기업의 적극적인 주주환원정책과 기업위험 간의 관계에 대한 연구

By exploring the pattern of an active shareholder return while focusing on classifying three types of firm such as non dividend firm, dividend firm, and dividend firm with interim dividend(interim dividend firm), this paper analyze the raising channel of firm’s value. This study is able to use the results of its empirical analysis to draw the following four conclusion. Firstly, the three risk factors such as over investment, real earning management, and probability of stock price plunge show a strong value in the case of non dividend firms whereby they show the lowest value in the interim dividend firms. Secondly, these three risk factors have a significant negative impact on the firm’s value, and such a tendency is found in case of non dividend firms. Thirdly, an active shareholder return of firm is able to reduce the impact of three risk factors, and such a tendency shows a strong in case of interim dividend firms. Finally, the reduced risk factors from an active shareholder return of firm can change the firm’s value. In case of risk factor of over investment, the negative relationship with firm’s value disappeared. More specifically, the firm’s value rises from reducing two risk factors such as real earning management, and probability of stock price plunge in case of interim dividend firms. The forthcoming study needs to be focused on the relationship between self tender which is the other main tool of shareholder return and firm’s risk factors.