Empirical Studies on the Effect of Dividend Policy of Japanese Firms on both Earnings Management and Stock Pricing
| Project/Area Number |
23730437
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| Research Category |
Grant-in-Aid for Young Scientists (B)
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| Allocation Type | Multi-year Fund |
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| Research Field |
Accounting
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| Research Institution | Osaka City University |
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Principal Investigator |
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| Project Period (FY) |
2011 – 2013
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| Project Status |
Completed (Fiscal Year 2013)
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| 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)
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| 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 |
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| 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.
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Report
(4 results)
Research Products
(9 results)
