1. NCCU Academic Hub
  2. 學術產出
  3. College of Commerce
  4. Theses
  5. Item

學術產出-Theses

Article View/Open

Publication Export

Google ScholarTM

政大圖書館

Citation Infomation

題名 創新活動對股利發放之影響
The impact of innovation activities on dividend payout
作者 田欣
Tien, Hsin
貢獻者 詹凌菁
田欣
Tien, Hsin
關鍵詞 創新活動
創新效率
股利
公司治理
Innovation activities
Innovation efficiency
Dividend payout
Corporate governance
日期 2021
上傳時間 4-Aug-2021 14:29:06 (UTC+8)
摘要 本研究探討公司創新活動及創新效率對其股利發放政策之影響。本研究以美國上市公司的資料作為樣本，實證結果顯示，創新數量和品質均與股利發放率呈現負相關。這顯示出創新產出高的公司往往發放的股利較少。而創新效率方面則有不同的結果，實證結果表明，創新效率高的企業願意分配更多的股利。額外測試中，證據顯示不具CEO雙重性除外，機構投資者佔比高和獨立董事占比高對創新產出的負面影響有減緩作用，對於創新效率的正面影響也有增強作用。使用產業調整後的衡量指標也與主要假說呈現相同的結果。
This paper examines whether the dividend payout policy is affected by innovation activities and innovation efficiency. I use the sample consisting of 117,215 observations of the U.S. listed firms. The empirical results indicate that the innovation quantity and quality are both negatively related to the dividend payout ratio. This indicates the firms with high innovation outputs tend to have fewer dividend payouts. However, the empirical results suggest that the firms with high innovation efficiency are willing to give out more dividends. Except for the CEO non-duality, additional analyses reveal that institutional investors and independent directors can not only mitigate the negative relation between innovation outputs and dividend payouts but also strengthen the positive relation between innovation efficiency and dividend payouts. The findings are robust to alternative measures using industry-adjusted innovation outputs.
參考文獻 Abdelghani Echchabi, & Dhekra Azouzi. 2016. Determinants of Dividend Payout Ratios In Tunusia: Insights In Light of The Jasmine Revolution. Journal of Accounting, Finance and Auditing Studies 2 (1):1–.
Aboody, D., & Lev, B. 2000. Information Asymmetry, R&D, and Insider Gains. The Journal of Finance (New York) 55 (6):2747-2766.
Abor, Joshua & Amidu, Mohammed. 2006. Determinants of dividend payout ratios in Ghana. Journal of Risk Finance 7 (2):136-145.
Adjaoud, F. & Hermassi, N. 2017. The impact of corporate governance mechanisms on the dividend policy of Canadian firms: Empirical study. International journal of business, accounting, and finance 11 (1):90-.
Akhtar, S. 2018. Dividend payout determinants for Australian Multinational and Domestic Corporations. Accounting and Finance (Parkville) 58 (1):11-55.
Albert, M., Avery, D., Narin, F., & McAllister, P. 1991. Direct validation of citation counts as indicators of industrially important patents. Research Policy 20 (3):251- 259.
Ali, K.L., Khan, A.Q. and Ramirez, G.G. 1993. Determinants of Corporate Dividend Policy: A Factorial Analysis. The Financial Review (Buffalo, N.Y.) 28 (4):523- 547.
Allen, F., Bernardo, A. E., & Welch, I. 2000. A Theory of Dividends Based on Tax Clienteles. The Journal of Finance (New York) 55 (6):2499–2536.
Al-Malkawi, H.-A. N. 2008. Factors influencing corporate dividend decision: evidence from Jordanian panel data. International Journal of Business 13 (2):177-.
Asif, Aasia & Rasool, Waqas & Kamal, Yasir. 2011. Impact of financial leverage on dividend policy: Empirical evidence from Karachi Stock Exchange-listed companies. African Journal of Business Management 5:1312-1324.
Baghani, A., Rivandy, M., & Saghiri, A. 2014. The Relationship Between Corporate Governance and Dividend Policy. Kuwait Chapter of the Arabian Journal of Business and Management Review 3 (10):58-69.
Baker, H. K., Farrelly, G. E., & Edelman, R. B. 1985. A survey of management views on dividend policy. Financial Management 14 (3):78.
