헤크만 회귀분석을 이용한 외식기업의 배당에 영향을 미치는 요인

초록

Despite the critical nature of determining the amount of a dividend, most hospitality literature has focused on predicting a decision for issuing a dividend. This research employs the Heckman regression to identify whether or not a decision is likely to occur and the size of the dividend. The study period was 2000-2012, and the results indicate that two decision making processes, return on assets (ROA) and firm size, or previous period’s dividend, are common determinants for both predicting a dividend and the scale of the dividend. This research also verified that liquidity accounted for the size of a dividend. The study contributes to the literature of the restaurant industry by further clarifying the decision-making processes for determining dividends.

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