本研究採用 1992 年至 2019 年的 24.069 個公司年觀察，研究了外部 CEO 和內部 CEO 如何在競爭和財務受限的情況下影響支付政策。 本研究進行了多重分析和回歸。 我們還分別分析了在高財務約束和低財務約束競爭情況下外部CEO和內部CEO如何影響支付政策。 本研究發現，競爭情況下的外部 CEO 和內部 CEO 並不影響支付政策。 然而，本研究發現財務約束下的外部和內部 CEO 確實會影響支付政策。 此外，我們還發現，與外部 CEO 相比，內部 CEO 在財務約束條件下分配了更高的支出。

This research examined on how external CEO and internal CEO affect the payout policy under competitive and financial constrained situation employing 24.069 firm-year observation from 1992-2019. This research conducts multiple analyses and regression. We also separately analyze how external CEO and internal CEO affect the payout policy under different situations of firm like financial and competitive situations. The result of this research shows some interesting behavior of how different CEO reacts under different situations related to payout policy

Baker, M. P., Ruback, R. S., & Wurgler, J. (2005). Behavioral Corporate Finance: A Survey. Working Paper, National Bureau of Economic Research.
Bhattacharya, S. (1979). Imperfect Information, Dividend Policy, and "The Bird in the Hand" Fallacy. The Bell Journal of Economics.
Ali, A., & Urcan, O. (2006). Dividend Increases and Future Earnings. Asia-Pacific Journal of Accounting and Economics.
Almeida, H., & Campello, M. (2007). Financial Constraints, Asset Tangibility, and Corporate Investment. The Review of Financial Studies.
Almeida, H., & Campello, M. (2010). Financing Frictions and the Substitution between Internal and External Funds. The Journal of Financial and Quantitative Analysis.
Baker, M., & Wurgler, J. (2004). A Catering Theory of Dividends. Journal of Finance.
Balsmeier, B., & Buchwald, A. (2014). Who promotes more innovations? Inside versus outside hired CEOs. Industrial and Corporate Change.
Barkley, T., & Pan, L. H. (2009). Corporate Payout Policy and CEO Compensation Structure. International Journal of Accounting and Financial Reporting.
Ben-David, I., Graham, J., & Harvey, C. (2013). Managerial Miscalibration. Quarterly Journal of Economics.
Bhattacharyya, N. (2007). Dividend policy: a review. Managerial Finance.
Brav, A., Graham, J. R., Harvey, C. R., & Michaely, R. (2005). Payout policy in the 21st century. Journal of Financial Economics.
Campello, M. (2003). Capital structure and product markets interactions: evidence from business cycles. Journal of Financial Economics.
Charitou, M., Patis, A., & Vlittis, A. (2010). The market reaction to the appointment of an outside CEO: An empirical investigation. Journal of Economics and International Finance.
Chen, J., Leung, W. S., & Goergen, M. (2017). The impact of board gender composition on dividend payouts. Journal of Corporate Finance.
Chen, J., Song, W., & Goergen, M. (2019). Passing the dividend baton: The impact of dividend policy on new CEOs' initial compensation. Journal of Corporate Finance.
Chen, S.-S., & Wang, Y. (2012). Financial constraints and share repurchases. Journal of Financial Economics.
Chen, S.‐S., Ho, K., & Ik, K. (2005). The Wealth Effect of New Product Introductions on Industry Rivals. The Journal of Business.
Chiang, M. H., Krishna, K., & Athalia, M. D. (2021). The CEO succession and the Payout policy through the strategic competitiveness and financial constraints. Working paper, Institute of International Business, National Cheng Kung University.
Corsi, C., & Prencipe, A. (2019). Does CEO Promote Innovation in SMEs? A Comparison Between Internal and External CEO. International Journal of Innovation Management.
Cummings, T., & Knott, A. M. (2017). Outside CEOs and Innovation. Strategic Management Journal.
DeAngelo, H., DeAngelo, L., & Skinner, D. (2004). Are dividends disappearing? Dividend concentration and the consolidation of earnings. Journal of Financial Economics.
Deshmukh, S., Goel, A. M., & Howe, K. M. (2013). CEO overconfidence and dividend policy. Journal of Financial Intermediation.
Easterbrook, F. H. (1984). Two Agency-Cost Explanations of Dividends. The American Economic Review.
Fazzari, S. M., Hubbard, R. G., Petersen, B. C., Blinder, A. S., & Poterba, J. M. (1988). Financing Constraints and Corporate Investment. Brookings Papers on Economic Activity.
Fenn, G. W., & Liang, N. (2001). Corporate payout policy and managerialstock incentives. Journal of Financial Economics .
Ferris, S. P., Jayaraman, N., & Lim, J. (2015). Six Decades of CEO Successions: The Importance of Being an Insider. Journal of Accounting and Finance.
Filbeck, G. (2009). Asymmetric Information and Signaling Theory. In H. K. Baker, Dividends and Dividend Policy (p. 164). New Jersey: John Wiley & Sons, Inc.
Fuller, K., & Blau, B. M. (2010). Signaling, Free Cash Flow and “Nonmonotonic” Dividends. The Financial Review.
Gertner, R., Gibbons, R., & Scharfstein, D. (1988). Simultaneous Signalling to the Capital and Product Markets. The RAND Journal of Economics.
Grullon, G., & Ikenberry, D. L. (2000). What Do We Know about Stock Repurchases? Journal of Applied Corporate Finance.
Grullon, G., Kanatas, G., & Kumar, P. (2006). The Impact of Capital Structure on Advertising Competition: An Empirical Study. The Journal of Business.
