대리문제와 기업의 배당성향에 관한 연구

A Study on Agency Problems and Divided Payout Ratios of Firm

The main purpose of this study is to examine the firm's dividend payout ratio within the framework of agency theory. For this purpose, five variables - percentage of stocks held by insiders, growth rate, number of shareholders, number of stocks per shareholder, and firm size - are examined. The result shows that the dividend payout ratios decrease as both the percentage of stocks held by insiders and the growth rate of firm increase. Also the result shows that the number of shareholders is positively correlated to the dividend payout ratio of firm. However, the dividend payout ratio has no correlation with both the firm size and the number of stocks per shareholder.