외국인투자자와 한국기업의 배당정책의 관계에 대한 연구

Abstract

Little is known about how business group (Chaebol) affiliation affects dividend policy although many Korean firms belong to Chaebol. This study investigates the moderating effect of Korean Business Groups on the relationship between foreign investors ownership and dividend policy in Korea. Using sample Business Groups from 2008 to 2012 we find that Chaebol exert a significant impact on the relationship between foreign investor's ownership and dividend payout. This study shows the effect of Chaebol from the viewpoint of corporate governance in Korea and highlights the importance of studying further the agency problems that controlling shareholders present for minority shareholders, especially in business groups.