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Empirical Studies on Dividend Policy of Japanese Firms from the Perspective of Corroboration Effects

Research Project

Project/Area Number 20730305
Research Category

Grant-in-Aid for Young Scientists (B)

Allocation TypeSingle-year Grants
Research Field Accounting
Research InstitutionOsaka City University

Principal Investigator

ISHIKAWA Hiroyuki  Osaka City University, 大学院・経営学研究科, 教授 (60326246)

Project Period (FY) 2008 – 2010
Project Status Completed (Fiscal Year 2010)
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)
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
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."

Report

(4 results)
  • 2010 Annual Research Report   Final Research Report ( PDF )
  • 2009 Annual Research Report
  • 2008 Annual Research Report
  • Research Products

    (11 results)

All 2010 2009 2008 Other

All Journal Article (5 results) Presentation (1 results) Book (1 results) Remarks (4 results)

  • [Journal Article] 利益変化と配当変化のコロボレーション効果-中間利益・中間配当・年次利益の相互作用-2010

    • Author(s)
      石川博行
    • Journal Title

      會計 177

      Pages: 64-74

    • NAID

      40017014153

    • Related Report
      2010 Final Research Report
  • [Journal Article] 利益変化と配当変化のコロボレーション効果-中間利益・中間配当・年次利益の相互作用-2010

    • Author(s)
      石川博行
    • Journal Title

      會計

      Volume: 177 Pages: 64-74

    • NAID

      40017014153

    • Related Report
      2010 Annual Research Report
  • [Journal Article] 配当政策と株式市場-コロボレーション効果の実証分析-2009

    • Author(s)
      石川博行
    • Journal Title

      証券アナリストジャーナル 47

      Pages: 23-30

    • Related Report
      2010 Final Research Report 2009 Annual Research Report
  • [Journal Article] 配当政策のコラボレーション効果に関する実証分析-配当のライフサイクル仮説の検討-2008

    • Author(s)
      石川博行
    • Journal Title

      會計 174

      Pages: 32-45

    • NAID

      40016193790

    • Related Report
      2010 Final Research Report
  • [Journal Article] 配当政策のコラボレーション効果に関する実証分析-配当のライフサイクル仮説の検証-2008

    • Author(s)
      石川博行
    • Journal Title

      會計 174

      Pages: 32-45

    • Related Report
      2008 Annual Research Report
  • [Presentation] 利益と配当のコロボレーション効果に関する実証分析2010

    • Author(s)
      石川博行
    • Organizer
      日本ディスクロージャー研究学会第1回全国大会
    • Place of Presentation
      関西大学
    • Year and Date
      2010-05-08
    • Related Report
      2010 Annual Research Report 2010 Final Research Report
  • [Book] 株価を動かす配当政策-コロボレーション効果の実証分析2010

    • Author(s)
      石川博行
    • Total Pages
      197
    • Publisher
      中央経済社
    • Related Report
      2010 Annual Research Report 2010 Final Research Report
  • [Remarks] ホームページ等

    • URL

      http://www2.bus.osaka-cu.ac.jp/~h-ishikawa/profile.htm

    • Related Report
      2010 Final Research Report
  • [Remarks]

    • URL

      http://www2.bus.osaka-cu.ac.jp/~h-ishikawa/profile-e.htm

    • Related Report
      2010 Final Research Report
  • [Remarks]

    • URL

      http://www2.bus.osaka-cu.ac.jp/~h-ishikawa/profile.htm

    • Related Report
      2010 Annual Research Report
  • [Remarks]

    • URL

      http://www2.bus.osaka-cu.ac.jp/~h-ishikawa/profile-e.htm

    • Related Report
      2010 Annual Research Report

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Published: 2008-04-01   Modified: 2016-04-21  

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