액면배당과 시가배당의 정보유용성 차이분석

There is an information asymmetry between managers and investors in imperfect stock market. Therefore, in order to decide a company's value the investors can get future earnings information from a dividend policy that the company announces publicly. We call dividend signaling effects, which is a phenomenon that the dividend policy can have an effect on investment valuation of a company. Many listed firms try to pay out quite same amount of cash dividend every year as a dividend smoothing policy. However, many stock investors evaluate their investment returns based on the amount which they paid out to buy the stocks. Therefore, investors may get sensitive over price-dividend rate than over par value-dividend rate. This study examines investors' sensitivities over the price-dividend rate and the par value-dividend rate based on dividend announcements through the listing & disclosure system of the Korean Exchange. The manufacturing firms which are continuously listed on the Korean Exchange and have paid out cash dividends from 2001 to 2010 are included in the sample. The results show that the price-dividend rate well explains cumulative abnormal returns of before and after of dividend announcements than the par value-dividend rate does. Also, the price-dividend rate shows a distinct difference in the cumulative abnormal return distributions between the sample of increased price-dividend rate and the sample of decreased price-dividend rate in the same par value-dividend rate compared to the year before. Many companies try to maintain the dividend smoothing through the par value-dividend. However, this study explains the dividend signaling effects which investors make their decisions based on the price-dividend. The dividend policy has an effect on information signaling function, capital structure, and cash flows in the future. Therefore, this study suggests that the company may have the dividend policy which investors get sensitive over it.