Baker, H. K., Samir Saadi, Shantanu Dutta, & Devinder Gandhi. 2007. The perception of dividends by Canadian managers: new survey evidence. International Journal of Managerial Finance 3 (1):70-
Bates, T.W., Kahle, K.M. and Stulz, R.M. 2009. Why Do U.S. Firms Hold So Much More Cash than They Used To? The Journal of Finance 64 (5):1985-2021.
Baysinger, B., & Hoskisson, R. 1989. Diversification Strategy and R and D Intensity in Multiproduct Firms. Academy of Management Journal 32 (2):310-.
Carpenter, M.P., Narin, F., Woolf, P. 1981. Citation rates to technologically important patents. World Patent Information 3 (4):160-163.
Chan, A. L.-C. 2012. Innovation activity and corporate financing: evidence from a developing economy. Applied Financial Economics 22 (20):1665-1678.
Chan, A. L.-C. 2014. Innovation efficiency and asymmetric timeliness of earnings: Evidence from an emerging market. International Review of Financial Analysis 32:132-142.
Chan, L.K.C., Lakonishok, J., Sougiannis, T. 2001. The stock market valuation of research and development expenditures. The Journal of Finance (New York) 56 (6):2431-2456.
Collins, M.C., Saxena, A.K. and Wansley, J.W. 1996. The role of insiders and dividend policy: a comparison of regulated and unregulated firms. Journal of Financial and Strategic Decisions 9 (2):1-9.
D’Souza, J. and Saxena, A.K. 1999. Agency cost, market risk, investment opportunities and. dividend policy - an international perspective. Managerial Finance 25 (6):35-43.
DeAngelo, H., DeAngelo, L., & Skinner, D. 2004. Are dividends disappearing? Dividend concentration and the consolidation of earnings. Journal of Financial Economics 72 (3):425-456.
DeAngelo, H., DeAngelo, L., & Stulz, R. 2006. Dividend policy and the earned/contributed capital mix: a test of the life-cycle theory. Journal of Financial Economics 81 (2):227-254.
Denis, D. J., & Osobov, I. 2008. Why do firms pay dividends? International evidence on the determinants of dividend policy. Journal of Financial Economics 89 (1):62–82.
Eberhart, A.C., Maxwell, W.F., Siddique, A.R. 2004. An examination of long-term abnormal stock returns and operating performance following R&D increases. The Journal of Finance 59 (2):623-650.
Eberhart, A.C., Maxwell, W.F., Siddique, A.R. 2008. A reexamination of the tradeoff between the future benefit and riskiness of R&D increases. Journal of Accounting Research 46 (1):27-52.
Fama, E. F., & French, K. R. 2001. Disappearing dividends: Changing Firm Characteristics or Lower Propensity? Journal of Financial Economics 60 (1):3-43.
From AI to visual display: Report sheds light on US patent filing trends. 2019. Managing Intellectual Property.
Fujii, H., & Managi, S. 2018. Trends and priority shifts in artificial intelligence technology invention: A global patent analysis. Economic Analysis and Policy 58:60-69.
Gill, A., Biger, N., & Tibrewala, R. 2010. Determinants of Dividend. Payout Ratios: Evidence from United States~!2010-01-07~!2010-04-06~!2010-05-12. The Open Business Journal 3 (1):8-14.
Graham, S., Grim, C., Islam, T., Marco, A., & Miranda, J. 2018. Business dynamics of innovating firms: Linking U.S. patents with administrative data on workers and firms. Journal of Economics & Management Strategy 27 (3):372-402.
Griliches, Z. 1990. Patent Statistics as Economic Indicators: A Survey. Journal of Economic Literature 28 (4):1661-1707.
Hagedoorn, J., and M. Cloodt. 2003. Measuring innovative performance: is there an advantage in using multiple indicators? Research Policy 32 (8):1365-1379.
Hall, B.H., Jaffe, A., Trajtenberg, M. 2001. The NBER patent citation data file: lessons, insights and methodological tools. Unpublished working paper. NBER Working Paper 8498.
Hall, B.H., Jaffe, A., Trajtenberg, M. 2005a. The NBER patent citation data file: lessons, insights and methodological tools. In: Jaffe, A., Trajtenberg, M. (Eds.), Patents, Citations and Innovations: A Window on the Knowledge Economy. The MIT Press, Cambridge, MA.
Higgins, R. C. 1972. Dividend Policy and Increasing Discount Rates: A Clarification. Journal of Financial and Quantitative Analysis 7 (3):1757-1762.
Higgins, R. C. 1981. Sustainable growth under inflation. Financial Management 10 (4):36-40.
