상속세가 배당정책과 기업가치에 미치는 영향

[Purpose]This paper examines the effect of inheritance taxes on corporate dividend policy and firm value. In particular, we analyze business groups in Korea that experienced death of a controlling family member between 2011 and 2020. [Methodology]Using DID(difference－in－differences) analysis, we examine whether there is any change in dividend policy during the post－inheritance period. Moreover, we examine whether the expectation of a change in dividend policy affects firm value through an event－study analysis. [Findings]We find that business group member firms increase dividend payments following death of a family member. The increase in dividend is more pronounced for group firms in which controlling family members have high cash flow rights, suggesting that family members increase dividend to fund inheritance taxes. Furthermore, we find that firm value increases for business groups that experience death of a controlling family, especially member firms in which controlling family members have high cash flows. [Implications]The results are consistent with the proposition that investors expect the dividend increase and regard distribution of cash as value－enhancing as agency problems associated with free cash flows are mitigated following dividend payments.