가치평가오류가 기업의 배당정책에 미치는 영향

초록

[Purpose]The purpose of this study is to analyze the overvaluation affect to dividend policy measured by a company’s dividend payout ratio. [Methodology]Based on data from 11,052 companies listed on KOSPI and KOSDAQ from 2009 to 2017－year, the overvaluation presented by Rhodes－Kropf et al. An empirical analysis was conducted to see what effect it had. [Findings]As a result of empirical analysis, it was found that overvaluation had a statistically significant positive(＋) effect on dividend payout ratio. In addition, the influence of such overvaluation on dividend payout ratio is more pronounced as the foreign equity ratio increases and the size of auditors increases. In addition, it was found that the larger the overvalued, the higher the dividend payout ratio, and the larger the underestimated, the greater the dividend payout ratio did not increase. [Implications]At the time when research on overvaluation is actively being conducted, research on the impact on dividend policy has not been conducted yet. From this perspective, this study can be seen to provide meaningful implications for capital market participants and related authorities by verifying the relationship between overvaluation and dividend payout ratio.

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