The Effects of the Previous Corporate Internal Reservation on the Current Dividend Rate - Using LEV as a moderating variable & Verification through DRF & GBM model

법인의 전기 사내유보가 당기 배당률에 미치는 영향 부채비율의 조절변수 효과 및 DRF & GBM 모델을 통한 검증

  • Received : 2017.07.19
  • Accepted : 2017.10.20
  • Published : 2017.10.28


This article has tried to analyse the effect of the corporate earning return tax empirically through analysis on the impact of previous internal reservation on the dividends rate of the current year. In addition to this, this article has tried to the effectiveness of government policies with leverage ratio as a moderating variable. Moreover, DRF and GBM model were used to see the effect again. As a result of the actual proof analysis, OCF, ROE, FOR have a significance level of 99% in model1, model2, model3. However, ADV and MSE has appeared not to be meaningful in all models. In the result of DRF and GBM model for convergence was higher than GBM in depth and leaves. However, when it comes to a model explaining capability, GBM high than DRF. The further study will be required to examine the effect of government policy by time series analysis in the period of enforcement of the reflux tax, from 2015 to 2017.


Convergence;Corporate earning return tax;internal reservation;dividend rate;debt to equity ratio(LEV);return on equity(ROE)


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Supported by : Kangwon National University