코스닥기업의 외국인투자와 배당에 대한 연구 (The Effect of Foreign Investment on Dividend Payments of KOSDAQ Firms)

서지정보

· 발행기관 : 한국세무학회
· 수록지 정보 : 세무와회계저널 / 12권 / 3호 / 345 ~ 374페이지
· 저자명 : 정원섭, 최문수, 김병옥

초록

초록본 논문에서는 선행연구에서 외국인투자와 배당수준 간의 인과관계의 방향을 통제하지 않았다는 점을 고려하여 외국인투자가 배당을 이미 지급하고 있는 기업을 선호하여 발생하였을 가능성을 가진 표본을 전체표본에서 구분하고 이들을 개별적으로 분석함으로써 외국인투자와 기업의 배당수준 간의 인과관계를 보다 정확하게 통제하고자 하였다. 실증분석 결과에 의하면 외국인투자 지분과 배당수준과의 관계는 종속변수로 사용되는 배당수준의 정의에 따라 달라지게 나타났다. 먼저 전체표본을 사용하는 경우, 기존문헌과 유사하게 배당성향과 시가배당수익률은 외국인투자와 유의한 관계를 보이지 않았으나 총자산배당수익률은 외국인투자와 유의한 정의 관계에 있는 것으로 나타났다. 외국인투자가 있기 전에 배당을 지급하였던 표본기업에 대해서는 배당성향과 시가배당수익률이 외국인투자와 유의하지 않은 관계를 보임으로써 외국인투자가 배당을 지급하는 기업을 선호하여 이루어진 경우에는 외국인투자자들이 기업의 배당정책 결정에 유의한 영향을 미치지 않는 것으로 나타났다. 그러나 이러한 배당지급 기업에 대한 선호현상을 통제하였을 때, 외국인 투자가 배당성향과 시가배당수익률에 유의한 정의 영향을 미치는 것으로 나타나 외국인지분이 증가할수록 전체이익 중 배당액이 차지하는 비중이 증가하고 시가총액대비 현금배당이 증가함으로써 외국인투자자가 기업의 배당수준 결정에 유의한 영향을 미친다는 주장이 지지되는 것으로 나타났다. 기존의 문헌에서는 유의하게 나타나지 않았던 배당성향과 시가배당수익률이 외국인의 배당지급 기업에 대한 선호현상을 통제하였을 때 유의하게 나타난 결과는 상당히 의미가 있다고 할 수 있다.

영어초록

This study examines the impact of foreign investments on firms' dividend payments, Foreign investors are perceived to require the excessive payment of cash dividends and eventually deter the firm from investing for the future growth. Numerous studies have examined this issue by exploring the relation between the foreign ownership and the cash dividend payment. Their results differ on which ratio of dividend payment is used for the dependent variable of the regression analysis. When the dividend yield and dividend payout ratio are used, their relation with the foreign ownership is not significant. When, however, the dividend payment divided by total assets is used, its relation with the foreign ownership is significant. There are also several statistical issues on their empirical methodology. The most prominent problem is the lead and lag relation between the foreign investment and the dividend payment. While foreign investors force firms to pay more cash dividends, they could have invested in the firm paying cash dividends. In either way, the positive relation between them should be resulted in the regression, but the positive coefficient for the foreign investment cannot tell an increase in dividend payments is caused by foreign investors. This lead-lag problem has been mentioned but never been controlled in existing studies. In this study, this problem is mitigated by carefully constructing samples according to the lead and lag relation between the foreign investment and dividend payments. During the period between 2000 and 2006, firms made initial public offering are selected and identified when the foreign investment is made. If the foreign investment is made, we then identify the dividend payment is made prior to the foreign investment. Based on these criteria, the whole sample is divided by two sub-samples, one consists of firms with dividend payment prior to the foreign investment, and the other consists of remaining firms. This study examines the impact of foreign investment on the dividend policy using the overall sample and two sub-samples through panel regressions. The foreign investment is found not to be related to the dividend payout ratio and dividend yield but to be significantly related to the dividend ratio when the overall sample is used. This result is consistent with one reported in the existing literature. The foreign investment is also found not to be significantly related to the dividend payout ratio and dividend yield but to related to the dividend ratio when the sub-sample of firms with dividend payment prior to the foreign investment is used. This result suggests that foreign investors have been attracted by the dividend payment and they have not induced the excessive cash dividends. On the other hand, the foreign investment is found to significantly influence the cash dividend payment when the sub-sample excluding firms with dividend payment prior to the foreign investment is used. This result suggests that when the lead-lag relationship between the foreign investment and dividend payment is controlled, the foreign ownership has indeed influenced the dividend payment policy of Korean firms.

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