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題名 財務限制及經理人過度自信對公司股利發放之影響
The Impact of Financial Constraints and CEO Overconfidence on Dividend Policy
作者 傅雅馨
Fu, Ya-Hsin
貢獻者 江彌修
傅雅馨
Fu, Ya-Hsin
關鍵詞 股利發放
過度自信
財務限制
Dividend policy
CEO overconfidence
Financial constraints
日期 2018
上傳時間 30-Jul-2018 14:58:04 (UTC+8)
摘要 股利發放率是許多學術界及實務界人士關心的焦點，而近年來關於公司經理人的過度自信的研究亦漸趨增加。本文研究標的為股利發放率，藉由關注經理人過度自信，探討其對於台灣公司股利發放之影響；亦加入財務限制指標，探討在有財務限制之下，經理人過度自信對於公司股利發放是否有排擠效果。\n本文使用縱橫資料迴歸分析與單變量分析法。實證結果有二：1) 經理人的過度自信與股利發放率之間存在顯著的負相關性。代表過度自信經理人會減少股利發放。推論由於過度自信經理人認為外部融資過於昂貴，因此較不願意發放股利以保持財務寬鬆，為了未來的投資機會做準備；2) 有財務限制的公司，其股利發放率會較沒有財務限制的公司來的低，然而經理人過度信對於股利發放率的影響卻幾乎不太顯著。\n本文主要貢獻為結合財務限制和過度自信，探討其對於台灣公司的股利發放率是否有排擠效果。由於過去有文獻探討過度自信對於股利的影響，也有文獻探討財務限制對於公司股利發放的影響，卻很少有文獻結合兩者，因此本文以不同的角度來探討公司的股利發放政策。
This thesis examines the relationship between dividend policy, CEO overconfidence, and financial constraints. Our empirical results suggest that there is a significant negative relationship between CEO overconfidence and dividend payout ratio. In addition, our results also suggest that firms with financial constraints have less dividend payout ratio than those without them. We provide new insights on dividend policy from a different perspective, combining both financial constraints and CEO overconfidence.
參考文獻 Asif, A., Rasool, W., & Kamal, Y. (2011). Impact of Financial Leverage on Dividend Policy: Empirical Evidence from Karachi Stock Exchange-listed Companies. African Journal of Business Management, 5(4), 1312-1324.\nAl-Kuwari, D. (2009). Determinants of the Dividend Policy in Emerging Stock Exchanges: The Case of GCC Countries. Global Economy & Finance Journal, 2(2), 38-63.\nBaker, M., & Wurgler J. (2004). A Catering Theory of Dividends. Journal of Finance, 59(3), 1125-1165.\nBradley, M., Capozza, D. R., & Seguin, P. J. (1998). Dividend Policy and Cash-Flow Uncertainty. Real Estate Economics, 26(4), 555-580.\nBridges, S., & Guariglia, A. (2008). Financial Constraints, Global Engagement, and Firm Survival in the United Kingdom: Evidence from Micro Data. Scottish Journal of Political Economy, 55(4), 444-464.\nBulan, L., Subramanian, N., & Tanlu, L. (2007). On the Timing of Dividend Initiations. Financial Management, 36(4), 31-65.\nCampbell, T. C., Gallmeyer, M., Johnson, S. A., Rutherford, J., & Stanley, B. W. (2011). CEO Optimism and Forced Turnover. Journal of Financial Economics, 101(3), 695-712.\nCharitou, A., & Vafeas, N. (1998). The Association between Operating Cash Flows and Dividend Changes: An Empirical Investigation. Journal of Business Finance & Accounting, 25(1&2), 225-249.\nCleary, S. (1999). The Relationship between Firm Investment and Financial Status. Journal of Finance, 54(2), 673-692.\nCordeiro, L. (2009). Managerial Overconfidence and Dividend Policy.\nDeshmukh, S., Goel, A. M., & Howe, K. M. (2013). CEO Overconfidence and Dividend Policy. Journal of Financial Intermediation, 22(3), 440-463.\nElton, E. J., & Gruber, M. J. (1970). Marginal Stockholder Tax Rates and the Clientele Effect. The Review of Economics and Statistics, 52(1), 68-74.\nFazzari, S. M., Hubbard, R. G., & Petersen, B. C. (1988). Financing Constraints and Corporate Investment. Brookings Papers on Economic Activity, 1988(1), 141-206.