배당소득 증대세제 및 기업소득 환류세제가 상장기업의 배당정책에 미치는 영향：도입 첫 해의 효과를 중심으로

[Purpose]We examine whether firms increase dividends for 2015 fiscal year, the first year of introduction of the dividend boosting tax(DBT) and corporate earnings circulation tax(CECT) policy. [Methodology]To be subject to DBT, corporate three－year average dividend payout ratio must be 50%(120%) or higher than the capital market average, and the cash dividend growth rate must be 10%(30%) or higher. Considering this, we divide our sample into three groups with dividend payout ratio of less than 50% of capital market average(DIV50%), more than 50 and less than 120%(DIV50%－120%), and more than 120%(DIV120%). And we investigates whether the impact of this tax policy varies by group. In addition, we expect that firms with higher incentive to increase dividends not to pay CECT taxes increase dividends for 2015 fiscal year. To test hypotheses, we use 435 firms in 2015. [Findings]We find that DIV50%－120% group significantly increase cash dividends for 2015 fiscal year, but there are no significant differences between DIV50% and DIV50%－120%. Also, firms with having possibility of paying CECT taxes significantly increase cash dividends for 2015 fiscal year. [Implications]Overall, our results imply that the new dividend tax polices have an influence on corporate dividend decisions.