The Impact of Information Asymmetry on Dividend Policy: A Comparative Analysis of Chinese and Korean Firms

서지정보

· 발행기관 : 한국산업경제학회
· 수록지 정보 : 산업경제연구 / 37권 / 3호 / 405 ~ 428페이지
· 저자명 : 황훈예, 황지아르, 이치송

초록

The objective of this paper is to investigate the impact of information asymmetry on dividend policies. It examines whether there are differences in dividend policies and explains the influence of information asymmetry on the dividend policies of the two countries through data analysis and comparison. The research period spans from 2011 to 2022, focusing on listed companies in the Korean and Chinese stock exchanges. The comparative analysis has revealed the following differences: Firstly, we found that the dividend yield of Korean companies is slightly higher than that of Chinese companies. However in terms of dividend propensity and the possibility of dividends Chinese companies are higher than Korean companies. This indicates that Chinese companies prefer to pay dividends as a policy to maintain the relationship between the company and sharerolders to achieve stability, while Korean companies prefer to hold profits internally for future development. Secondly, this paper shows that Chinese and Korean companies with smaller stock price volatility have a larger dividend yield and dividend propensity. In other words, the greater the information asymmetry, the greater the dividend yield and dividend propensity, However, the impact of the turnover rate on the dividend policy differs between China and Korea. The turnover rate of Korean companies has a significant negative coefficient with the dividend yield, while the turnover rate of Chinese companies has a significant positive coefficient with the dividend yield. Finally, when we introduce the size of the company as a moderating variable, Chinese and Korean companies have opposite results in the impact of information asymmetry on dividend propensity and the possibility of dividends. large Chinese companies prefer dividends, while large Korean companies prefer to hold profits internally. This result shows that the size of the company and can affect the dividend policy of China and Korea.

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