원문정보
초록
영어
We examine whether foreign currency denominated debt affects corporate dividend policy. Specifically, this study tests the prediction that foreign currency denominated debt ratio is negatively related to the likelihood of paying dividends and the levels of dividends. Consistent with our prediction, we find that firms with a higher foreign currency debt ratio are less likely to pay dividends, and pay lower levels of dividends when they do. These findings indicate that foreign currency debt ratio is one of the important factors that affect corporate dividend policy. Our results provide evidence that foreign creditors have the potential in determining corporate dividend policy.
목차
1. Introduction
2. Determinants of Corporate Dividend Policy and Hypothesis Development
2.1 Determinants of Corporate Dividend Policy
2.2 Hypothesis Development
3. Data and Variable Definition
3.1. Data and Sample Selection
3.2. Dependent Variables
3.3. Explanatory and Control Variables
4. Empirical Results
4.1. Descriptive Statistics and Correlation Coefficients
4.2. Portfolio Analysis
4.3. Foreign Currency Debt Ratio and Likelihood of Paying Dividends
4.4. Foreign Currency Debt Ratio and Likelihood of Omitting Dividends
4.5. Foreign Currency Debt Ratio and Levels of Dividends
4.6. Additional Robustness Tests
5. Conclusion
References