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    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/136289


    Title: 創新活動對股利發放之影響
    The impact of innovation activities on dividend payout
    Authors: 田欣
    Tien, Hsin
    Contributors: 詹凌菁
    田欣
    Tien, Hsin
    Keywords: 創新活動
    創新效率
    股利
    公司治理
    Innovation activities
    Innovation efficiency
    Dividend payout
    Corporate governance
    Date: 2021
    Issue Date: 2021-08-04 14:29:06 (UTC+8)
    Abstract: 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.
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    Description: 碩士
    國立政治大學
    會計學系
    108353009
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0108353009
    Data Type: thesis
    DOI: 10.6814/NCCU202101043
    Appears in Collections:[Department of Accounting] Theses

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