신협의 배당특성에 관한 실증연구

The purpose of this article is to examine the differentiating characteristics of credit unions as non-bank deposit-handling financial institutions, and to analyze the relationship between various financial factors and dividends, This study is also empirically studying the characteristics of credit union dividends. A panel analysis model was used to analyze the financial data of the national regional credit unions, which have paid annual dividends for the sample period of 14 years from 2006 to 2019. Based on the size of the city, it was analyzed by dividing it into metropolitan cities, general cities, and eup-myeon units. The results of the analysis were first found to support the previous studies of banks in terms of asset size and profitability. Second, we found that the correlation between dividend payout ratio and dividend yield was extremely low. Third, it was confirmed that the dividend of credit unions is determined in conjunction with the interest rate of time deposits. Fourth, it was found that the dividend rate provides higher returns than the interest rate of time deposits. Fifth, it was found that dividends were used as a means to create an investment level. Sixth, it was found that dividend smoothing behavior is actively used to maintain stable dividends. Seventh, it was confirmed that elected officials do not use dividends as a means for elections. Eighth, it was found that there was diversity by city size. Considering that the practice of raising investment funds like savings deposits on the premise of providing high dividend yields to maintain capital adequacy in the recent trend of increasing asset size of credit unions, this study is expected to accelerate the existing internal reservation, It suggests the implication that various equity capital systems should be considered in addition to member investment.