정부의 배당정책과 정부출자기관의 배당성향에 관한 연구

[Purpose]This study seeks to conduct a comprehensive analysis of the influence of government as a controlling shareholder on the dividend payout policies of government－invested institutions, with the aim of providing valuable insights for their effective financial management. [Methodology]The study employs the difference－in－differences methodology to examine how changes in government policy affect the dividend payout ratios of government－invested institutions. The analysis encompasses data spanning from 2002 to 2022, facilitating a comparative assessment before and after the implementation of policy changes. [Findings]Our findings reveal that the introduction of the government’s dividend payout policy in 2010, followed by its expansion in 2014, has significantly increased the dividend payout ratios of government－invested institutions in comparison to publicly listed companies on the Korea Stock Exchange. These results underscore the efficacy and magnitude of government policies in shaping the dividend payout practices of government－invested institutions. [Policy Implications]This study underscores that the shifts in dividend payout observed in government－invested institutions subsequent to the policy alterations of 2010 and 2014 have narrowed the divergence in dividend payout ratios between public institutions and private enterprises. Notably, despite these policy interventions, the dividend payout ratios of government－invested institutions persist below those of publicly listed companies, suggesting that the increments in dividend payouts by government－invested institutions have remained within reasonable bounds considering firm－specific factors such as profitability, operational resilience, and capital reserves. A nuanced understanding of these policy implications can inform the refinement of dividend payout policies tailored to the unique context of government－invested institutions.