세계 주요국가의 동료효과를 고려한 배당정책에 관한 연구

A Study of Peer Effects on Dividend Policy in Financial Market

This study investigates shareholder return policy focused on peer effect and payout rigidity under global financial environment. The peer effect and payout rigidity factors are hypothesized in this paper for explanations why firms pay dividends and repurchase stocks in major country’s financial market. We examine peer effect and payout rigidity on the firms’ dividend and stock repurchase policies within the industry groups defined by Korean Standard Industry Classification and Korean Stock Exchange Industry Classification. We collect the data from January 3, 2006 to December 31, 2015 and test whether both peer effect and payout rigidity can be supported in Korean financial market using different models respectively. The results show that the peer effects are not found in Korean market but the payout rigidity is significant in a firm’s payout decision making. It means that the Korean firms more consider payout rigidity than their peers’ financial behaviors in making shareholder return policy. Also, this rigidity became more apparent after the financial crisis. Several implications are made compared to other country.