기업수명주기에 따라 외국인투자자가 배당성향에 미치는 영향

This research discusses on how foreign investor’s share throughout a corporate life cycle—introduction, growth, maturity and decline—impacts the pay-out-ratio of a firm. We have analyzed the relationship between the two focusing on Korea stock exchange(3, 763) from 2007 to 2012, and our findings are as follows: The number of foreign investor’s share showed a positive correlation with pay-out ratio, which equals to dividends divided by net income, over the corporate life cycle, the positive correlation was strongest at the corporation’s maturity and growth stage, while the lowest points were marked during the introduction period. A positive correlation was exhibited between foreign investor’s share and dividend-to-equity ratio as well consistently throughout the corporate life cycle. From these two findings we have concluded that foreign investor’s share and payout ratio move in the same direction. According to our analysis, the correlation was most impactful at maturity and growth and least effective at introduction of the firm’s life cycle. We also noted that in the declining stage, corporations had a tendency to create outflow of income by paying out dividends than to reinvest retained earnings to its operations.