期刊刊名：德明學報 　 卷期：37卷1期

篇名出版日期：2013年6月1日

作者：劉任昌,殷項真,Jen-chang Liu,Hsiang-chen Yin

語言：English

關鍵字：payout policy, dividend policy, payment date, dividend concentration,發放政策,股利政策,發放日,股息集中度

被點閱次數：7次

閱讀時間：42sec

摘要：
We study the payout policy of Taiwanese firms over 2009-2011 and collect payout events of three forms: distributing cash dividends, conducting share repurchases and reducing capital. Due to the dominant role of dividends, we focus on four issues pertaining to dividends. The first issue is on the increasing propensity of paying dividends, the second one is on the concentration of dividends among large and profitable firms, the third one is on how the period between the ex-dividend date and the payment date distributes, and the forth one is to claim that the reasonable period should be less than 16 days. Furthermore, we found that the OTC-listed payers contribute a fraction of only 7% of that contributed by TSE-listed firms, and the latter reveal a more stable and consistent payout policy. As a firm, especially for a TSE-listed firm, becomes mature its period tends to become shorter and more stable. We verify the association between the maturity of a firm and its dividend policy.

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