• 유통과학연구
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• 제15권5호
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• pp.29-38
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• 2017

Purpose - Prior theories predict a negative correlation between stock liquidity and dividend payout propensity. We test this hypothesis by examining the sample Korean retail firms. Research design, data, and methodology - We construct four different types of stock liquidity measures and investigate how these stock liquidity variables affect dividend payout propensity by employing the logit regression model. The retail firms listed in the KOSPI and KOSDAQ markets are analyzed from 1990 to 2015. Results - Our estimation results support the liquidity hypothesis if we adopt the stock turnover rate as the stock liquidity measure, particularly for the retail firms listed in the KOSPI markets and for non-conglomerate firms. Yet, our estimation results adopting the illiquidity measure of Amihud (2002), the proportion of non-trading day, and the volume of trading do not support the liquidity hypothesis. Conclusions - Our findings provide mixed results for the validity of stock liquidity hypothesis, which enriches the existing literature. In terms of turnover rate, the stock liquidity hypothesis holds robustly. Yet, we are not able to find any empirical evidence supporting the hypothesis if we use the other three measures of stock liquidity.

• The Journal of Asian Finance, Economics and Business
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• 제8권7호
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• pp.349-356
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• 2021

This study comprehensively investigates whether there is an impact of risk, size, profitability, earnings per share, dividend yield, and book-to-market equity on the stock prices of Jordanian banks listed on the Amman Stock Exchange (ASE) for the period 2006-2018. To mitigate endogeneity concerns and to control for within-bank dynamics, panel data fixed effects estimations are used. This study shows that size (SIZE), profitability (ROA), dividend yield (DY) and book-to-market equity (BE/ME) ratios are statistically significant determinants of stock prices. The risk (RISK) factor measured by volatility of ROA has a positive and significant effect on the stock prices, while earnings per share has minimum influence on the stock prices. The results show that ROA has a significant and positive effect and provides the largest effect among all variables used in this study, while the RISK factor has a positive and significant effect. In contrast, SIZE, DY, and BE/ME have a significant negative effect on stock prices. The paper presented new evidence showing that ROA is a better determinant of stock prices in Jordanian banks, and RISK significantly affects stock prices. The researcher recommends using a factor of profitability represented by ROA which has a significant positive effect on the stock prices in Jordanian banks and applying the ROA variable to other sectors.

• The Journal of Asian Finance, Economics and Business
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• 제10권2호
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• pp.135-143
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• 2023

This study seeks to ascertain whether publicly listed Jordanian corporations (listed on the Amman Stock Exchange (ASE)) exhibit accounting conservatism and whether such companies distribute dividends to stockholders. Furthermore, this study delves into the implications of accounting conservatism on dividend policy in the context of the quality of financial statements of publicly listed Jordanian companies listed on the ASE. To accomplish the aims of this study, the Quality of financial reporting is treated as a moderator for the relationship between accounting conservatism and dividend distribution. Hence, a panel data approach was utilized, which encompasses cross-sectional data for 95 industrial and service establishments for the period (2013-2017). The study found that accounting conservatism has a negative impact on dividends and that there is no difference in the impact of accounting conservatism on dividends based on the quality of financial reports. The study concluded with a number of recommendations, the most salient of which is the need for companies to enhance their concentration on accounting conservatism and adopt a suitable policy for dividends. Thus, this research provides an insights into the financial practices of Jordanian publicly listed corporations and highlights the need for a more informed decision-making process concerning dividends and accounting practices.

• 벤처창업연구
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• 제8권1호
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• pp.171-181
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• 2013

기업의 배당정책과 외국인 지분 간의 관계에 관한 연구는 선행연구를 통해 다양한 측면에서 변수 간의 관계가 논의 되어왔다, 그러나 주식시장의 침체 및 상승에 따른 배당정책과 외국인 지분 간의 관계의 차이에 대한 연구는 거의 이루어 지지 않은 실정이다. 이러한 점에서 본 연구는 국내주식시장의 침체와 상승에 따라 외국인 투자에 영향을 미치는 재무변수의 관계가 어떠한 차이를 보이는지 알아보고 더불어 외국인투자와 배당과의 관계를 살펴보고자 하였다. 분석 대상으로 최근 주식시장의 침체와 상승기를 나타내는 2008년과 2010년을 기준으로 하여 배당을 실시하고 외국인 지분이 존재하는 12월 결산 상장된 318개 제조업을 대상으로 하였다. 분석 결과 상승시장과 침체시장에 따라 변수 간 관계의 차이가 나타나는 변수와 시장의 상황과 상관없이 일정한 관계를 보이는 변수들의 관계가 나타났다. 먼저 외국인 지분과 배당, 시장가치 및 부채와 외국인 지분과의 관계는 시장의 상승과 침체에 상관없이 유의한 관계를 가지는 것으로 나타났다. 주식시장 상황에 따라 다른 결과를 보인 변수 간의 관계로는 현금흐름과 외국인 지분의 관계가 주식시장의 상승기에만 유효한 결과가 나타났으며, 주목할 만한 차이점은 외국인 지분과 배당수익률 간의 관계를 제외한 모든 연구 모형의 변수 간의 관계가 상승시장에서 더 강한 유의한 관계를 나타내고 있다는 점이다.