Hirshleifer, D., Hsu, P.-H., & Li, D. 2013. Innovative efficiency and stock returns. Journal of Financial Economics 107 (3):632–654.
Hsu, P.-H., Lee, H.-H., Liu, A. Z., & Zhang, Z. 2015. Corporate innovation, default risk, and bond pricing. Journal of Corporate Finance (Amsterdam, Netherlands) 35:329-344.
Janger, J., Schubert, T., Andries, P., Rammer, C., & Hoskens, M. 2016. The EU 2020 Innovation Indicator: A Step Forward in Measuring Innovation Outputs and Outcomes?
Jensen, M. C., & Meckling, W. H. 1976. Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics 3 (4):305- 360.
Karki, M.M.S. 1997. Patent citation analysis: a policy analysis tool. World Patent Information 19 (4):269-272.
Kogan, L., Papanikolaou, D., Seru, A. and Stoffman, N. 2017. Technological innovation, resource allocation, and growth. Quarterly Journal of Economics 132 (2):665-712.
Koo, D. S., Ramalingegowda, S., & Yu, Y. 2017. The effect of financial reporting quality on corporate dividend policy. Review of Accounting Studies 22 (2):753- 790.
Kouki, M. and Guizani, M. 2009. Ownership Structure and Dividend Policy Evidence from the Tunisian Stock Market. European Journal of Scientific Research 25 (1):42-53.
Lev, B. 2001. Intangibles: Management, Measurement, and Reporting. Brookings Institution Press, Washington DC.
Lev, B., Sarath, B., Sougiannis, T. 2005. R&D reporting biases and their consequences. Contemporary Accounting Research 22 (4):977-1026.
Li, K. and Zhao, X. 2008. Asymmetric Information and Dividend Policy. Financial Management 37 (4):673-694.
Lintner, J. 1956. Distribution of Incomes of Corporations Among Dividends, Retained Earnings, and Taxes. The American Economic Review 46 (2):97-113.
Mahira Rafique. 2012. Factors Affecting Dividend Payout: Evidence From Listed Non-Financial Firms of Karachi Stock Exchange. Business Management Dynamics 1 (11):76-92.
Miller, M. H., & Modigliani, F. 1961. Dividend Policy, Growth, and the Valuation of Shares. The Journal of business (Chicago, Ill.) 34 (4):411-433.
Mohammad Houmani Farahani, Maryam Ghara Jhafari. 2013. Impact of Financial Leverage on Dividend Policy at Tehran Stock Exchange: A Case Study in Food Industry Special Issue on Accounting and Management 2 (3):2788-2801.
Myers, S. C., & Majluf, N. S. 1984. Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics 13(2):187–221.
Narin, F., Noma, E., Perry, R. 1987. Patents as indicators of corporate technological strength. Research Policy 16 (2):143-155.
Noel, M., & Schankerman, M. 2013. Strategic patenting and software innovation. The Journal of Industrial Economics. 61 (3):481-520.
Pavitt, K. 1988. Uses and abuses of patent statistics. In: van Raan, A.F.J. (Ed.) Handbook of Quantitative Studies of Science and Technology. Elsevier, Amsterdam :509-536.
Ramalingegowda, S., Wang, C.-S., & Yu, Y. 2013. The Role of Financial Reporting Quality in Mitigating the Constraining Effect of Dividend Policy on Investment Decisions. The Accounting review 88 (3):1007-1039.
Rozeff, Mark S. 1982. Growth, Beta and Agency Costs as Determinants of Dividend Payout Ratios. The Journal of Financial Research 5 (3):249-259.
