국제비교를 통한 배당지급 결정요인에 대한 실증분석

Taxes, firm characteristics, and dividends: evidence from firm-level micro data in 67 countries

The purpose of this article is to show empirically the effect of taxes and firm characteristics on the dividend payout. For this analysis, OSIRIS database which has large information of 15,813 firms around 67 countries from 1986 to 2003 is used to give some evidence how the taxes effect on the corporate dividend policy decision. Korean Labor and Income Panel Study from 1999 to 2003 is used to show how the preference on dividend changes depending on the taxes particularly in Korea. The empirical analysis suggests that most of the companies prefer to pay dividend with profit surplus rather than to keep it as the capital gain when firm size, firm operation year, and tax advantage become bigger. But as profit fluctuation becomes larger, companies just keep their profit surplus as the capital gain. In detail, as the tax advantage changes one standard error, dividend payout ratio increases by 7~8%P in OLS, 15.7~18.34%P in Tobit. And in the case of firm size, if there is one standard error change, the ratio increases by 7~8%P in OLS, 21~22%P in Tobit. Also when firm operation year extends one year, the ratio becemes 0.4~0.5%P up. However, when the profit fluctuation becomes larger as one standard error, the corporate decides their dividend payout ratio reduce as -1.96~-2.29%P. In addition, the dividend payout varies systematically across industries. Utility industry pays the most dividend(18~26%P or 45.6~49%P) than Technology industry(reference group) among any other industrial types. Following is Consumer Noncyclical industry. they pays 8.7%P or 27.7~29.3%P more dividend than Technology industry. But Consumer Cyclical industry pays the least dividend among the industrial types expect for Technology industry. And ultimate ownership also can effect the change of the dividend payout disposition. When the ultimate ownership is the Foundation, dividend payout ratio 14%P or 36%P more dividend than reference group which is reported as not concentrated or unknown. Next is Mutual & Pension fund, Trust or Nominee whose corporate pays 7~14%P more dividend than reference group.