원가하방경직성이 배당정책에 미치는 영향

[Purpose] This study empirically analyzed the relationship between cost stickiness and dividend policy. Among the various motivations related to dividend policy, based on the agency theory, we examined the relationship between cost stickiness and dividend policy. Since the agency problem is argued as the major cause of cost stickiness, we predicted that the dividend level of companies with cost stickiness would be high and analyzed empirically. [Methodology] Homburg and Nasev (2008) and Park et al. (2012) models were applied for asymmetric cost behavior. The analysis period was from 2011 to 2018. Descriptive statistics, correlation analysis results, and regression analysis results for the major variables that affect dividends are presented. [Findings] The analysis results of this study are as follows. First, cost stickiness and dividend policy were significant in the positive direction. This means that firms with cost stickiness have higher dividend levels than those that do not. Second, when the samples were classified according to foreign ownership, only the samples with high foreign ownership showed a significant positive direction. This is an empirical result supporting the hypothesis of management self－opportunity that i f the corporate governance structure i s excellent, dividends are increased to reduce agency costs. Third, when the sample was classified according to the proportion of cash and short－term financial assets, only the sample with a high proportion of cash and short－term financial assets showed a significant positive direction. This is an empirical result that managers’ opportunistic discretion is likely to increase, so dividends are increased to reduce agency costs. Fourth, the empirical results were maintained even when the dependence of time series and cross section was controlled. Fifth, the empirical analysis results were maintained even when the dividend level was scaled by sales rather than total assets. Finally, even if the sample without dividends was removed, the empirical results were supported. [Implications] It is signif icant that this study focused on cost stickiness as a determinant of dividend policy, and examined the ef fects o f foreign o wnership, cash a nd s hort－term f inancial a ssets i n the relationship between cost stickiness and dividend policy. The results of this study, which suggested that cost stickiness can increase dividends, are expected to provide important implications for investors and supervisors as well as managers.