 [Findings] As a result of the analysis, this study shows that there is a significant positive correlation between the long－term dividend plan disclosure and the abnormal return on the disclosure date, indicating that the market positively evaluates the company’s long－term dividend plan disclosure. This study also presents that the size of the long－term dividend plan is significantly positive correlated with the abnormal return and cumulative abnormal return. This result means that the larger the long－term dividend plan, the more favorable the investor’s response is.
 [Implications] This study is meaningful in that it empirically analyzed the market response to the disclosure of a company’s long－term dividend plan when domestic listed companies have gradually expanded their disclosure of shareholder return policies as part of shareholder－friendly policies.