지주회사 체제가 배당정책에 미치는 영향

[Purpose]In previous studies, incentives affecting dividend payout policy were examined only within companies. In the holding company system, the holding company can be involved in the management decision－making of the subsidiary, which can affect the dividend payout policy of the subsidiary. Therefore, this study examines whether the dividend payout policy of subsidiaries under the holding company system differs from general companies under the non－holding company system in the same industry, and verifies the incentives affecting the dividend payout policy. [Methodology]In order to verify the dividend payout policy of subsidiaries under the holding company system, this study conducted a regression analysis on non－financial companies listed companies between 2008 and 2018. Dividend payment level and dividend payout ratio were used as proxies for dividend payout policy. In order to verify that the incentives affecting the dividend payout policy were to signal future profitability, the future earning growth rate and the future sales growth rate were used as proxies for future profitability. [Findings]Subsidiaries under the holding company system were found to have a higher level of dividend payment and dividend payout ratio than general companies under the non－holding company system in the same industry. In the analysis of subsidiaries under the holding company system, it was found that companies that paid dividends had higher future earning growth rate and future sales growth rate. [Implications]This study is expected to expand the scope of existing studies related to dividends and holding company system. It is also believed that it can inform investors of the meaning of dividends of subsidiaries under the holding company system and provide implications for dividends of subsidiaries among government policies that are tightening regulations on the holding company system.