이익정보의 투명성과 기업의 배당성향 간의 관련성

초록

This study empirically investigates the effect of earnings transparency, a qualitative attribute of accounting information, on dividend policy. Furthermore, it examines how managerial ability, acting as the key decision－maker within a firm, moderates the relationship between earnings transparency and dividend payout. The analysis was conducted on December year－end firms listed on the Korea Exchange (KOSPI and KOSDAQ) from 2002 to 2024. Using the earnings transparency measure developed by Barth et al. (2013) and the DEA－based managerial ability measure by Demerjian et al. (2012), the key findings are as follows. First, the study finds a significantly positive association between earnings transparency and dividend payout ratios. Second, this positive relationship is mitigated in firms with high managerial ability. These results suggest that while earnings transparency serves as a fundamental driver for dividend payments, its effect is differentially manifested depending on the capability of managers, who are the principal agents of corporate decision－making. This study contributes to the literature by empirically demonstrating that accurately predicting a firm’s dividend potential requires a comprehensive consideration of not only the transparency of earnings information but also the characteristics of management and their resource allocation strategies.

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