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題名 公司管理人與機構投資人持股對公司股利政策之影響分析
The Effect of Managerial and Institutional Ownership on Corporate Dividend Policy
作者 賀郁翔
Ho, Yu-Hsiang
貢獻者 顏錫銘<br>陳鴻毅
賀郁翔
Ho, Yu-Hsiang
關鍵詞 股利政策
公司管理人
機構投資人
Dividend Policy
Managerial Ownership
Institutional Ownership
日期 2025
上傳時間 1-Jul-2025 14:56:58 (UTC+8)
摘要 本研究旨在探討在不同公司股權結構下，台灣上市櫃公司現金股利政策之差異，並分析公司管理人與機構投資人持股對公司股利政策的影響。本研究以2019至2024年間在台灣上市櫃的公司作為研究對象，採用追蹤資料迴歸模型進行實證分析。結果顯示，公司管理人與機構投資人持股比率的提高，皆與現金股利發放呈正向關係；然而，在兩者同時持股的情況下，僅公司管理人持股仍具顯著正向影響。進一步細分機構投資人後發現，國內金融機構對現金股利發放具正向影響，國外機構投資人則呈負向影響。本研究結果可作為投資人瞭解公司股權結構與股利政策關聯之參考，協助投資人依其偏好選擇合適投資標的，並形成其最適的投資組合。
This study examines how different ownership structures influence corporate cash dividend policy, focusing on managerial and institutional ownership. Using panel data from Taiwanese listed companies between 2019 and 2024, the empirical results show that both higher managerial and institutional ownership are positively associated with greater cash dividend payouts. However, when both ownership types are considered simultaneously, only managerial ownership maintains a significant positive impact on dividend payouts. A further breakdown of institutional ownership reveals that domestic financial institutions positively affect dividend payouts, while foreign institutional investors have a negative effect. These findings offer insights into the relationship between ownership structure and corporate dividend policy, helping investors align their portfolio choices with their dividend preferences and construct an appropriate investment portfolio.
參考文獻 中文文獻 1. 王毓茹（2024，7月18日），台灣企業近 7 成是家族治理，且多數未經歷過接班！何時該啟動交接計畫。經理人月刊。 2. 邱琮皓（2024，8月5日），課稅新制效應！高股利所得族繳稅變少了。財部：適時檢討。經濟日報。 3. 邱麗卿、謝易達（2012），管理者固守職位與股利決策之台灣實證研究，中山管理評論，第20卷第4期，12月，頁1213-1251。 4. 林穎芬、黃麗津、陳思源（2009），經理人薪酬、公司治理與現金股利政策，華人前瞻研究，第5卷第2期，11月，頁119-142。 5. 王翔民（2004），The impact of Corporate Governance and Firm Performance on Dividend Payout Policy，學術論文，國立成功大學會計學研究所，台灣台南。 6. 洪秀芬、陳貴端（2004），交叉持股對公司治理之影響，財金論文叢刊，第1期，6月，頁63-83。 英文文獻 1. Aivazian, V., Booth, L., & Cleary, S. (2003). Do emerging market firms follow different dividend policies from U.S. firms? Journal of Financial Research, 26(3), 371–387. 2. Aleknevičienė, V., & Vilimaitė, K. (2023). Effect of ownership structure on dividend payments: Evidence from public companies in Nordic and Baltic countries. Cogent Economics & Finance, 11(2), Article 2238377. 3. Allen, F., Bernardo, A. E., & Welch, I. (2000). A theory of dividends based on tax clienteles. The Journal of Finance, 55(6), 2499–2536. 4. Bataineh, H. (2021). The impact of ownership structure on dividend policy of listed firms in Jordan. Cogent Business & Management, 8(1), Article 1863175. 5. Bhattacharya, S. (1979). Imperfect information, dividend policy, and ‘the bird in the hand’ fallacy. The Bell Journal of Economics, 10(1), 259–270. 6. Brickley, J. A., Lease, R. C., & Smith, C. W., Jr. (1988). Ownership structure and voting on antitakeover amendments. Journal of Financial Economics, 20(1–2), 267–291. 7. DeAngelo, H., DeAngelo, L., & Skinner, D. J. (2004). Are dividends disappearing? Dividend concentration and the consolidation of earnings. Journal of Financial Economics, 72(3), 425-456. 8. Easterbrook, F. H. (1984). Two agency-cost explanations of dividends. The American Economic Review, 74(4), 650–659. 9. Ehsan, S., Tabassum, N., Akram, Z., & Nasir, R. (2013). Role of insider and individual ownership structure in dividend payout policy: Evidence from Pakistan. Middle-East Journal of Scientific Research, 17(9), 1316–1326. 10. Farinha, J. (2003). Dividend policy, corporate governance and the managerial entrenchment hypothesis: An empirical analysis. Journal of Business Finance & Accounting, 30(9–10), 1173–1209. 11. Firth, M., Gao, J., Shen, J., & Zhang, Y. (2016). Institutional stock ownership and firms’ cash dividend policies: Evidence from China. Journal of Banking & Finance, 65, 91–107. 12. Grullon, G., Michaely, R., & Swaminathan, B. (2002). Are dividend changes a sign of firm maturity? The Journal of Business, 75(3), 387-424. 