English  |  正體中文  |  简体中文  |  Post-Print筆數 : 27 |  全文筆數/總筆數 : 118940/150005 (79%)
造訪人次 : 83435263      線上人數 : 1585
RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.
搜尋範圍 查詢小技巧：
  • 您可在西文檢索詞彙前後加上"雙引號"，以獲取較精準的檢索結果
  • 若欲以作者姓名搜尋，建議至進階搜尋限定作者欄位，可獲得較完整資料
    •  進階搜尋


    請使用永久網址來引用或連結此文件: https://nccur.lib.nccu.edu.tw/handle/140.119/157790


    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
    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: 2025-07-01 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
    顯示於類別:[企業管理研究所（MBA學位學程）] 學位論文

    文件中的檔案:

    檔案 描述 大小格式瀏覽次數
    302501.pdf1876KbAdobe PDF0檢視/開啟


    在政大典藏中所有的資料項目都受到原著作權保護.


    社群 sharing

    著作權政策宣告 Copyright Announcement
    1.本網站之數位內容為國立政治大學所收錄之機構典藏，無償提供學術研究與公眾教育等公益性使用，惟仍請適度，合理使用本網站之內容，以尊重著作權人之權益。商業上之利用，則請先取得著作權人之授權。
    The digital content of this website is part of National Chengchi University Institutional Repository. It provides free access to academic research and public education for non-commercial use. Please utilize it in a proper and reasonable manner and respect the rights of copyright owners. For commercial use, please obtain authorization from the copyright owner in advance.

    2.本網站之製作，已盡力防止侵害著作權人之權益，如仍發現本網站之數位內容有侵害著作權人權益情事者，請權利人通知本網站維護人員(nccur@nccu.edu.tw)，維護人員將立即採取移除該數位著作等補救措施。
    NCCU Institutional Repository is made to protect the interests of copyright owners. If you believe that any material on the website infringes copyright, please contact our staff(nccur@nccu.edu.tw). We will remove the work from the repository and investigate your claim.
    DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library IR team Copyright ©   - 回饋