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Empirical Studies on the Effect of Dividend Policy of Japanese Firms on both Earnings Management and Stock Pricing

Research Project

Project/Area Number 23730437
Research Category

Grant-in-Aid for Young Scientists (B)

Allocation TypeMulti-year Fund
Research Field Accounting
Research InstitutionOsaka City University

Principal Investigator

ISHIKAWA HIROYUKI  大阪市立大学, 経営学研究科, 教授 (60326246)

Project Period (FY) 2011 – 2013
Project Status Completed (Fiscal Year 2013)
Budget Amount *help
¥4,420,000 (Direct Cost: ¥3,400,000、Indirect Cost: ¥1,020,000)
Fiscal Year 2013: ¥910,000 (Direct Cost: ¥700,000、Indirect Cost: ¥210,000)
Fiscal Year 2012: ¥1,560,000 (Direct Cost: ¥1,200,000、Indirect Cost: ¥360,000)
Fiscal Year 2011: ¥1,950,000 (Direct Cost: ¥1,500,000、Indirect Cost: ¥450,000)
Keywordsコロボレーション効果 / backing out method / 特別損益 / 異常発生高 / 減益回避 / 赤字転落回避 / 利益の品質 / 利益の持続性 / 配当政策 / 利益調整 / Ohlsonモデル / 残余利益モデル / 将来業績予測 / 収益性予測 / シグナリング仮説 / 法人企業統計調査 / 小規模企業 / 特別配当 / 記念配当 / 拘束性 / 柔軟性 / 一時性 / 将来業績予想
Research Abstract

The market evaluates the information content of dividends in interrelating with earnings (corroboration effect). I analyzed empirically whether special items and abnormal accruals decrease corroboration effect between increase in dividends and increase in earnings, and found evidence that increase in earnings using abnormal accruals additionally decreases the corroboration effect, but that using special items does not do so. This evidence shows that the market evaluates increase in dividends in considering the quality of increase in earning.

Report

(4 results)
  • 2013 Annual Research Report   Final Research Report ( PDF )
  • 2012 Research-status Report
  • 2011 Research-status Report
  • Research Products

    (9 results)

All 2013 2011 Other

All Journal Article (7 results) Remarks (2 results)

  • [Journal Article] 利益の持続性とコロボレーション効果-Backing out method の議論を踏まえて-2013

    • Author(s)
      石川博行
    • Journal Title

      大阪市立大学大学院経営学研究科Working Paper

      Volume: No.201312 Pages: 1-23

    • Related Report
      2013 Final Research Report
  • [Journal Article] 配当政策の収益性予測能力―法人企業統計調査データによるパイロット・テスト-2013

    • Author(s)
      石川博行
    • Journal Title

      大阪市立大学大学院経営学研究科Working Paper

      Volume: No.201306 Pages: 1-19

    • Related Report
      2013 Final Research Report
  • [Journal Article] 利益の持続性とコロボレーション効果-Backing out method の議論を踏まえて-2013

    • Author(s)
      石川博行
    • Journal Title

      大阪市立大学大学院経営学研究科Working Paper

      Volume: No. 201312 Pages: 1-23

    • Related Report
      2013 Annual Research Report
  • [Journal Article] 配当政策の収益性予測能力―法人企業統計調査データによるパイロット・テスト-2013

    • Author(s)
      石川博行
    • Journal Title

      大阪市立大学大学院経営学研究科Working Paper

      Volume: No. 201306 Pages: 1-19

    • Related Report
      2012 Research-status Report
  • [Journal Article] 特別配当の価値関連性と利益予測能力2011

    • Author(s)
      石川博行・太田裕貴
    • Journal Title

      會計

      Volume: 第180巻第5号 Pages: 87-99

    • NAID

      40019037145

    • Related Report
      2013 Final Research Report 2011 Research-status Report
  • [Journal Article] 特別配当の実態分析2011

    • Author(s)
      石川博行・太田裕貴
    • Journal Title

      経営研究 (大阪市立大学)

      Volume: 第61巻第3号 Pages: 1-14

    • NAID

      110008713087

    • Related Report
      2013 Final Research Report
  • [Journal Article] 特別配当の実態分析2011

    • Author(s)
      石川博行・太田裕貴
    • Journal Title

      経営研究

      Volume: 61 Pages: 1-14

    • NAID

      110008713087

    • Related Report
      2011 Research-status Report
  • [Remarks]

    • URL

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

    • Related Report
      2013 Final Research Report
  • [Remarks]

    • URL

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

    • Related Report
      2013 Final Research Report

URL: 

Published: 2011-08-05   Modified: 2019-07-29  

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