\nFazzari, S. M., & Athey, M. J. (1987). Asymmetric Information, Financing Constraints, and Investment. The Review of Economics and Statistics, 69(3), 481-487.\nFeldstein, M., & Green, J. (1983). Why Do Companies Pay Dividends? The American Economic Review, 73(1), 17-30.\nGugler, K. (2003). Corporate Governance, Dividend Payout Policy, and the Interrelation between Dividends, R&D, and Capital Investment. Journal of Banking & Finance, 27(7), 1297-1321.\nHadlock, C. J., & Pierce, J. R. (2010). New Evidence on Measuring Financial Constraints: Moving Beyond the KZ Index. Review of Financial Studies, 23(5), 1909-1940.\nHeaton, J. B. (2002). Managerial Optimism and Corporate Finance. Financial Management, 31(2), 33-45.\nKaplan, S. N., & Zingales, L. (1997). Do Investment-Cash Flow Sensitivities Provide Useful Measures of Financing Constraints? The Quarterly Journal of Economics, 112(1), 169-215.\nLamont, O., Polk, C., & Saa-Requejo, J. (1998). Financial Constraints and Stock Returns. CRSP Working Paper, 451.\nLamont, O., Polk, C., & Saa-Requejo, J. (2001), Financial Constraints and Stock Returns. Review of Financial Studies, 14(2), 529-54.\nLi, W. and Lie, E. (2006). Dividend Changes and Catering Incentives. Journal of Financial Economics, 80(2), 293-308.\nLin, Y.-H., Hu, S.-Y., & Chen, M.-S. (2005). Managerial Optimism and Corporate Investment: Some Empirical Evidence from Taiwan. Pacific-Basin Finance Journal, 13(5), 523-546.\nLin, Y.-H., Hu, S.-Y., & Chen, M.-S. (2008). Testing Pecking Order Prediction from the Viewpoint of Managerial Optimism: Some Empirical Evidence from Taiwan. Pacific-Basin Finance Journal, 16(1-2), 160-181.\nLitzenberger, R. H., & Ramaswamy, K. (1979). The effect of personal taxes and dividends on capital asset prices: Theory and empirical evidence. Journal of Financial Economics, 7(2), 163-195.\nMalmendier, U., & Tate, G. (2005). CEO Overconfidence and Corporate Investment, Journal of Finance. American Finance Association, 60(6), 2661-2700.\nMalmendier, U., & Tate, G. (2008). Who Makes Acquisitions? CEO Overconfidence and the Market`s Reaction. Journal of Financial Economics, 89(1), 20-43.\nMalmendier, U., Tate, G., & Yan, J. (2011). Overconfidence and Early‐Life Experiences: The Effect of Managerial Traits on Corporate Financial Policies. Journal of Finance, 66(5), 1687-1733.\nMiller, M., & Modigliani, F. (1961). Dividend Policy, Growth, and the Valuation of Shares. The Journal of Business, 34(4), 411-433.\nLee, M.‐H., & Hwang, I. J. (2003). Determinants of Corporate R&D Investment: An Empirical Study Comparing Korea`s IT Industry with Its Non‐IT Industry. ETRI Journal, 25(4), 258-265.\nRedding, L. S. (1997). Firm Size and Dividend Payouts. Journal of Financial Intermediation, 6(3), 224-248.\nSher, G. (2014). Cashing in for Growth: Corporate Cash Holdings as an Opportunity for Investment in Japan. Retrieved from IMF Working Paper, 14/221.\nSilva, F., & Carreira, C. (2012). Measuring Firms` Financial Constraints: A Rough Guide. Retrieved from GEMF Working Paper, 2012-14, Faculty of Economics, University of Coimbra.\nWhited, T. M., & Wu, G. (2006). Financial Constraints Risk. Review of Financial Studies, 19(2), 531-559.
