英文摘要 |
Investors always care about the Dividend policy of companies. We investigate whether the structure of executives' compensation and a corporate governance mechanism is associated with cash dividend policy of listed companies in Taiwan or not. It also examines whether executives' compensation level, board function and ownership structure can mitigate these agency problems, and then increased dividend payout. The data is chose from listed companies in Taiwan stock exchange market during 2004 to 2009 and the research reach a total of 2885 firms. Empirical results indicate that executive compensation is associated with higher dividend payouts. In other words, the better aligning the interests of management and shareholders, could result in a higher level of dividend payouts. Furthermore, it also indicates that the biggest managers' ownership, active institutional investors' ownership and independent board membership are, the more dividends pay out. In addition, it is negative correlation of the deviation extent of shareholder cash flow rights and controlling rights with cash dividend payouts. |