본 연구는 국내 기업들의 배당과 투자 결정에 대한 외국인 주주의 영향력을 분석하고 있다. 외국인투자자들의 단순한 지분율 합으로 외국인 주주의 영향을 측정한 선행연구들과는 달리, 실질적으로 기업의 정책 결정에 영향을 미칠 수 있는 외국인 지분의 성격을 구분하고 그 유형별로 기업의 배당 및 투자 의사결정에 어떠한 영향을 미쳤는가에 대해 패널분석을 통해 검증하였다. 분석결과에 따르면 외국인 투자자의 지분이 증가할수록 배당은 증가하고 투자는 감소하였다. 특히 재무적 포트폴리오 투자의 형태로 진출한 외국인 주주가 존재할 경우 배당을 더욱 증가시키는 것으로 나타났다. 반면 본격적인 영업이나 장기적인 투자를 위한 전략적 외국인 투자자들의 경우에는 비록 통계적으로 유의하지는 않지만 오히려 배당수준이 감소하는 것으로 확인되었다. 이러한 결과는 외국인 투자자들의 과다배당과 과소 투자 압력에 대한 영향력을 설명함에 있어 모든 외국인 투자자들에게 동일한 잣대를 적용해서 평가해서는 안 된다는 점을 시사한다. 외국인투자자들은 투자 유형에 따라 배당 및 투자 정책에 미치는 영향력이 각각 다르다는 것이다.

This paper analyze the effects of foreign investors on dividend and investment policy of domestic firms. Rather than using simple sum total of foreign ownership to measure the effect of foreign investors like preceding research, this paper classifies 5% or above foreign investors who have real influencing power and divide into two group by its character. According to the empirical analysis on companies listed on the Korea Stock Exchange, the relationship between foreign ownership and firms' dividend was positive. Especially foreign portfolio type, rather than foreign direct investment type, investors have strong impact on domestic firms' dividend policy. Portfolio investors experience significantly more positive relationship with dividend. Also we found negative relationship between foreign ownership and investments. But, the existence of 5% or above foreign investors or foreign investor type has no effect on firms' investment policy. These findings suggest that the common belief that foreign investors are interested only in short term performance that they demand excessive dividend and reluctant to investment doesn't apply to all the foreign investors.

This paper analyze the effects of foreign investors on dividend and investment policy of domestic firms. Rather than using simple sum total of foreign ownership to measure the effect of foreign investors like preceding research, this paper classifies 5% or above foreign investors who have real influencing power and divide into two group by its character. According to the empirical analysis on companies listed on the Korea Stock Exchange, the relationship between foreign ownership and firms' dividend was positive. Especially foreign portfolio type, rather than foreign direct investment type, investors have strong impact on domestic firms' dividend policy. Portfolio investors experience significantly more positive relationship with dividend. Also we found negative relationship between foreign ownership and investments. But, the existence of 5% or above foreign investors or foreign investor type has no effect on firms' investment policy. These findings suggest that the common belief that foreign investors are interested only in short term performance that they demand excessive dividend and reluctant to investment doesn't apply to all the foreign investors.

foreign ownership, dividend, investment