지배구조와 회계정보가 보험회사의 배당정책에 미치는 영향

초록

This paper empirically examines the effect of governance and accounting quality on a firm dividend payout policy in the insurance industry. Specific ally, we explore whether a firm with high large shareholders’ rights and foreign shareholders’ rights is more likely to have higher dividend payout ratio, In addition to governance, we test whether the effect of accounting quality measured by the absolute value of discretionary accruals and standard deviation of discretionary accruals affects dividend policy of a firm. Based on prior studies, we expect the positive effect of governance and accounting quality on a firm’s dividend policy. Using 271 insurance firm-year observa tions from 2003 to 2021, we find that the firms with high foreign share holders’ rights are more likely to pay dividends. However, the relationship between firms with high accounting quality and dividend payout is partly significant. It implies that firms tend to decide dividend policy based on shareholders’ demand rather than the level of accounting quality. Our study contributes to better understanding of insurer’s dividend policy and the effect of corporate governance on dividend payout policy.

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