• Title/Summary/Keyword: Dividends

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The Analysis of the Effects of the Previous Corporate Internal Reservation on the Current Investments and Dividends : The Verification of Significance through Dummy Variables under Industrial Classification (법인의 전기 유보금이 당기 투자 및 배당에 미치는 효과 분석 : 업종별 더미변수를 통한 유의성 검증)

  • Yoo, Joon-soo
    • Journal of Venture Innovation
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    • v.2 no.1
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    • pp.131-151
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    • 2019
  • This paper is conducted to find out if the previous corporate internal reservation has a significant effect on current investment and dividend payments by using the dummy variables of each classified industry. The results of the research show that previous corporate internal reservation had a significant effect on current material investments in following fields - manufacturing industries, technical services, wholesale and retail industries, information services, construction and transportation industries - over two years. Especially, investments in tangible assets were more effective than those in development expenses. In human resource investment, previous corporate internal reservation had a significant effect on current human investments in fields of manufacturing, technical services, information services and transportation industries. Among them, investments in education training expense and welfare benefit expense were more effective than those in wages. In the dividend section, previous corporate internal reservation had a significant effect on current dividends in the fields of manufacturing, wholesale and retail, information services, transportation industries, and in other businesses. Among them, Expenditure on dividend amounts was found to be more effective than that on dividend ratio. This paper contributed to the field in a way of empirically demonstrating the effects of previous corporate internal reservation on current investments and dividends by using the method of industrial classification. On the other hand, it also has a limitation since collecting precise taxation data was practically difficult. Therefore, a further developed study is required to find out the standard which shows exactly how much the measured results of the regression analysis reflect the effects of the government policies. Moreover, it is considered necessary for the government to devise policies on vagueness and uncertainties in the domestic and overseas economic and business environments so that companies can conduct investment with confidence.

The effects of managers' stock-option value on corporate payout polish (경영자 보유 스톡옵션 가치가 기업의 배당정책에 미치는 영향)

  • Shin, Sung-Wook
    • Management & Information Systems Review
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    • v.30 no.3
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    • pp.217-239
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    • 2011
  • The paper explores how corporate payout polish depends on managers' stock-option value. Specifically, this paper examine the relationship between managers' stock-option value and the ratio of stock repurchase, and analyze the relationship between price-incentive intensity of managers' stock-option and the ratio of stock repurchase. The hypotheses mentioned above are empirically tested using 137 firms listed on the Korean Exchange(KRX). OLS and Tobit regression method are used to above hypotheses. The results of this paper are as follows: First, as managers' stock option value increases, future the ratio of stock repurchase increase. Second, as the price-incentives intensity of managers' stock option increases, the patio of stock repurchase also increase. Overall, The above results imply that managers with stock option prefer stock repurchase over cash dividends to increase private benefits.

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A Study on Selection of Dividend and Divisor in Context of Determination of a Unit Rate Problem (단위비율 결정 맥락 문제에서 피제수와 제수 선택에 관한 연구)

  • Kim, Jung Hoon;Jeong, Sangtae;Roh, Eun Hwan;Kim, Seon Yu
    • Journal of Elementary Mathematics Education in Korea
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    • v.23 no.2
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    • pp.193-217
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    • 2019
  • Researchers have observed one student who had difficulty in formulating a division equation. In the context of determination of a unit rate problem based on one student's case and previous research, we tried to examine in detail how students expressed the division formula, how to select the dividend and the divisor, and how they learned about those. First, a questionnaire was developed to analyze student's reactions and applied to the research participants. Interviews were conducted to discover how the participants choose the dividends and divisors derived from their cognitive characteristics corresponding to their selection method. The research exposed that the majority of the participants had difficulty in deciding the dividends and divisors. Moreover, the research indicated information that teaching methods need to be reformed. Finally, we obtained suggestions to place emphasis on how to decide a dividend and a divisor, why they made such selection and what the equation means. We proposed a learning method for the research above.

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The Impact of Foreign Ownership on the Dividend and Investment Behaviors of Korean Firms (한국기업의 배당과 투자에 대한 외국인 투자자의 영향력 연구)

  • Kang, Shin Ae;Min, Sang Kee
    • International Area Studies Review
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    • v.14 no.2
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    • pp.79-105
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    • 2010
  • This paper investigates empirically the impact of foreign investors on a firm's dividend and investment decision making in Korean stock market. Empirical results using the sample firms in non-financial firms listed in Korean stock market whose settlement month are December, we find that foreign investors who declared participation in management didn't exert significant impact on dividend increase. In the case of investment, foreign investors exerts significant impact on R&D investments. Using Hausman-Taylor Instrumental Variable method, we controlled endogeneity problem related with foreign ownership and dividend and investment policy. The contribution of this paper is that the purpose of foreign investors whether or not participate in management is the most critical point and the impacts of foreign investors on dividends and investment are different whether they participate in management or not.

Pring Fixed-Strike Lookback Options

  • Lee, Hangsuck
    • Communications for Statistical Applications and Methods
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    • v.11 no.2
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    • pp.213-225
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    • 2004
  • A fixed-strike lookback option is an option whose payoff is determined by the maximum (or minimum) price of the underlying asset within the option's life. Under the Black-Scholes framework, the time-t price of an equity asset follows a geometric Brownian motion. Applying the method of Esscher transforms, this paper will derive explicit pricing formulas for fixed-strike lookback call and put options, respectively. In addition, this paper will show a relationship (duality property) between the pricing formulas of the call and put options. Finally, this paper will derive explicit pricing formulas for the fixed-strike lookback options when their underlying asset pays dividends continuously at a rate proportional to its price.

