합리적인 주주환원 정책이 금융기업 주주가치에 미치는 영향 : 소통과 자사주 매입 중심으로

This study analyzed the impact of a rational shareholder return policy on shareholder value from the perspective of long-term investors. Panel regression analysis(top-down) and individual company analysis(bottom-up) were conducted. Unlike prior research that only considered the dividend payout in the shareholder return model, this study extended the analysis by including share repurchases, the shareholder return rate. The key findings highlight that in countries with sluggish economic growth, the execution of shareholder return policies has a more significant influence on shareholder value than the scale of those returns. The individual company analysis focused on JPM(JP Morgan Chase), a benchmark for high shareholder value, and MUFG,(Mitsubishi UFJ Financial Group) which saw increased shareholder value through structural restructuring in the Japanese stock market. Both cases emphasized the importance of building trust through regular communication with market participants. In Japan, there has been a constructive dialogue with investors to restructure the stock market, and recently, there has been a rapid change in shareholder return policies in Korea as a result of communication, such as attempts to purchase treasury stocks. Overall, broad policy implications of rational shareholder return policies include: First, encouraging regular share repurchases as part of the autonomy. Second, enhancing trust/transparency through constructive communication. Third, prioritize the establishment of a value investing culture, especially through the introduction of progressive dividend policy in the financial sector to alleviate the Korea discount, utilizing bank holding companies.