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Corporate Payout Policy : Empirical investigation

Research Project

Project/Area Number 21530316
Research Category

Grant-in-Aid for Scientific Research (C)

Allocation TypeSingle-year Grants
Section一般
Research Field Public finance/Monetary economics
Research InstitutionWaseda University

Principal Investigator

TANIGAWA Yasuhiko  早稲田大学, 商学学術院, 教授 (60163622)

Project Period (FY) 2009 – 2011
Project Status Completed (Fiscal Year 2011)
Budget Amount *help
¥4,420,000 (Direct Cost: ¥3,400,000、Indirect Cost: ¥1,020,000)
Fiscal Year 2011: ¥910,000 (Direct Cost: ¥700,000、Indirect Cost: ¥210,000)
Fiscal Year 2010: ¥2,210,000 (Direct Cost: ¥1,700,000、Indirect Cost: ¥510,000)
Fiscal Year 2009: ¥1,300,000 (Direct Cost: ¥1,000,000、Indirect Cost: ¥300,000)
Keywords配当政策 / 自社株消却 / 自社株取得 / 株主総還元政策 / ライフサイクル仮説 / 自社株取得・消却 / 株主総還元攻策 / 金融自由化 / グローバル金融市場 / 財務上の特約 / 公募社債
Research Abstract

We conduct an empirical study on the total payout policy of Japanese firms, which includes dividend, stock repurchase, and cancellation. The life-cycle theory of De Angle et al.(2006) is supported. While in 1990's the Japanese firms employed a stable dividend policy, we find a break in 2004 after which some firms deviate from it. We also find both relationship between dividend and stock repurchase and one between cancellation and stock repurchase are different according to the institution that decides the repurchase.

Report

(5 results)
  • 2011 Annual Research Report   Final Research Report ( PDF )
  • 2010 Annual Research Report
  • 2009 Annual Research Report
  • Products Report
  • Research Products

    (3 results)

All 2012 2011

All Journal Article (3 results)

  • [Journal Article] 自社株取得とその消却2012

    • Author(s)
      谷川 寧彦
    • Journal Title

      早稲田商学

      Volume: 431 Pages: 413-434

    • Related Report
      Products Report
  • [Journal Article] Dividend Policy in Japan : a break in 20042011

    • Author(s)
      Yasuhiko Tanigawa
    • Journal Title

      Waseda Business & Economics Studies

      Volume: No.47 Pages: 67-81

    • Related Report
      2011 Final Research Report
  • [Journal Article] Dividend Policy in Japan : a break in 20042011

    • Author(s)
      Tanigawa, Yasuhiko
    • Journal Title

      Waseda Business & Economics Studies

      Volume: 47 Pages: 67-81

    • Related Report
      2011 Annual Research Report

URL: 

Published: 2009-04-01   Modified: 2016-09-09  

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