H/W, S/W Developments of GPIB Interface for Measurement Systems (계측시스템 GPIB 인터페이스의 H/M 및 S/W개발)

  • 나승유;최완규;박민상;배희종;조강석
    • Proceedings of the IEEK Conference
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    • 1999.06a
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    • pp.1141-1144
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    • 1999
  • GPIB-based measurement applications are common in every field of multi-instrument environment. Also personal computers and workstations play a key role in measurement ability to create cost-effective instrument control solutions. For simple data acquisition systems which are automated by GPIB interface, standard GPIB controllers add a little burden to the budget for DAQ. In this paper, we provide software and hardware construction methods for cost-effective custom-made GPIB controller boards both for controllers and instruments. This way of tailored configuration to suit a particular application of GPIB-based instrument control solution pays dividends in cost and flexibility for data processing management.

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A Study on the Effect of Corporate Ownership Strucrure on Dividend (기업의 소유권구조가 배당에 미치는 영향에 관한 연구)

  • 김형준;이재범
    • Journal of Korean Society of Industrial and Systems Engineering
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    • v.19 no.37
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    • pp.187-194
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    • 1996
  • Firms pay cash dividends to reduce the agency costs, and then insider stock ownership affects the dicision of dividend payout ratio. In this study, it is tested that firm's insider stock ownership affects the decision of dividend payout ratio, but the relation between dividend payout ratio and insider stock ownership is nonmonostic. The empirical evidence shows that at low levels of insider stock ownership, increase in the percentage of stock held by insiders decreases dividend payout ratio, but beyond the point of entrenchment increase in the percentage of stock held by insiders increases dividend payout ratio. Thus, the dividend payout ratio and the percentage of stock held by insiders are in a parabolic relation. This implies that there may be a optimal insider stock ownership In lead to the minimun dividend payout ratio.

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Issuance of Stock Dividends or Bonus Shares: A Case Study of Carlsberg Brewery Malaysia Berhad

  • BANERJEE, Arindam
    • The Journal of Asian Finance, Economics and Business
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    • v.9 no.3
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    • pp.319-326
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    • 2022
  • This study investigates the specific and conclusive reasons why a company issues bonus shares, as well as the rationale and the best timing for bonus share issuance. The study examines Carlsberg's annual reports from 1988 to 2004 to evaluate the factors that influence bonus share payments and timing. Examine supporting evidence from other businesses as well. An analysis of Carlsberg Brewery Malaysia Berhad's bonus shares granted from its inception to 2004 found that the announcement of bonus shares would increase the company's share price. As a result, the findings suggest that bonus shares are issued to correct market asymmetry. This research supports the idea that issuing bonus shares would increase the stock price, resulting in increased liquidity. Hence, companies issue bonus shares to boost their liquidity and to convey private positive information to their shareholders. This research adds to the literature by focusing on the timing and key features of bonus share issuing. It implies that dividend policy should be customized to market imperfections. As a result, dividend policies would differ significantly between organizations based on the weights each of the imperfections has on the firm and shareholders.

The Relationships between the Tendency of Foreigners' Investment and Dividends in the cases of Hot and Cold Markets in Korea (주식시장 상황별 외국인 투자 성향과 배당과의 관계)

  • Kim, Tae Keun;Kim, Do Goan
    • Asia-Pacific Journal of Business Venturing and Entrepreneurship
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    • v.8 no.1
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    • pp.171-181
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    • 2013
  • The relationship about corporations' dividend policy and foreigners' share have been studied on the various views. However, there have barely been the studies about the relationships between the two variables according to hot and cold markets in Korea. In this point, this study attempts to find the differences of the tendency of foreigners' investment with financial variables and the relationship between foreigners' share and corporations' dividend policy according to hot and cold markets. For the analysis, it selected the 318 manufacturing corporations, which paid dividends in 2008 (cold market) and 2010(hot market). The results are classified into two types. 1) There are the difference, and 2) There are no differences of the relationships among the variables according to the two markets. First of all, The relationships between 1) foreigners' share and dividend 2) between foreigners' share and market value (Tobin's Q) and corporations' debt (Debt Ratio) were statistically significant in the both (hot and cold) markets. As showing the differences according to hot and cold markets, cash flow and foreigners' share showed the statistically significant relationships in 2010 (hot market), not in 2008 (cold market). One of the remarkable results is that most of relationships among variables, except the relationship between foreigners' share and dividend, are more strong in hot market than in cold market.

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Foreign Stock Investment and Firms's Dividend Policy in Korea (외국인 투자자가 국내 유가증권시장 상장기업의 배당 행태에 미치는 영향에 대한 연구 : 다양한 계량경제모형의 적용)

  • Kim, Young-Hwan;Jung, Sung-Chang;Chun, Sun-Eae
    • The Korean Journal of Financial Management
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    • v.26 no.1
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    • pp.1-29
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    • 2009
  • As foreign investors' share holdings in Korean firms have dramatically increased since 1998 following the financial deregulation on the limit of foreign stock investment, the concern over the negative impacts the foreign investors would bring on the firms' financial policy has been growing too. Foreign investors were perceived to require the firms of excessive payments of cash dividends sometimes with threat of hostile takeover trials detering the firm from investing its cash flow in the physical facilities and RandD eroding their potential growth capabilities. We examine the impact of foreign investment on the firms' dividend policy using 234 listed firms' panel data over the sample periods of 1998 to 2005 employing various panel regression methodology. Foreign shareholders are found not to be related or even negatively related to the payout ratio(dividend/net income), but positively and statistically significantly related to the ratio of cash dividends to book of asset, negatively to the dividend yields. Considering the payout ratio is the most appropriate measure for the dividend payment, we can not support the arguments that the foreign investors' holdings have induced the excessive dividend level in Korean firms.

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