Harris, D., & Hellfat, C. (1997). Specificity of CEO Human Capital and Compensation. Strategic Management Journal.
Hirshleifer, D., Low, A., & Teoh, S. H. (2012). Are Overconfident CEOs Better Innovators? Journal of Finance.
How, J. C., Ngo, K., & Verhoeven, P. (2011). Dividend initiations and long-run IPO performance. Australian Journal of Management.
Hwang, L. S., Kim, H., Park, K., & Park, R. S. (2013). Corporate governance and payout policy: Evidence from Korean business groups. Pacific-Basin Finance Journal.
Ishak, R., Ismail, K. I., & Abdullah, S. N. (2012). Determinants of Internal vs. External CEO Succession in Malaysian Public Listed Companies. Asian Academy of Management Journal.
Jensen, M. C. (1986). Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers. The American Economic Review.
John, K., & Williams, J. (1985). Dividends, Dilution, and Taxes: A Signalling Equilibrium. Journal of Finance.
Kesner, I. F., & Dalton, D. R. (1994). Top Management Turnover and CEO Succession: An Investigation of the Effects of Turnover on Performance. Journal of Management Studies.
Kohers, N. (2005). The Industry‐Wide Implications of Dividend Omission and Initiation Announcements and the Determinants of Information Transfer. The Financial Review.
Kotter, J. P. (1984). The General Managers. New York: John Wiley & Sons, Inc.
Laforet, S. (2016). Effects of organisational culture on organisational innovation performance in family firms. Journal of Small Business and Enterprise Development.
Lambert, R. A., Lanen, W. N., & Larcker, D. F. (2009). Executive Stock Option Plans and Corporate Dividend Policy. Journal of Financial and Quantitative Analysis.
Leland, H. E., & Pyle, D. H. (1977). Informational Asymmetries, Financial Structure, and Financial Intermediation. The Journal of Finance.
Luan, C. J., Chen, Y. Y., Huang, H. Y., & Wang, K. S. (2017). CEO succession decision in family businesses e A corporate governance perspective. Asia Pacific Management Review.
Lubatkin, M. H., Chung, K. H., Rogers, R. C., & Owers, J. E. (1989). Stockholder Reactions to CEO Changes in Large Corporations. The Academy of Management Journal.
Malmendier, U., & Tate, G. (2005). CEO Overconfidence and Corporate Investment. Journal of Finance.
Malmendier, U., & Tate, G. (2008). Who makes acquisitions? CEO overconfidence and the market's reaction. Journal of Financial Economics.
Malmendier, U., Tate, G., & Yan, J. (2011). Overconfidence and early-life experiences: the effect of managerial traits on corporate financial policies. Journal of Finance.
Miller, M. H., & Modigliani, F. (1961). Dividend Policy, Growth, and the Valuation Of Shares. The Journal of Business.
Miller, M. H., & Rock, K. (1985). Dividend Policy under Asymmetric Information . Journal of Finance.
Myers, S. C., & Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics.
Naeem, M., & Khurram, S. (2019). Does a CEO's culture affect dividend policy? Finance Research Letters.
Oh, W.-Y., & Barker, III, V. L. (2015). Not All Ties Are Equal: CEO Outside Directorships and Strategic Imitation in R&D Investment. Journal of Management.
Palomino, F., & Peyrache, E. (2013). Internal versus External CEO Choice and the Structure of Compensation Contracts. The Journal of Financial and Quantitative Analysis.
Pathan, S., Faff, R., Méndez, C. F., & Masters, N. (2015). Financial constraints and dividend policy. Australian Journal of Management.
Ross, S. A. (1977). The Determination of Financial Structure: The Incentive-Signalling Approach. The Bell Journal of Economics.
Rozeff, M. S. (1982). Growth, Beta and Agency Costs As Determinants of Dividend Payout Ratio. The Journal of Financial Research.
Shen, W., & Cannella Jr, A. A. (2002). Revisiting the Performance Consequences of CEO Succession: The Impacts of Successor Type, Postsuccession Senior Executive Turnover, and Departing CEO Tenure. The Academy of Management Journal.
Spence, M. (1984). Cost Reduction, Competition, and Industry Performance. Econometrica.
Sundaram, A. K., John, T. A., & John, K. (1996). An empirical analysis of strategic competition and firm values The case of R&D competition. Journal of Financial Economics.
Tian, J. J., Haleblian, J. J., & Rajagopalan, N. (2011). The Effect of Board Human and Social Capital on Investor Reactions to New CEO Selection. Strategic Management Journal.
Whited, T. M., & Wu, G. (2006). Financial Constraints Risk. The Review of Financial Studies, 531–559.
Worrell, D. L., & Davidson, III, W. N. (1987). The Effect of CEO Succession on Stockholder Wealth in Large Firms Following the Death of the Predecessor. Journal of Management.
Yang, C.-L., Chiang, M.-H., & Chen, C.-W. (2018). Financial leverage and competitive strategy of cross-listing firms. Australian Journal of Management.
Ye, D. Z., Deng, J., Liu, Y., Szewczyk, S. H., & Chen, X. (2019). Does board gender diversity increase dividend payouts? Analysis of. Journal of Corporate Finance.
Zajac, E. J. (1990). CEO Selection, Succession, Compensation and Firm Performance: A Theoretical Integration and Empirical Analysis. Strategic Management Journal.
Zajac, E. J., & Westphal, J. D. (1996). Who Shall Succeed? How CEO/Board Preferences and Power Affect the Choice of New CEOs. The Academy of Management Journal.