Corporate hedging and dividend policy: An empirical study of Korean firms

被引：4

作者：

Choi, Young Mok ^{[1
]}

Park, Kunsu ^{[2
]}

Kim, Woo Sung ^{[2
]}

机构：

[1] Cheongju Univ, Coll Business Adm, 298 Daeseong Ro, Cheongju 28497, Chungcheongbuk, South Korea

[2] KIMEP Univ, Bang Coll Business, Abay Ave 2, Alma Ata 050010, Kazakhstan

来源：

FINANCE RESEARCH LETTERS | 2020年 / 32卷

关键词：

Corporate hedging; Property-liability insurance; Cash flow uncertainty; Dividend payout; RISK-MANAGEMENT; CURRENCY; DETERMINANTS; INVESTMENT; INSURANCE; DEMAND; DEBT;

D O I：

10.1016/j.frl.2018.12.034

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This study examines whether corporate hedging is associated with dividend payouts. Using sample of firms listed on the Korea Stock Exchange (KSE) between 2002 and 2017, we find that firms with a higher use of property-liability insurance pay more dividends. This finding is robust to endogeneity issues and alternative proxies for dividend payouts. Overall, our empirical evidente sheds light on the effect of hedging with property-liability insurance on a firm's dividend decisions.

引用

页数：7

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