企業績效與股利政策──家族企業的調節作用

The Linkage Between Firm Performance and Dividend Policy–The Moderating Effect of Family Firms

在現今的台灣市場，每年各企業的股利政策一直都是投資人重點關注的議題，而對企業來說企業績效會影響到股利政策的決策，因此本研究在企業獲利基礎上，將家族企業加入，研究股利政策是否會因為家族企業而有不同。
本研究利用2014~2021年間臺灣上市企業的資料與最小平方法(OLS)，檢驗家族企業在企業績效與股利政策之間的調節效果。主要實證結果發現，企業績效與股利政策呈正顯著相關，表明企業在有獲利情況下，更願意發放股利，而家族企業在企業績效與股利政策調節效果中帶來負向影響，表明企業在有獲利情況下，家族企業較非家族企業更不願意發放股利。

In the current Taiwanese market, the dividend policies of companies are always a focal point of investor attention each year. For companies, their performance influences the decision-making process regarding dividend policy. Therefore, this study examines whether the presence of family firms would lead to differences in dividend policies, based on the profitability of the companies.
Using data from Taiwanese listed companies between 2014 and 2021, this study employs the Ordinary Least Squares (OLS) method to examine the moderating effect of family firms on the relationship between firm performance and dividend policies. The main empirical findings indicate a positive correlation between firm performance and dividend policies, suggesting that companies are more willing to distribute dividends when they are profitable. However, family firms have a negative moderating effect on the relationship between firm performance and dividend policies, indicating that family firms are less inclined to distribute dividends compared to non-family firms when they are profitable.