描述 碩士
國立政治大學
金融學系
105352013
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0105352013
資料類型 thesis
dc.contributor.advisor 江彌修zh_TW
dc.contributor.author (Authors) 傅雅馨zh_TW
dc.contributor.author (Authors) Fu, Ya-Hsinen_US
dc.creator (作者) 傅雅馨zh_TW
dc.creator (作者) Fu, Ya-Hsinen_US
dc.date (日期) 2018en_US
dc.date.accessioned 30-Jul-2018 14:58:04 (UTC+8)-
dc.date.available 30-Jul-2018 14:58:04 (UTC+8)-
dc.date.issued (上傳時間) 30-Jul-2018 14:58:04 (UTC+8)-
dc.identifier (Other Identifiers) G0105352013en_US
dc.identifier.uri (URI) https://ah.lib.nccu.edu.tw/item?item_id=136944-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 金融學系zh_TW
dc.description (描述) 105352013zh_TW
dc.description.abstract (摘要) 股利發放率是許多學術界及實務界人士關心的焦點，而近年來關於公司經理人的過度自信的研究亦漸趨增加。本文研究標的為股利發放率，藉由關注經理人過度自信，探討其對於台灣公司股利發放之影響；亦加入財務限制指標，探討在有財務限制之下，經理人過度自信對於公司股利發放是否有排擠效果。\n本文使用縱橫資料迴歸分析與單變量分析法。實證結果有二：1) 經理人的過度自信與股利發放率之間存在顯著的負相關性。代表過度自信經理人會減少股利發放。推論由於過度自信經理人認為外部融資過於昂貴，因此較不願意發放股利以保持財務寬鬆，為了未來的投資機會做準備；2) 有財務限制的公司，其股利發放率會較沒有財務限制的公司來的低，然而經理人過度信對於股利發放率的影響卻幾乎不太顯著。\n本文主要貢獻為結合財務限制和過度自信，探討其對於台灣公司的股利發放率是否有排擠效果。由於過去有文獻探討過度自信對於股利的影響，也有文獻探討財務限制對於公司股利發放的影響，卻很少有文獻結合兩者，因此本文以不同的角度來探討公司的股利發放政策。zh_TW
dc.description.abstract (摘要) This thesis examines the relationship between dividend policy, CEO overconfidence, and financial constraints. Our empirical results suggest that there is a significant negative relationship between CEO overconfidence and dividend payout ratio. In addition, our results also suggest that firms with financial constraints have less dividend payout ratio than those without them. We provide new insights on dividend policy from a different perspective, combining both financial constraints and CEO overconfidence.en_US
dc.description.tableofcontents 第一章 緒論 1\n第二章 文獻回顧 4\n第一節 公司股利發放 4\n第二節 財務限制對公司資金運用之影響 5\n第三節 經理人過度自信對公司股利發放之影響 7\n第三章 研究方法 9\n第一節 研究假說 9\n第二節 樣本選取 9\n第三節 研究方法 10\n第四章 實證結果與分析 15\n第一節 經理人過度自信對於公司股利發放之影響 15\n第二節 財務限制對公司股利發放之影響 16\n第三節 財務限制與經理人過度自信對股利發放之影響 17\n第五章 研究結論 19\n第一節 研究結論 19\n第二節 研究限制及建議 19\n附錄 28\n參考文獻 30zh_TW
dc.format.extent 1131423 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0105352013en_US
dc.subject (關鍵詞) 股利發放zh_TW
dc.subject (關鍵詞) 過度自信zh_TW
dc.subject (關鍵詞) 財務限制zh_TW
dc.subject (關鍵詞) Dividend policyen_US
dc.subject (關鍵詞) CEO overconfidenceen_US
dc.subject (關鍵詞) Financial constraintsen_US
dc.title (題名) 財務限制及經理人過度自信對公司股利發放之影響zh_TW
dc.title (題名) The Impact of Financial Constraints and CEO Overconfidence on Dividend Policyen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) Asif, A., Rasool, W., & Kamal, Y. (2011). Impact of Financial Leverage on Dividend Policy: Empirical Evidence from Karachi Stock Exchange-listed Companies. African Journal of Business Management, 5(4), 1312-1324.\nAl-Kuwari, D. (2009). Determinants of the Dividend Policy in Emerging Stock Exchanges: The Case of GCC Countries. Global Economy & Finance Journal, 2(2), 38-63.\nBaker, M., & Wurgler J. (2004). A Catering Theory of Dividends. Journal of Finance, 59(3), 1125-1165.\nBradley, M., Capozza, D. R., & Seguin, P. J. (1998). Dividend Policy and Cash-Flow Uncertainty. Real Estate Economics, 26(4), 555-580.\nBridges, S., & Guariglia, A. (2008). Financial Constraints, Global Engagement, and Firm Survival in the United Kingdom: Evidence from Micro Data. Scottish Journal of Political Economy, 55(4), 444-464.\nBulan, L., Subramanian, N., & Tanlu, L. (2007). On the Timing of Dividend Initiations. Financial Management, 36(4), 31-65.\nCampbell, T. C., Gallmeyer, M., Johnson, S. A., Rutherford, J., & Stanley, B. W. (2011). CEO Optimism and Forced Turnover. Journal of Financial Economics, 101(3), 695-712.\nCharitou, A., & Vafeas, N. (1998). The Association between Operating Cash Flows and Dividend Changes: An Empirical Investigation. Journal of Business Finance & Accounting, 25(1&2), 225-249.