13. Han, K. C., Lee, S. H., & Suk, D. Y. (1999). Institutional shareholders and dividends. Journal of Financial and Strategic Decisions, 12(1), 53–62. 14. Jain, R. (2007). Institutional and individual investor preferences for dividends and share repurchases. Journal of Economics and Business, 59(5), 406–429. 15. Jensen, G. R., Solberg, D. P., & Zorn, T. S. (1992). Simultaneous determination of insider ownership, debt, and dividend policies. Journal of Financial and Quantitative Analysis, 27(2), 247–263. 16. Jensen, M. C. (1986). Agency costs of free cash flow, corporate finance, and takeovers. The American Economic Review, 76(2), 323–329. 17. 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. 18. Kartana, I. W., Tjahjadi, B., & Narsa, M. (2022). Managerial ownership and dividend policy in Indonesia. International Journal of Economics, Commerce and Management, 10(4), 28–39. 19. Khan, A. (2022). Ownership structure, board characteristics and dividend policy: Evidence from Turkey. Corporate Governance: The International Journal of Business in Society, 22(2), 340–363. 20. Kouki, M., & Guizani, M. (2009). Ownership structure and dividend policy: Evidence from the Tunisian stock market. European Journal of Scientific Research, 25(1), 42–53. 21. Lloyd, W. P., Jahera, J. S. Jr., & Page, D. E. (1985). Agency costs and dividend payout ratios. Quarterly Journal of Business and Economics, 24(3), 19–29. 22. Miller, M. H., & Rock, K. (1985). Dividend policy under asymmetric information. The Journal of Finance, 40(4), 1031–1051. 23. Mirza, H. H., & Afza, T. (2010). Ownership structure and cash flows as determinants of corporate dividend policy in Pakistan. International Business Research, 3(3), 210–222. 24. Ross, S. A. (1977). The determination of financial structure: The incentive-signalling approach. The Bell Journal of Economics, 8(1), 23–40. 25. Rozeff, M. S. (1982). Growth, beta and agency costs as determinants of dividend payout ratios. Journal of Financial Research, 5(3), 249–259. 26. Salkind, N. J., & Shaw, I. (2019). Statistics for people who (think they) hate statistics: Using R. SAGE Publications. 27. Schooley, D. K., & Barney, L. D. (1994). Using dividend policy and managerial ownership to reduce agency costs. Journal of Financial Research, 17(3), 363–373. 28. Shah, S. Z. A., Hasnain, B., & Ullah, W. (2011). Impact of ownership structure on dividend policy of firm: Evidence from Pakistan. Proceedings of the International Conference on E-business, Management and Economics, 3, 22–26. 29. Shaheen, R., & Ullah, S. (2018). Effect of institutional and insider ownership on dividend policy: Evidence from Pakistan. Journal of Business and Tourism, 4(2), 155–166. 30. Shleifer, A., & Vishny, R. W. (1986). Large shareholders and corporate control. Journal of Political Economy, 94(3), 461–488. 31. Short, H., Zhang, H., & Keasey, K. (2002). The link between dividend policy and institutional ownership. Journal of Corporate Finance, 8(2), 105–122. 32. Smith, C. W., & Watts, R. L. (1992). The investment opportunity set and corporate financing, dividend, and compensation policies. Journal of Financial Economics, 32(3), 263–292. 33. Spence, M. (1973). Job market signaling. The Quarterly Journal of Economics, 87(3), 355–374. 34. Tayachi, T., Hunjra, A. I., Jones, K., Mehmood, R., & Al-Faryan, M. A. S. (2023). How does ownership structure affect the financing and dividend decisions of firms? Journal of Financial Reporting and Accounting, 21(3), 729–746. 35. Wiberg, D. (2008). Ownership, dividends, R&D and retained earnings: Are institutional owners short-term oriented? CESIS Electronic Working Paper Series, No. 152, Royal Institute of Technology, Sweden. 36. Zeckhauser, R. J., & Pound, J. (1990). Are large shareholders effective monitors? An investigation of share ownership and corporate performance. In R. G. Hubbard (Ed.), Asymmetric Information, Corporate Finance, and Investment (pp. 149–180). University of Chicago Press.
