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Empirical analysis on the impact of shareholder perks

Research Project

Project/Area Number 15K03636
Research Category

Grant-in-Aid for Scientific Research (C)

Allocation TypeMulti-year Fund
Section一般
Research Field Management
Research InstitutionDoshisha University (2016-2017)
Momoyama Gakuin University (2015)

Principal Investigator

nose yoshiaki  同志社大学, ビジネス研究科, 准教授 (80633966)

Project Period (FY) 2015-04-01 – 2018-03-31
Project Status Completed (Fiscal Year 2017)
Budget Amount *help
¥4,420,000 (Direct Cost: ¥3,400,000、Indirect Cost: ¥1,020,000)
Fiscal Year 2017: ¥1,430,000 (Direct Cost: ¥1,100,000、Indirect Cost: ¥330,000)
Fiscal Year 2016: ¥1,560,000 (Direct Cost: ¥1,200,000、Indirect Cost: ¥360,000)
Fiscal Year 2015: ¥1,430,000 (Direct Cost: ¥1,100,000、Indirect Cost: ¥330,000)
Keywords株主優待 / 株主還元 / 配当 / 自社株買い / ペイアウト
Outline of Final Research Achievements

In the research plan, "The impact of shareholder perks on the long-term performance of the company”, I revealed that shareholder perks have the effect of distorting stock prices upward due to trading constraints.
Regarding “the difference between shareholder perks and other shareholder return means", I made it clear that shareholder perks are not an alternative to dividends. I published three papers and three conference presentations during the research period.
Throughout these, I got a little closer to the proposition, "Why does a company choose perks benefits from among a number of shareholder return means?"

Report

(4 results)
  • 2017 Annual Research Report   Final Research Report ( PDF )
  • 2016 Research-status Report
  • 2015 Research-status Report
  • Research Products

    (5 results)

All 2017 2016 2015

All Journal Article (2 results) (of which Peer Reviewed: 2 results,  Open Access: 1 results) Presentation (3 results)

  • [Journal Article] 株主優待が株価にもたらす独自効果2017

    • Author(s)
      野瀬義明・宮川壽夫・伊藤彰敏
    • Journal Title

      証券アナリストジャーナル

      Volume: 55 Pages: 82-93

    • NAID

      40021354819

    • Related Report
      2017 Annual Research Report
    • Peer Reviewed
  • [Journal Article] 株主優待が権利付き最終日までの株価に与える影響2015

    • Author(s)
      望戸美希、野瀬義明
    • Journal Title

      証券経済研究

      Volume: 91 Pages: 87-102

    • NAID

      40020610188

    • Related Report
      2015 Research-status Report
    • Peer Reviewed / Open Access
  • [Presentation] 「配当・自社株買い・株主優待のパズル」2017

    • Author(s)
      野瀬義明
    • Organizer
      日本ファイナンシャル・プランニング学会パーソナル・ファイナンス研究会(同志社大学)
    • Related Report
      2017 Annual Research Report
  • [Presentation] 株主優待が株価にもたらす独自効果2016

    • Author(s)
      野瀬義明・宮川壽夫・伊藤彰敏
    • Organizer
      日本経営財務研究学会,第40回全国大会
    • Place of Presentation
      東京都練馬区 武蔵大学
    • Year and Date
      2016-10-09
    • Related Report
      2016 Research-status Report
  • [Presentation] 株主優待は企業からのギフトか?2015

    • Author(s)
      野瀬義明、宮川壽夫、伊藤彰敏
    • Organizer
      証券経済学会第84回秋季大会
    • Place of Presentation
      山口大学
    • Year and Date
      2015-11-07
    • Related Report
      2015 Research-status Report

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Published: 2015-04-16   Modified: 2019-03-29  

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