描述 碩士
國立政治大學
會計學系
108353009
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0108353009
資料類型 thesis
dc.contributor.advisor 詹凌菁zh_TW
dc.contributor.author (Authors) 田欣zh_TW
dc.contributor.author (Authors) Tien, Hsinen_US
dc.creator (作者) 田欣zh_TW
dc.creator (作者) Tien, Hsinen_US
dc.date (日期) 2021en_US
dc.date.accessioned 4-Aug-2021 14:29:06 (UTC+8)-
dc.date.available 4-Aug-2021 14:29:06 (UTC+8)-
dc.date.issued (上傳時間) 4-Aug-2021 14:29:06 (UTC+8)-
dc.identifier (Other Identifiers) G0108353009en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/136289-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 會計學系zh_TW
dc.description (描述) 108353009zh_TW
dc.description.abstract (摘要) 本研究探討公司創新活動及創新效率對其股利發放政策之影響。本研究以美國上市公司的資料作為樣本，實證結果顯示，創新數量和品質均與股利發放率呈現負相關。這顯示出創新產出高的公司往往發放的股利較少。而創新效率方面則有不同的結果，實證結果表明，創新效率高的企業願意分配更多的股利。額外測試中，證據顯示不具CEO雙重性除外，機構投資者佔比高和獨立董事占比高對創新產出的負面影響有減緩作用，對於創新效率的正面影響也有增強作用。使用產業調整後的衡量指標也與主要假說呈現相同的結果。zh_TW
dc.description.abstract (摘要) This paper examines whether the dividend payout policy is affected by innovation activities and innovation efficiency. I use the sample consisting of 117,215 observations of the U.S. listed firms. The empirical results indicate that the innovation quantity and quality are both negatively related to the dividend payout ratio. This indicates the firms with high innovation outputs tend to have fewer dividend payouts. However, the empirical results suggest that the firms with high innovation efficiency are willing to give out more dividends. Except for the CEO non-duality, additional analyses reveal that institutional investors and independent directors can not only mitigate the negative relation between innovation outputs and dividend payouts but also strengthen the positive relation between innovation efficiency and dividend payouts. The findings are robust to alternative measures using industry-adjusted innovation outputs.en_US
dc.description.tableofcontents 1. Introduction 1
2. Literature review 4
2.1. Dividend payout and its determinants 4
2.2. Innovation input, output, and efficiency 10
2.3. Patent application in the U.S. 12
2.4. Innovation activity and dividend payout 14
3. Hypotheses development 16
4. Data and research design 18
4.1. Sample selection 18
4.2. Empirical model for H1 and definition of variables 21
4.3. Empirical model for H2 and definition of variables 25
5. Empirical findings 27
5.1. Descriptive statistics and correlation coefficient matrix 27
5.2. Empirical results 31
5.2.1. Test of hypothesis H1 31
5.2.2. Test of hypothesis H2 38
5.3. Additional analyses 41
5.3.1. Test of the alternative proxy of innovation 41
5.3.2. Institutional shareholdings 45
5.3.3. Independent directors 50
5.3.4. CEO duality 54
6. Conclusions 58
References 60		zh_TW
dc.format.extent 1072044 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0108353009en_US
dc.subject (關鍵詞) 創新活動zh_TW
dc.subject (關鍵詞) 創新效率zh_TW
dc.subject (關鍵詞) 股利zh_TW
dc.subject (關鍵詞) 公司治理zh_TW
dc.subject (關鍵詞) Innovation activitiesen_US
dc.subject (關鍵詞) Innovation efficiencyen_US
dc.subject (關鍵詞) Dividend payouten_US
dc.subject (關鍵詞) Corporate governanceen_US
dc.title (題名) 創新活動對股利發放之影響zh_TW
dc.title (題名) The impact of innovation activities on dividend payouten_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) Abdelghani Echchabi, & Dhekra Azouzi. 2016. Determinants of Dividend Payout Ratios In Tunusia: Insights In Light of The Jasmine Revolution. Journal of Accounting, Finance and Auditing Studies 2 (1):1–.
Aboody, D., & Lev, B. 2000. Information Asymmetry, R&D, and Insider Gains. The Journal of Finance (New York) 55 (6):2747-2766.
Abor, Joshua & Amidu, Mohammed. 2006. Determinants of dividend payout ratios in Ghana. Journal of Risk Finance 7 (2):136-145.
Adjaoud, F. & Hermassi, N. 2017. The impact of corporate governance mechanisms on the dividend policy of Canadian firms: Empirical study. International journal of business, accounting, and finance 11 (1):90-.
Akhtar, S. 2018. Dividend payout determinants for Australian Multinational and Domestic Corporations. Accounting and Finance (Parkville) 58 (1):11-55.
Albert, M., Avery, D., Narin, F., & McAllister, P. 1991. Direct validation of citation counts as indicators of industrially important patents. Research Policy 20 (3):251- 259.
Ali, K.L., Khan, A.Q. and Ramirez, G.G. 1993. Determinants of Corporate Dividend Policy: A Factorial Analysis. The Financial Review (Buffalo, N.Y.) 28 (4):523- 547.
Allen, F., Bernardo, A. E., & Welch, I. 2000. A Theory of Dividends Based on Tax Clienteles. The Journal of Finance (New York) 55 (6):2499–2536.
Al-Malkawi, H.-A. N. 2008. Factors influencing corporate dividend decision: evidence from Jordanian panel data. International Journal of Business 13 (2):177-.
