우리나라 일반은행의 배당정책 및 소유구조

Since banking industry is regulated, banks’ dividend payout policy is expected to be different from that of firms. This paper uses the analysis models of Fama and French (2001) and Abreu et al. (2013) in order to analyze the Korean banks’ dividend policy in terms of signal hypothesis, agency hypothesis and regulatory pressure hypothesis. Simultaneously, we analyze the impact of ownership structure on dividend policy, that is, we analyze whether foreign owned banks have different dividend policy from that of domestic banks. The total sample period is from 1999 to 2015, and the analysis is also conducted by dividing the sample period into pre-crisis period (1999～2007) and post-crisis period (2008～2015) in order to see whether the different macro economic environments affect the dividend policy of banks differently. The empirical estimation results support the signal hypothesis and regulatory pressure hypothesis, while the agency hypothesis is not supported. In addition, we were able to confirm the differences in dividend payout policy of domestic and foreign banks. In particular, foreign banks’ dividend payout was lower than those of domestic banks during the pre-crisis period, but higher and statistically significant during the post crisis period.