기업의 지급정책과 혁신활동의 관계

The purpose of this study is to investigate the effect of the payout policy that allocates the performance of the corporation to the shareholders through dividend and share repurchases on the innovation activity that is essential for the growth and development of the corporation. To do this, we measured the innovation activities of firms by the number of patents, and then analyzed the effects of payout policy on innovation activities controlled for characteristics of the firms and market. First, share repurchases has a negative impact on the innovation activity in a timely manner. That is, at the time of share repurchases, it does not directly affect the innovation activity, but affects the level of future innovation activity negatively. Second, dividend payout has a concurrent positive impact on innovation activities. The effect of dividend payout on innovation activities does not appear when only R &D concentration, cash holding level, non－current asset ratio, leverage and free cash flow ratio are taken into account. However, when controlling M/B ratio, and illiqudity, positive relation appears. Third, the share repurchases and dividend payment in the payout policy have opposite effects on the innovation activities, which also have an opposite effect on the interaction with R &D expenditure.