RIEBセミナー
RIEBセミナー
（TJAR Workshop主催）
RIEBセミナー
TJAR Workshop主催、神戸大学大学院経営学研究科 SESAMI Program共催
| 日時 | 2023年05月13日(土) 15:00 - 16:30 |
|---|---|
| 会場 | 経済経営研究所 会議室（新館2階） |
| 対象 | 教員，院生，および同等の知識をお持ちの方 |
| 使用言語 | 英語 |
| 参加登録 | ※事前登録制です。下記より参加登録をお願い致します。追って、詳細をご連絡いたします。 参加登録 (締切：5/10) |
15:00 - 16:30
- 論題
- Corporate Governance, Idiosyncratic Risk, and Dividend Policy
- 報告者
- Ghon RHEE（Shidler College of Business, University of Hawai'i）
- 概要
- We reconcile two competing views regarding the relation between corporate governance and payout policy by uncovering the moderating roles of under- and over-investment risk. Our empirical evidence indicates that corporate governance and payout propensity exhibit a negative association (substitute) for firms with a high level of under-investment risk. This association turns positive (complement) for firms with a higher level of over-investment risk. These findings are robust to several checks, including alternative governance measures and exogenous shocks to the quality of corporate governance. Lastly, we observe a similar phenomenon on share repurchase, total payout, and the level of payout.