從公司治理驗證現金股利宣告效果之資訊內涵

Examining the Information Content of Cash Dividend Announcements through Corporate Governance

研究目的：探討公司治理如何影響股利宣告效果，釐清代理理論與訊號效果何者更能解釋股利宣告的資訊內涵。
研究設計／方法：以台灣上市櫃公司為樣本建立公司治理指數；使用事件研究法估計異常報酬。
研究結果：股市正面反應股利宣告，而良好公司治理強化此效應，支持訊號效果觀點。資訊透明度、券商分歧度、股票週轉率以及景氣狀況的子樣本分析進一步支持此結論。
研究限制／啟發：本研究提出公司治理影響公司決策效果的新應用，但僅分析台灣資料，未來可考慮跨市場比較。
理論／實務／社會意涵：釐清股利宣告效果的理論機制，並為投資人與管理層指出公司治理於股利政策的重要性。
創見／價值：創建台灣公司治理指數，了解公司治理對於股利宣告效果的影響，為公司治理與股利研究提供新的洞見。

Purpose–This study investigates how corporate governance impacts the effects of dividend announcements, aiming to clarify whether agency theory or signaling effect better explains the informational content of dividend announcements.
Design/methodology/approach–A corporate governance index was established using a sample of listed companies in Taiwan. The event study method was employed to estimate abnormal returns following dividend announcements.
Findings–The stock market responds positively to dividend announcements, and strong corporate governance enhances this effect, supporting the signaling effect perspective. Subsample analyses based on information transparency, analyst disagreement, stock turnover rate, and economic conditions further validate these findings.
Research limitations/implications–This research introduces a novel application of how corporate governance influences the efficacy of corporate decisions, analyzing data solely from Taiwan. Future studies could extend this comparison across markets for broader insights.
Practical implications/Social implications–The study clarifies the theoretical mechanisms behind the effects of dividend announcements and highlights the importance of corporate governance in dividend policy for investors and management.
Originality/value–By developing a corporate governance index for Taiwanese companies and understanding its impact on dividend announcement effects, this research offers new insights into the intersection of corporate governance and dividend studies.