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    题名: 家族企業董事會組成多元性對公司股利政策的影響
    The Diversity of The Board of Directors of a Family Business on Dividend Policies
    作者: 陳怡璇
    Chen, Yi-Hsuan
    贡献者: 陳聖賢
    Chen, Sheng-Syan
    陳怡璇
    Chen, Yi-Hsuan
    关键词: 董事會多元化
    家族企業
    股利決策
    代理問題
    所有權結構
    Board Diversity
    Family Business
    Dividend policy
    Agency Problem
    Ownership Structure
    日期: 2021
    上传时间: 2021-07-03 00:43:00 (UTC+8)
    摘要: 隨著近年來董事會多元化的議題受到廣泛關注，諸多學者紛紛投入相關研究，惟大多數都是專注討論單一多元化因子的影響，台灣企業大約有60%都是由家族主導，是台灣企業的特色之一，並且在公司決策上有舉足輕重的影響力。本文以多維度的多元化指數來探討公司股利決策，並將家族企業特性納入考量，以代理問題的角度討論家族企業如何影響股利政策，最後檢驗多元化指數和家族企業是否存在交互作用的關係。實證結果發現，多元化指數對現金股利發放率有正向影響，而家族企業支付較少現金股利，表示控制家族和少數股東之間存在嚴重代理問題，最後多元化指數和家族企業不存在交互作用關係。另外，現金流量權和控制權的偏離程度不會影響家族企業支付現金股利的多寡，但是與多元化指數存在交互作用關係，家族企業的現金流量權和控制權偏離程度愈小，董事會多元化程度愈高則發放愈多現金股利。
    The issue of board diversification has received widespread attention in recent years. There are many scholars have focused on board diversification. But most of them focus on discussing a single diversity factor. There are approximately 60% of family business in Taiwan. They have a huge influence on decision-making. Therefore, in this paper, we use a multidimensional measure of diversity and a family business factor on dividend policies. The empirical results show that the diversity index has a positive effect on cash dividend payout and family business pay less cash dividends. This means there is a serious agency problem between the controlling family and minority shareholders. Finally, there is no interaction relationship between diversity index and family business dummy variable. In addition, the separation of cash flow rights and control rights does not affect cash dividend payout in family business. But there is an interaction relationship with diversity index. The cash dividend payout will increase if the separation of cash flow rights and control rights is low and board diversification is high.
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    描述: 碩士
    國立政治大學
    財務管理學系
    108357014
    資料來源: http://thesis.lib.nccu.edu.tw/record/#G0108357014
    数据类型: thesis
    DOI: 10.6814/NCCU202100580
    显示于类别:[財務管理學系] 學位論文

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