Empirical Studies on Dividend Policy of Japanese Firms from the Perspective of Corroboration Effects
| Project/Area Number |
20730305
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| Research Category |
Grant-in-Aid for Young Scientists (B)
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| Allocation Type | Single-year Grants |
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| Research Field |
Accounting
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| Research Institution | Osaka City University |
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Principal Investigator |
ISHIKAWA Hiroyuki Osaka City University, 大学院・経営学研究科, 教授 (60326246)
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| Project Period (FY) |
2008 – 2010
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| Project Status |
Completed (Fiscal Year 2010)
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| Budget Amount *help |
¥4,160,000 (Direct Cost: ¥3,200,000、Indirect Cost: ¥960,000)
Fiscal Year 2010: ¥780,000 (Direct Cost: ¥600,000、Indirect Cost: ¥180,000)
Fiscal Year 2009: ¥1,430,000 (Direct Cost: ¥1,100,000、Indirect Cost: ¥330,000)
Fiscal Year 2008: ¥1,950,000 (Direct Cost: ¥1,500,000、Indirect Cost: ¥450,000)
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| Keywords | 配当政策 / コラボレーション効果 / コロボレーション効果 / シグナリング仮説 / 経営者の配当予想 / 首尾一貫したメッセージ / 下方硬直的な配当政策 / 配当のライフサイクル仮説 / 業績予想修正 / 配当異動 / 赤字転落 / 無配転落 / 記念配当 / 資本市場ベースの会計研究 / オールソン・モデル / 成熟仮説 / フリーキャッシュフロー仮説 |
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| Research Abstract |
I analyzed empirically the influence of dividend policy of Japanese firms on stock pricing from the perspective of corroboration effect. Firstly, I found evidence of both the existence and the persistence of corroboration effect in the Japanese market for the announcement of management forecasts revisions and time series properties of earnings and/or dividends. Secondly, I found new evidence that the dividends' life-cycle theory is not be accepted by both the managers of Japanese firms and the Japanese market, and I showed that the evidence can be explained using the concept of "corroboration effect."
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Report
(4 results)
Research Products
(11 results)