Asif, Aasia & Rasool, Waqas & Kamal, Yasir. 2011. Impact of financial leverage on dividend policy: Empirical evidence from Karachi Stock Exchange-listed companies. African Journal of Business Management 5:1312-1324.
Baghani, A., Rivandy, M., & Saghiri, A. 2014. The Relationship Between Corporate Governance and Dividend Policy. Kuwait Chapter of the Arabian Journal of Business and Management Review 3 (10):58-69.
Baker, H. K., Farrelly, G. E., & Edelman, R. B. 1985. A survey of management views on dividend policy. Financial Management 14 (3):78.
Baker, H. K., Samir Saadi, Shantanu Dutta, & Devinder Gandhi. 2007. The perception of dividends by Canadian managers: new survey evidence. International Journal of Managerial Finance 3 (1):70-
Bates, T.W., Kahle, K.M. and Stulz, R.M. 2009. Why Do U.S. Firms Hold So Much More Cash than They Used To? The Journal of Finance 64 (5):1985-2021.
Baysinger, B., & Hoskisson, R. 1989. Diversification Strategy and R and D Intensity in Multiproduct Firms. Academy of Management Journal 32 (2):310-.
Carpenter, M.P., Narin, F., Woolf, P. 1981. Citation rates to technologically important patents. World Patent Information 3 (4):160-163.
Chan, A. L.-C. 2012. Innovation activity and corporate financing: evidence from a developing economy. Applied Financial Economics 22 (20):1665-1678.
Chan, A. L.-C. 2014. Innovation efficiency and asymmetric timeliness of earnings: Evidence from an emerging market. International Review of Financial Analysis 32:132-142.
Chan, L.K.C., Lakonishok, J., Sougiannis, T. 2001. The stock market valuation of research and development expenditures. The Journal of Finance (New York) 56 (6):2431-2456.
Collins, M.C., Saxena, A.K. and Wansley, J.W. 1996. The role of insiders and dividend policy: a comparison of regulated and unregulated firms. Journal of Financial and Strategic Decisions 9 (2):1-9.
D’Souza, J. and Saxena, A.K. 1999. Agency cost, market risk, investment opportunities and. dividend policy - an international perspective. Managerial Finance 25 (6):35-43.
DeAngelo, H., DeAngelo, L., & Skinner, D. 2004. Are dividends disappearing? Dividend concentration and the consolidation of earnings. Journal of Financial Economics 72 (3):425-456.
DeAngelo, H., DeAngelo, L., & Stulz, R. 2006. Dividend policy and the earned/contributed capital mix: a test of the life-cycle theory. Journal of Financial Economics 81 (2):227-254.
Denis, D. J., & Osobov, I. 2008. Why do firms pay dividends? International evidence on the determinants of dividend policy. Journal of Financial Economics 89 (1):62–82.
Eberhart, A.C., Maxwell, W.F., Siddique, A.R. 2004. An examination of long-term abnormal stock returns and operating performance following R&D increases. The Journal of Finance 59 (2):623-650.
Eberhart, A.C., Maxwell, W.F., Siddique, A.R. 2008. A reexamination of the tradeoff between the future benefit and riskiness of R&D increases. Journal of Accounting Research 46 (1):27-52.
Fama, E. F., & French, K. R. 2001. Disappearing dividends: Changing Firm Characteristics or Lower Propensity? Journal of Financial Economics 60 (1):3-43.
From AI to visual display: Report sheds light on US patent filing trends. 2019. Managing Intellectual Property.
Fujii, H., & Managi, S. 2018. Trends and priority shifts in artificial intelligence technology invention: A global patent analysis. Economic Analysis and Policy 58:60-69.
Gill, A., Biger, N., & Tibrewala, R. 2010. Determinants of Dividend. Payout Ratios: Evidence from United States~!2010-01-07~!2010-04-06~!2010-05-12. The Open Business Journal 3 (1):8-14.
Graham, S., Grim, C., Islam, T., Marco, A., & Miranda, J. 2018. Business dynamics of innovating firms: Linking U.S. patents with administrative data on workers and firms. Journal of Economics & Management Strategy 27 (3):372-402.
Griliches, Z. 1990. Patent Statistics as Economic Indicators: A Survey. Journal of Economic Literature 28 (4):1661-1707.
Hagedoorn, J., and M. Cloodt. 2003. Measuring innovative performance: is there an advantage in using multiple indicators? Research Policy 32 (8):1365-1379.