描述 碩士
國立政治大學
企業管理研究所(MBA學位學程)
112363025
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0112363025
資料類型 thesis
dc.contributor.advisor 顏錫銘<br>陳鴻毅zh_TW
dc.contributor.author (Authors) 賀郁翔zh_TW
dc.contributor.author (Authors) Ho, Yu-Hsiangen_US
dc.creator (作者) 賀郁翔zh_TW
dc.creator (作者) Ho, Yu-Hsiangen_US
dc.date (日期) 2025en_US
dc.date.accessioned 1-Jul-2025 14:56:58 (UTC+8)-
dc.date.available 1-Jul-2025 14:56:58 (UTC+8)-
dc.date.issued (上傳時間) 1-Jul-2025 14:56:58 (UTC+8)-
dc.identifier (Other Identifiers) G0112363025en_US
dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/157790-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 企業管理研究所(MBA學位學程)zh_TW
dc.description (描述) 112363025zh_TW
dc.description.abstract (摘要) 本研究旨在探討在不同公司股權結構下，台灣上市櫃公司現金股利政策之差異，並分析公司管理人與機構投資人持股對公司股利政策的影響。本研究以2019至2024年間在台灣上市櫃的公司作為研究對象，採用追蹤資料迴歸模型進行實證分析。結果顯示，公司管理人與機構投資人持股比率的提高，皆與現金股利發放呈正向關係；然而，在兩者同時持股的情況下，僅公司管理人持股仍具顯著正向影響。進一步細分機構投資人後發現，國內金融機構對現金股利發放具正向影響，國外機構投資人則呈負向影響。本研究結果可作為投資人瞭解公司股權結構與股利政策關聯之參考，協助投資人依其偏好選擇合適投資標的，並形成其最適的投資組合。zh_TW
dc.description.abstract (摘要) This study examines how different ownership structures influence corporate cash dividend policy, focusing on managerial and institutional ownership. Using panel data from Taiwanese listed companies between 2019 and 2024, the empirical results show that both higher managerial and institutional ownership are positively associated with greater cash dividend payouts. However, when both ownership types are considered simultaneously, only managerial ownership maintains a significant positive impact on dividend payouts. A further breakdown of institutional ownership reveals that domestic financial institutions positively affect dividend payouts, while foreign institutional investors have a negative effect. These findings offer insights into the relationship between ownership structure and corporate dividend policy, helping investors align their portfolio choices with their dividend preferences and construct an appropriate investment portfolio.en_US
dc.description.tableofcontents 誌謝 i 摘要 ii Abstract iii 目錄 iv 表目錄 vi 圖目錄 vii 第一章 緒論 1 第一節 研究背景和動機 1 第二節 研究目的 3 第三節 研究架構 3 第二章 文獻回顧 5 第一節 股利政策的理論 5 第二節 公司股利政策與公司管理人股權 7 第三節 公司股利政策與機構投資人股權 10 第四節 研究假說 12 第三章 研究方法 15 第一節 研究範圍與資料來源 15 第二節 研究變數 19 第三節 樣本敘述統計 22 第四節 研究方法 26 第四章 實證結果及分析 29 第一節 公司管理人持股比率對公司股利政策之個別影響 29 第二節 機構投資人持股比率對公司股利政策之個別影響 31 第三節 公司管理人和機構投資人持股比率對公司股利政策之整體影響 33 第四節 不同類型機構投資人對現金股利政策之影響 36 第五章 結論與建議 41 第一節 研究結論 41 第二節 研究限制與建議 44 參考文獻 45zh_TW
dc.format.extent 1921150 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0112363025en_US
dc.subject (關鍵詞) 股利政策zh_TW
dc.subject (關鍵詞) 公司管理人zh_TW
dc.subject (關鍵詞) 機構投資人zh_TW
dc.subject (關鍵詞) Dividend Policyen_US
dc.subject (關鍵詞) Managerial Ownershipen_US
dc.subject (關鍵詞) Institutional Ownershipen_US
dc.title (題名) 公司管理人與機構投資人持股對公司股利政策之影響分析zh_TW
