| Budget Amount *help |
¥2,470,000 (Direct Cost: ¥1,900,000、Indirect Cost: ¥570,000)
Fiscal Year 2017: ¥910,000 (Direct Cost: ¥700,000、Indirect Cost: ¥210,000)
Fiscal Year 2016: ¥910,000 (Direct Cost: ¥700,000、Indirect Cost: ¥210,000)
Fiscal Year 2015: ¥650,000 (Direct Cost: ¥500,000、Indirect Cost: ¥150,000)
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| Outline of Final Research Achievements |
This study presents a theory of payout policy explaining why a firm does not perfectly substitute stock repurchases for dividends. When transaction costs are large, an investor finds it reasonable to receive consumption-optimal dividends in spite of their disadvantageous tax treatment. The firm's dividend pattern is expected to be consistent with the median shareholder's optimum. As an additional distribution, "residual" stock repurchases are expected to be used unless the firm's stock is considerably overvalued.
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