Hall, B.H., Jaffe, A., Trajtenberg, M. 2001. The NBER patent citation data file: lessons, insights and methodological tools. Unpublished working paper. NBER Working Paper 8498.
Hall, B.H., Jaffe, A., Trajtenberg, M. 2005a. The NBER patent citation data file: lessons, insights and methodological tools. In: Jaffe, A., Trajtenberg, M. (Eds.), Patents, Citations and Innovations: A Window on the Knowledge Economy. The MIT Press, Cambridge, MA.
Higgins, R. C. 1972. Dividend Policy and Increasing Discount Rates: A Clarification. Journal of Financial and Quantitative Analysis 7 (3):1757-1762.
Higgins, R. C. 1981. Sustainable growth under inflation. Financial Management 10 (4):36-40.
Hirshleifer, D., Hsu, P.-H., & Li, D. 2013. Innovative efficiency and stock returns. Journal of Financial Economics 107 (3):632–654.
Hsu, P.-H., Lee, H.-H., Liu, A. Z., & Zhang, Z. 2015. Corporate innovation, default risk, and bond pricing. Journal of Corporate Finance (Amsterdam, Netherlands) 35:329-344.
Janger, J., Schubert, T., Andries, P., Rammer, C., & Hoskens, M. 2016. The EU 2020 Innovation Indicator: A Step Forward in Measuring Innovation Outputs and Outcomes?
Jensen, M. C., & Meckling, W. H. 1976. Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics 3 (4):305- 360.
Karki, M.M.S. 1997. Patent citation analysis: a policy analysis tool. World Patent Information 19 (4):269-272.
Kogan, L., Papanikolaou, D., Seru, A. and Stoffman, N. 2017. Technological innovation, resource allocation, and growth. Quarterly Journal of Economics 132 (2):665-712.
Koo, D. S., Ramalingegowda, S., & Yu, Y. 2017. The effect of financial reporting quality on corporate dividend policy. Review of Accounting Studies 22 (2):753- 790.
Kouki, M. and Guizani, M. 2009. Ownership Structure and Dividend Policy Evidence from the Tunisian Stock Market. European Journal of Scientific Research 25 (1):42-53.
Lev, B. 2001. Intangibles: Management, Measurement, and Reporting. Brookings Institution Press, Washington DC.
Lev, B., Sarath, B., Sougiannis, T. 2005. R&D reporting biases and their consequences. Contemporary Accounting Research 22 (4):977-1026.
Li, K. and Zhao, X. 2008. Asymmetric Information and Dividend Policy. Financial Management 37 (4):673-694.
Lintner, J. 1956. Distribution of Incomes of Corporations Among Dividends, Retained Earnings, and Taxes. The American Economic Review 46 (2):97-113.
Mahira Rafique. 2012. Factors Affecting Dividend Payout: Evidence From Listed Non-Financial Firms of Karachi Stock Exchange. Business Management Dynamics 1 (11):76-92.
Miller, M. H., & Modigliani, F. 1961. Dividend Policy, Growth, and the Valuation of Shares. The Journal of business (Chicago, Ill.) 34 (4):411-433.
Mohammad Houmani Farahani, Maryam Ghara Jhafari. 2013. Impact of Financial Leverage on Dividend Policy at Tehran Stock Exchange: A Case Study in Food Industry Special Issue on Accounting and Management 2 (3):2788-2801.
Myers, S. C., & Majluf, N. S. 1984. Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics 13(2):187–221.
Narin, F., Noma, E., Perry, R. 1987. Patents as indicators of corporate technological strength. Research Policy 16 (2):143-155.
Noel, M., & Schankerman, M. 2013. Strategic patenting and software innovation. The Journal of Industrial Economics. 61 (3):481-520.
Pavitt, K. 1988. Uses and abuses of patent statistics. In: van Raan, A.F.J. (Ed.) Handbook of Quantitative Studies of Science and Technology. Elsevier, Amsterdam :509-536.
Ramalingegowda, S., Wang, C.-S., & Yu, Y. 2013. The Role of Financial Reporting Quality in Mitigating the Constraining Effect of Dividend Policy on Investment Decisions. The Accounting review 88 (3):1007-1039.
Rozeff, Mark S. 1982. Growth, Beta and Agency Costs as Determinants of Dividend Payout Ratios. The Journal of Financial Research 5 (3):249-259.		zh_TW
dc.identifier.doi (DOI) 10.6814/NCCU202101043en_US