기업의 R&D 투자와 배당정책간의 관계

• 영문명: The Relationships between Corporate R&D Investments and Dividend Policies
• 발행기관: 한국무역연구원
• 저자명: 신민식(Min-Shik Shin) 이재익(Jae-Ik Lee)
• 간행물 정보: 『무역연구』제14권 제3호, 467~485쪽, 전체 19쪽
• 주제분류: 경제경영 > 무역학
• 파일형태: PDF
• 발행일자: 2018.06.19

영문 초록

This study empirically analyzes the relationships between R&D investment and dividend policies using fixed effects panel regression model. The main results of this study can be summarized as follows. The relationship between R&D investment and dividend payouts is inverse U-shaped. For lower R&D investment, the R&D investment is positively associated with the dividend payouts. This result is consistent with the reputation effect hypothesis. However, for higher R&D investment, the R&D investment is negatively associated with the dividend payouts. Therefore, R&D intensive firms tend to hold relatively large cash holdings in order to secure internal funds for continual high R&D investments. Reflecting the higher R&D investment firms’ need to preserve internal funds, they are likely to reduce dividend payouts. This result is consistent with the financial flexibility hypothesis. For financially unconstrained firms, the R&D investment is positively associated with the dividend payouts, while for financially constrained firms, the R&D investment is less positively associated with the dividend payouts. Therefore, the reputation effect hypothesis predicts that the positive relationship between R&D investment and dividend payouts is stronger for financially unconstrained firms and is weaker for financially constrained firms.

목차

Ⅰ. 서론

Ⅱ. 선행연구

Ⅲ. 연구설계

Ⅳ. 실증분석

Ⅴ. 결론

키워드

Dividend Policies Financial Flexibility Hypothesis R&D Investments Reputation Effect Hypothesis