자발적 저배당 및 배당생략 기업의 특성 및 성과

Previous studies have focused on the firm characteristics related to the determinants of the dividend payout level and the issues regarding those firms with lower levels of dividend payout. A firm’s low dividend payout tendency could be the results of its lack of profitability and free cash flow, or its investment strategies even when the profitability and resources are enough to pay dividend. Moreover, dividend policies can be determined for the sake of fulfilling the owner/manager’s private interests. While a dividend policy can be influenced by such a wide array of attributes, this study focuses on those firms with voluntary low- or no-dividend payouts. If a company’s present and future profitability is outstanding and has enough funds in store for sufficient and consistent investment in the future, then it would be appropriate to pay out high dividends to shareholders. However, the decision makings for investments for sustainable growth and optimal dividend payouts are not mutually independent, but closely interdependent. In other words, a company does not decide to pay low or no dividend just because it has poor financial performance now or is likely to do so in the future, but it may choose to do so when it decides it is better to utilize the excess cash as a resource for future investment rather than just paying it out to shareholders. Therefore, we assume firms which voluntarily offer low- or no-dividend payouts choose to minimize or omit payouts for the sake of future investments even when they have the resources to pay dividends, and it is likely that they show different firm characteristics and performance than those with involuntary low- or no-dividend payouts. Using a sample of Korean firms listed in KOSPI or KOSDAQ from 2000 to 2010 which are non-financial firms with December fiscal year-ends, the empirical results are as follows. First, the higher the largest shareholders’ and foreign investors’ ownerships, which are important parts of the ownership structure of a firm, the more likely it becomes for the firm to offer low- or no-dividend payouts voluntarily. Second, those firms voluntarily offering low- or no-dividend payouts decide to do so in order to utilize their retained earnings as a resource for new investments, and such decisions are based on their high growth opportunity assessments. Third, the larger the firm size, the more likely it is for the firm to voluntarily offer low- or no-dividend payout. Fourth, the lower the firm risk, the more likely it is for the firm to voluntarily offer low- or no-dividend payout. Verifying the performance of those firms voluntarily offering low- or no-dividend payouts with their market performance measured by cumulative abnormal returns and their future operating performance measured by 3-year return on assets show that both their market performance and future operating performance are outstanding, as predicted. This study not only tries to show that the firms offering low- or no-dividend payouts are not all bad, but also expands the range of the study on firms’ decisions on dividend payouts by discussing in detail about the firms which have voluntarily decided to offer low- or no-dividend payouts. Those firms have not been studied inside or outside the country, and this study contributes to expand the discussion regarding the various attributes when a firm makes a decision on its dividend payout. Specifically, this paper studies various attributes affecting a company’s voluntary dividend payouts such as profitability, growth & investment opportunities, operating uncertainties and ownership structure. The results of this paper will provide useful empirical evidence regarding the relationship between present dividend payout decisions and future corporate performance, which in turn will provide internal guidance to managers for rational dividend payout and investment decisions when tapping into the corporate funds. Externally, it will provide such implications to outside investors that they not only need to take into consideration just the current level of dividend payout, but also various other attributes and learn to build more profitable investment strategies through more in-depth interpretation of the company’s dividend payout policies. Therefore, this paper is expected to mitigate the information asymmetry between companies’ dividend payout decisions and the investors.