\nCleary, S. (1999). The Relationship between Firm Investment and Financial Status. Journal of Finance, 54(2), 673-692.\nCordeiro, L. (2009). Managerial Overconfidence and Dividend Policy.\nDeshmukh, S., Goel, A. M., & Howe, K. M. (2013). CEO Overconfidence and Dividend Policy. Journal of Financial Intermediation, 22(3), 440-463.\nElton, E. J., & Gruber, M. J. (1970). Marginal Stockholder Tax Rates and the Clientele Effect. The Review of Economics and Statistics, 52(1), 68-74.\nFazzari, S. M., Hubbard, R. G., & Petersen, B. C. (1988). Financing Constraints and Corporate Investment. Brookings Papers on Economic Activity, 1988(1), 141-206.\nFazzari, S. M., & Athey, M. J. (1987). Asymmetric Information, Financing Constraints, and Investment. The Review of Economics and Statistics, 69(3), 481-487.\nFeldstein, M., & Green, J. (1983). Why Do Companies Pay Dividends? The American Economic Review, 73(1), 17-30.\nGugler, K. (2003). Corporate Governance, Dividend Payout Policy, and the Interrelation between Dividends, R&D, and Capital Investment. Journal of Banking & Finance, 27(7), 1297-1321.\nHadlock, C. J., & Pierce, J. R. (2010). New Evidence on Measuring Financial Constraints: Moving Beyond the KZ Index. Review of Financial Studies, 23(5), 1909-1940.\nHeaton, J. B. (2002). Managerial Optimism and Corporate Finance. Financial Management, 31(2), 33-45.\nKaplan, S. N., & Zingales, L. (1997). Do Investment-Cash Flow Sensitivities Provide Useful Measures of Financing Constraints? The Quarterly Journal of Economics, 112(1), 169-215.\nLamont, O., Polk, C., & Saa-Requejo, J. (1998). Financial Constraints and Stock Returns. CRSP Working Paper, 451.\nLamont, O., Polk, C., & Saa-Requejo, J. (2001), Financial Constraints and Stock Returns. Review of Financial Studies, 14(2), 529-54.\nLi, W. and Lie, E. (2006). Dividend Changes and Catering Incentives. Journal of Financial Economics, 80(2), 293-308.\nLin, Y.-H., Hu, S.-Y., & Chen, M.-S. (2005). Managerial Optimism and Corporate Investment: Some Empirical Evidence from Taiwan. Pacific-Basin Finance Journal, 13(5), 523-546.\nLin, Y.-H., Hu, S.-Y., & Chen, M.-S. (2008). Testing Pecking Order Prediction from the Viewpoint of Managerial Optimism: Some Empirical Evidence from Taiwan. Pacific-Basin Finance Journal, 16(1-2), 160-181.\nLitzenberger, R. H., & Ramaswamy, K. (1979). The effect of personal taxes and dividends on capital asset prices: Theory and empirical evidence. Journal of Financial Economics, 7(2), 163-195.\nMalmendier, U., & Tate, G. (2005). CEO Overconfidence and Corporate Investment, Journal of Finance. American Finance Association, 60(6), 2661-2700.\nMalmendier, U., & Tate, G. (2008). Who Makes Acquisitions? CEO Overconfidence and the Market`s Reaction. Journal of Financial Economics, 89(1), 20-43.\nMalmendier, U., Tate, G., & Yan, J. (2011). Overconfidence and Early‐Life Experiences: The Effect of Managerial Traits on Corporate Financial Policies. Journal of Finance, 66(5), 1687-1733.\nMiller, M., & Modigliani, F. (1961). Dividend Policy, Growth, and the Valuation of Shares. The Journal of Business, 34(4), 411-433.\nLee, M.‐H., & Hwang, I. J. (2003). Determinants of Corporate R&D Investment: An Empirical Study Comparing Korea`s IT Industry with Its Non‐IT Industry. ETRI Journal, 25(4), 258-265.\nRedding, L. S. (1997). Firm Size and Dividend Payouts. Journal of Financial Intermediation, 6(3), 224-248.\nSher, G. (2014). Cashing in for Growth: Corporate Cash Holdings as an Opportunity for Investment in Japan. Retrieved from IMF Working Paper, 14/221.\nSilva, F., & Carreira, C. (2012). Measuring Firms` Financial Constraints: A Rough Guide. Retrieved from GEMF Working Paper, 2012-14, Faculty of Economics, University of Coimbra.\nWhited, T. M., & Wu, G. (2006). Financial Constraints Risk. Review of Financial Studies, 19(2), 531-559.zh_TW
dc.identifier.doi (DOI) 10.6814/THE.NCCU.MB.020.2018.F06-