dc.title (題名) The Effect of Managerial and Institutional Ownership on Corporate Dividend Policyen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 中文文獻 1. 王毓茹（2024，7月18日），台灣企業近 7 成是家族治理，且多數未經歷過接班！何時該啟動交接計畫。經理人月刊。 2. 邱琮皓（2024，8月5日），課稅新制效應！高股利所得族繳稅變少了。財部：適時檢討。經濟日報。 3. 邱麗卿、謝易達（2012），管理者固守職位與股利決策之台灣實證研究，中山管理評論，第20卷第4期，12月，頁1213-1251。 4. 林穎芬、黃麗津、陳思源（2009），經理人薪酬、公司治理與現金股利政策，華人前瞻研究，第5卷第2期，11月，頁119-142。 5. 王翔民（2004），The impact of Corporate Governance and Firm Performance on Dividend Payout Policy，學術論文，國立成功大學會計學研究所，台灣台南。 6. 洪秀芬、陳貴端（2004），交叉持股對公司治理之影響，財金論文叢刊，第1期，6月，頁63-83。 英文文獻 1. Aivazian, V., Booth, L., & Cleary, S. (2003). Do emerging market firms follow different dividend policies from U.S. firms? Journal of Financial Research, 26(3), 371–387. 2. Aleknevičienė, V., & Vilimaitė, K. (2023). Effect of ownership structure on dividend payments: Evidence from public companies in Nordic and Baltic countries. Cogent Economics & Finance, 11(2), Article 2238377. 3. Allen, F., Bernardo, A. E., & Welch, I. (2000). A theory of dividends based on tax clienteles. The Journal of Finance, 55(6), 2499–2536. 4. Bataineh, H. (2021). The impact of ownership structure on dividend policy of listed firms in Jordan. Cogent Business & Management, 8(1), Article 1863175. 5. Bhattacharya, S. (1979). Imperfect information, dividend policy, and ‘the bird in the hand’ fallacy. The Bell Journal of Economics, 10(1), 259–270. 6. Brickley, J. A., Lease, R. C., & Smith, C. W., Jr. (1988). Ownership structure and voting on antitakeover amendments. Journal of Financial Economics, 20(1–2), 267–291. 7. DeAngelo, H., DeAngelo, L., & Skinner, D. J. (2004). Are dividends disappearing? Dividend concentration and the consolidation of earnings. Journal of Financial Economics, 72(3), 425-456. 8. Easterbrook, F. H. (1984). Two agency-cost explanations of dividends. The American Economic Review, 74(4), 650–659. 9. Ehsan, S., Tabassum, N., Akram, Z., & Nasir, R. (2013). Role of insider and individual ownership structure in dividend payout policy: Evidence from Pakistan. Middle-East Journal of Scientific Research, 17(9), 1316–1326. 10. Farinha, J. (2003). Dividend policy, corporate governance and the managerial entrenchment hypothesis: An empirical analysis. Journal of Business Finance & Accounting, 30(9–10), 1173–1209. 11. Firth, M., Gao, J., Shen, J., & Zhang, Y. (2016). Institutional stock ownership and firms’ cash dividend policies: Evidence from China. Journal of Banking & Finance, 65, 91–107. 12. Grullon, G., Michaely, R., & Swaminathan, B. (2002). Are dividend changes a sign of firm maturity? The Journal of Business, 75(3), 387-424. 13. Han, K. C., Lee, S. H., & Suk, D. Y. (1999). Institutional shareholders and dividends. Journal of Financial and Strategic Decisions, 12(1), 53–62. 14. Jain, R. (2007). Institutional and individual investor preferences for dividends and share repurchases. Journal of Economics and Business, 59(5), 406–429. 15. Jensen, G. R., Solberg, D. P., & Zorn, T. S. (1992). Simultaneous determination of insider ownership, debt, and dividend policies. Journal of Financial and Quantitative Analysis, 27(2), 247–263. 16. Jensen, M. C. (1986). Agency costs of free cash flow, corporate finance, and takeovers. The American Economic Review, 76(2), 323–329. 17. 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. 18. Kartana, I. W., Tjahjadi, B., & Narsa, M. (2022). Managerial ownership and dividend policy in Indonesia. International Journal of Economics, Commerce and Management, 10(4), 28–39. 