Journal of the Korea Convergence Society (한국융합학회논문지)

Korea Convergence Society (한국융합학회)
권호 표지
DOI QR코드

DOI QR Code

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

  • Yoo, Joon-Soo (College of Business Administration, Kangwon National University) ;
  • Jeong, Jae-Yeon (College of Business Administration, Kangwon National University)
  • 유준수 (강원대학교 경영대학 회계학과) ;
  • 정재연 (강원대학교 경영대학 회계학과)
  • Received : 2017.07.19
  • Accepted : 2017.10.20
  • Published : 2017.10.28
Download PDF
⟨ Previous Next ⟩

Abstract

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.

본 논문은 법인의 전기 사내유보가 당기 배당률에 미치는 영향을 분석함으로써 미환류 소득세제가 어느 정도 효과를 거두고 있는지 실증분석 하고자 하였으며 추가로 부채비율을 조절변수로 사용하여 정부정책의 유효성도 알아보고자 하였다. 또한 DRF와 GBM 모델을 이용하여 그 효과를 한 번 더 살펴보았다. 실증분석 결과 모형1, 모형2, 모형3에서 모두 현금흐름비율, 자기자본순이익률, 외국인보유비중 변수가 99% 수준에서 유의미함을 확인할 수 있었던 반면 광고선전비 비율, 대주주지분율 변수는 모든 모형에서 유의미하지 않은 결과를 보여주었다. 융합 차원에서 실시한 DRF와 GBM 모형의 분석 결과를 보면 DRF가 depth와 leaves에서 GBM 보다 더 높게 나타났으나 모형의 설명력에 있어서는 GBM이 DRF보다 더 높았다. 앞으로의 과제는 미환류 소득세제의 시행기간인 3년간(2015~2017)의 시계열 분석을 통하여 정부정책의 효과를 살펴볼 필요가 있다.

Keywords

References

  1. Y. D. Kwon, "Effect of the 'Undistributed Income' Determinants on Retained Earnings", Korea International Accounting Association, Vol. 70, pp.169-187, 2016.
  2. D. S. Yang, "The Effect of Accumulated Earnings Tax on Corporate Finance", Chonbuk National University, Ph.D. thesis, 2000.
  3. H. D. Lee, "The Analysis of cash flow in domestic IPO, LGERI report, 2011.
  4. KERI, "Internal Reservation Tax, Issue and Evaluation" KERI, 2014.
  5. Y. D. Hong, K. S. Kim, "How Did Dividend Boosting Tax Policy Affect Stock Price?", Journal of Taxation and Accounting, Vol. 16, No. 2, pp.231-260, 2015.
  6. Lang, L., E. Ofek, and Stulz R. M., "Leverage, investment, and firm growth", Journal of Financial Economics, Vol. 40, pp.3-29, 1996. https://doi.org/10.1016/0304-405X(95)00842-3
  7. Mao, C. X., "Interaction of the Debt Agency Problems and Optimal Capital Structure : Theory and Evidence", Working paper, 2002.
  8. M. L. Chon, "Investment and Debt ratio of ICT firms", Journal of the Korea Convergence Society, Vol. 6, No. 1, pp.103-108, 2015. https://doi.org/10.15207/JKCS.2015.6.1.103
  9. C. H. Choi, Y. Y. You, "A Study on the Effects of Financial Structure on Management Performance in Small and Medium Sized Enterprises for Financial Consulting", The Journal of Digital Policy and Management, Vol. 10, No. 2, pp.73-82, 2012.
  10. M. K. Kim, S. H. Lee, S. C. Kim, "A Study on the Effect of Debt on Corporate Profitability", Corporate Management Review, Vol. 19, No. 3, pp.47-70, 2012.
  11. C. H. Choi, Y. Y. You, "A Study on the Debt's Janus-Faced reality as a Way of Capital Finance", Journal of Digital Convergence, Vol. 12, No. 6, pp.115-123, 2014. https://doi.org/10.14400/JDC.2014.12.6.115
  12. S. M. Kim, H. S. Choi, "Analysis on the Relation between Small and Medium Firm's Stability and Tax Avoidance", Journal of Convergence for Information Technology, Vol. 3, No. 2, pp.1-8, 2013. https://doi.org/10.22156/CS4SMB.2013.3.2.001
  13. W. C. Lee, S. W. Lim, "A Study on the Influence of Foreign Share Holdings and the Quality of the Financial Structure on the Corporate Value around the Global Financial Crisis", KIAA, Vol. 40, pp.259-284, 2011.
  14. N. H. Mok, "The Impacts of Foreign investor on Pay-out ratio according to Corporate Life Cycle", KIAA, Vol. 53, pp.276-291, 2014.
  15. Y. S. Kim, "An Empirical Study on the Determinants of Dividend Policy in Korea", Kyonggi University, Ph.D. thesis, 2015.
  16. H. H. Kim, "An Empirical Study on the Relationship between Foreign Ownership and Corporate Dividend Policy", Sangji University, Ph.D. thesis, 2011.
  17. Y. G. Cho, W. S. Sul, "Foreign Shareholders and Firm's R&D Investment", Korean Academy of International Business, Vol. 17, No. 4, pp.127-156, 2006.
  18. S. A. Kang, S. K. Min, "The Impact of Foreign Ownership on the Dividend and Investment Behaviors of Korean Firms", Korean Finance Association, pp.90-120, 2009.
  19. W. C. Kim, W. J. Kim, K. S. Kwon, "Value of Shareholder Activism : Evidence from the Switchers", Korean Journal of Financial Studies, pp.233-273, 2008.
  20. M. W. Lee, J. H. Rho, "The Effects of Foreign Investors on Domestic Firms - An Analysis of Dividends, Investments, Donations and the Acquistion of Treasury Stocks", Journal of Taxation and Accounting, Vol. 7, No. 1, pp.7-25, 2006.
  21. K. S. Park, E. J. Lee, "The Role of Foreign Investors on the Management and Corporate Governance of Korean Companies", Korea Money and Finance Association, Vol. 20, No. 2, pp.73-113, 2006.
  22. Darren Cook, Practical Machine Learning with H2O, Published by O'Reilly Media, Inc., 2017.