• 벤처혁신연구
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• 제2권1호
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• pp.131-151
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• 2019

본 논문은 과연 법인의 전기 유보금이 당기 투자 및 배당에 유의한 영향을 미치는지를 업종별 더미변수를 통하여 살펴보고자 한다. 본 논문의 연구결과 양 년도에 걸쳐 물적 투자에서는 제조업, 기술서비스업, 도소매업, 정보서비스업, 건설업, 운수업종에서 전기 유보금이 당기 물적 투자에 유의한 영향을 미쳤으며, 이 중 개발비 및 경상개발비에 대한 투자보다는 유형자산에 대한 투자가 더 효과적인 것으로 나타났다. 인적 투자에서는 제조업, 기술서비스업, 정보서비스업, 운수업종에서 전기 유보금이 당기 인적 투자에 유의한 영향을 미쳤으며, 이 중 급여에 대한 투자보다는 교육훈련비 및 복리후생비에 대한 투자가 더 효과적인 것으로 나타났다. 배당에서는 제조업, 도소매업, 정보서비스업, 운수업, 기타 업종에서 전기 유보금이 당기 배당금에 유의한 영향을 미쳤으며, 이 중 배당률에 대한 지출보다는 배당금에 대한 지출이 더 효과적인 것으로 나타났다. 본 논문의 공헌점은 전기 유보금이 당기 투자 및 배당에 유의한 영향을 미치는지를 업종별로 구분하여 그 효과를 실증분석 하였다는 점이다. 이에 반해 본 논문의 한계점으로는 정확한 세무자료의 수집이 현실적으로 어려워 회귀분석 결과 나온 계량 적인 결과물들이 과연 정부의 정책 효과를 어느 정도 정확히 반영하고 있는지 그 기준을 찾는 연구가 필요하리라 생각된다. 이와 더불어 국내외 경제 및 경영 환경의 모호성과 불확실성에 대해 정부가 어떤 정책을 추진해야 기업이 안심하고 투자할 수 있는지 그 연구도 필요하리라 여겨진다.

• 한국전자파학회지:전자파기술
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• 제19권2호
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• pp.16-22
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• 2008

• 산학경영연구
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• 제4권
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• pp.249-270
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• 1991

• 재무관리연구
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• 제11권2호
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• pp.175-193
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• 1994

This paper relates the valuation consequences of common-stock, convertible-debt and straight-debt offering announcements to the issuing firms' stock price performance in periods before the announcements. Similar to previous studies on equity offerings, we find that the announcement effects of security offerings, regardless of offering types, are negatively correlated with the short-term pre-offering stock returns. We show that the informational impact of the preceding earnings and dividend(E/D) announcements account for the previous findings of the negative correlation. We further report that security issues following 'good-news' E/D announcements result in larger stock price declines than issues following 'bad-news' E/D announcements. The finding is consistent with the hypothesis that the E/D information affects the investors' assessments of the firm's cash flow expectations and of the probability of external financing.

• Management Science and Financial Engineering
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• 제10권2호
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• pp.53-71
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• 2004

In this study, a mathematical model that shows the optimal payout policy is developed. The model is new and unique in the sense that not only continuous-time framework is used, but also both partial differential equation (PDE) and real-option approach are utilized in the derivation of optimal payouts for the first time. In the model building, non-linear demand curve for dividend payouts in the competitive capital markets is assumed. From the sensitivity analysis using traditional comparative static analysis, some useful managerial implications which are consistent with famous previous studies are derived under realistic conditions. All results in this study, however, are valid under the assumption that the opportunity costs follow geometric Brownian motion, which is widely used in economic science and finance literature.

• 경영과정보연구
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• 제23권
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• pp.157-174
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• 2007

Concerning this nation's M&A system, it is expected that standards of limitation on ownership is considerably modified and alleviated. This would allow companies to freely merge with each other, raising the efficiency of the whole national economy and ultimately benefiting all economic subjects. Another goal of business merger lies in adjusting net income or reducing tax amount. The income and the amount are to be financially reported. If merger between companies does not create any synergy effect, but just contributes to net income increase or tax reduction for the purpose of the parties' financial reporting, it might distort a rational distribution of wealth over all facets of economy. Merger whose goal is to create the most desirable synergy effect should be positively encouraged, but that whose goal lies in tax avoidance needs to be strongly restricted. Thus the purpose of this study was to find how to improve this nation's merger-related taxation system. For the purpose, this researcher investigated problems of existing tax supports to merger, which meets related taxation requirements, especially in terms of liquidation income, appraisal profit from merger, fictitious dividend and requirements for taxation. Among the problems, the study found, the biggest thing was that liquidation income or deficit carried forward, if any, is subject to be prior deducted from surplus, so the income is likely to generate. To raise the consistency of this nation's taxation on business restructuring, existing local systems in regard to merger, division, investment in kind and dividend-exclusion method need to be reconsidered following the introduction of consolidated taxation system.