19. Khan, A. (2022). Ownership structure, board characteristics and dividend policy: Evidence from Turkey. Corporate Governance: The International Journal of Business in Society, 22(2), 340–363. 20. Kouki, M., & Guizani, M. (2009). Ownership structure and dividend policy: Evidence from the Tunisian stock market. European Journal of Scientific Research, 25(1), 42–53. 21. Lloyd, W. P., Jahera, J. S. Jr., & Page, D. E. (1985). Agency costs and dividend payout ratios. Quarterly Journal of Business and Economics, 24(3), 19–29. 22. Miller, M. H., & Rock, K. (1985). Dividend policy under asymmetric information. The Journal of Finance, 40(4), 1031–1051. 23. Mirza, H. H., & Afza, T. (2010). Ownership structure and cash flows as determinants of corporate dividend policy in Pakistan. International Business Research, 3(3), 210–222. 24. Ross, S. A. (1977). The determination of financial structure: The incentive-signalling approach. The Bell Journal of Economics, 8(1), 23–40. 25. Rozeff, M. S. (1982). Growth, beta and agency costs as determinants of dividend payout ratios. Journal of Financial Research, 5(3), 249–259. 26. Salkind, N. J., & Shaw, I. (2019). Statistics for people who (think they) hate statistics: Using R. SAGE Publications. 27. Schooley, D. K., & Barney, L. D. (1994). Using dividend policy and managerial ownership to reduce agency costs. Journal of Financial Research, 17(3), 363–373. 28. Shah, S. Z. A., Hasnain, B., & Ullah, W. (2011). Impact of ownership structure on dividend policy of firm: Evidence from Pakistan. Proceedings of the International Conference on E-business, Management and Economics, 3, 22–26. 29. Shaheen, R., & Ullah, S. (2018). Effect of institutional and insider ownership on dividend policy: Evidence from Pakistan. Journal of Business and Tourism, 4(2), 155–166. 30. Shleifer, A., & Vishny, R. W. (1986). Large shareholders and corporate control. Journal of Political Economy, 94(3), 461–488. 31. Short, H., Zhang, H., & Keasey, K. (2002). The link between dividend policy and institutional ownership. Journal of Corporate Finance, 8(2), 105–122. 32. Smith, C. W., & Watts, R. L. (1992). The investment opportunity set and corporate financing, dividend, and compensation policies. Journal of Financial Economics, 32(3), 263–292. 33. Spence, M. (1973). Job market signaling. The Quarterly Journal of Economics, 87(3), 355–374. 34. Tayachi, T., Hunjra, A. I., Jones, K., Mehmood, R., & Al-Faryan, M. A. S. (2023). How does ownership structure affect the financing and dividend decisions of firms? Journal of Financial Reporting and Accounting, 21(3), 729–746. 35. Wiberg, D. (2008). Ownership, dividends, R&D and retained earnings: Are institutional owners short-term oriented? CESIS Electronic Working Paper Series, No. 152, Royal Institute of Technology, Sweden. 36. Zeckhauser, R. J., & Pound, J. (1990). Are large shareholders effective monitors? An investigation of share ownership and corporate performance. In R. G. Hubbard (Ed.), Asymmetric Information, Corporate Finance, and Investment (pp. 149–180). University of Chicago Press.zh_TW