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Determinants of dividend payout: Advance disclosure and ordinary disclosure

결산배당 사전공시기업과 사후공시기업의 배당 결정요인 비교 분석

  • Khil, Jaeuk (College of Business and Economics, Hanyang University-ERICA) ;
  • Han, Sangjeon (College of Business and Economics, Hanyang University-ERICA)
  • 길재욱 (한양대학교 경상대학 경영학부) ;
  • 한상전 (한양대학교 경상대학 경영학부)
  • Received : 2018.05.02
  • Accepted : 2018.08.03
  • Published : 2018.08.31

Abstract

This study examines the differences in the determinants of dividend payout across advance disclosure firms and ordinary disclosure firms using firm-level data from firms listed on the Korea Exchange. Results are as follows: First, firm characteristics of advance disclosure firms significantly differ from those of ordinary disclosure firms in all variables except sales growth and operating risk variables. Second, regression results show that the determinants of dividend payout from ordinary disclosure firms are generally similar to results of previous studies. However, determinants of advance disclosure firms contain only few variables such as Tobin's Q, corporate bond yield, and operating cash flows from conventional factors. Third, logistic regression results show that factors affecting the probability of dividend payment substantially differ across advance disclosure firms and ordinary disclosure firms. These results suggest that the motivation and incentive of dividend payout from firms choosing advance disclosure are substantially and systematically different from those of ordinary disclosure firms.

Keywords

Advance Disclosure;Determinant;Dividend;Information Contents;Ordinary Disclosure

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