ABSTRACT

This paper aims to investigate whether the International Financial Reporting Standards (IFRS) used as an exogenous information shock relates to a firm’s dividend policy as a result of the improved information environment in the emerging Korean market. More specifically, utilizing a large sample of KOSPI-listed firms over the period 2000–2018, we examine whether the propensity and the level of dividend payments around the Korean IFRS (K-IFRS) adoption have changed and further how the family involvement affects such association. Our results show that firms tend to decrease the propensity and the level of dividend payments after the mandatory K-IFRS adoption. Moreover, we find that family-controlled firms have a significantly positive association with dividend payouts after the K-IFRS adoption. Our evidence can be shared with other emerging markets, where prevailing family firms have the characteristics of concentrated ownership and strong control power in an immature market with weak legal protection for outside shareholders.

摘要

本文旨在调查作为外生信息冲击的国际财务报告准则 (IFRS) 是否与由于韩国新兴市场的信息环境改善而导致的公司股息政策相关。更具体地说，利用 2000 年至 2018 年期间 KOSPI 上市公司的大量样本，我们研究了围绕采用韩国 IFRS (K-IFRS) 的股息支付倾向和水平是否发生了变化，以及家族参与如何影响此类协会。我们的结果表明，在强制采用 K-IFRS 后，公司倾向于降低股息支付的倾向和水平。此外，我们发现在采用 K-IFRS 后，家族控制的公司与股息支付存在显着正相关。我们的证据可以与其他新兴市场共享，