A Study on the Effect of Discretionary Dividend Policy by Management on the Firm Value

경영자의 재량적 배당정책(配當政策)이 기업가치(企業價値)에 미치는 영향(影響)에 관(關)한 연구(硏究)

The purpose of this study is to examine the relationship between discretionary policy for minor shareholders and the firm value. It is assumed that the favorable dividend policy for minor shareholders would affect the firm value positively. The empirical results have indicated that the favorable dividend policy for minor shareholders has a positive affect on the firm value, also it show the proportion of inside equity holders and the proportion of management equity holders have significant effect on the firm value.