연결대상 종속회사와의 내부거래로 발생된 수익이 지배회사의 배당금 지급액에 끼치는 영향

[Purpose] The purpose of this study is to analyze whether the proportion of revenues or expenses accrued by internal transactions with consolidated subsidiaries is a determinant of dividends paid to the parent company's shareholders. Furthermore, in cases where the parent company is a holding company, the purpose is to analyze the relationship between the proportion of revenues or expenses accrued by internal transactions and dividend payments from the perspective of value－added distribution. [Methodology] The sample consists of listed companies with consolidated subsidiaries from 2020 to 2022 whose internal transaction revenues or expenses with subsidiaries are specifically disclosed in the notes to the financial statements. [Findings] The analysis results showed that the larger the proportion of internal transaction revenues with consolidated subsidiaries, the more the parent company's dividend payments. These results were observed only for holding companies. This result demonstrates that even if a holding company does not directly create value－added through its own business activities, the distribution of the value－added created by subsidiaries serves as a determinant of dividend payments. Meanwhile, from consolidated entities perspective, this suggests that internal transaction revenues can be used as a means to naturally transfer the portion of subsidiaries' value－added, which would otherwise belong to their original distributees (e.g., employees, creditors, or minority shareholders) to the shareholders of the holding company. [Implications] This paper is the first to empirically demonstrate that the re－distribution effect of value－ added is inherent in the dividend policy of holding companies. This highlights the need for policy attention to the possibility that pseudo value－added may be included in the overall value－added of the economy