Empirical study on stockholder privilege impact on value relevancy of financial reporting
| Project/Area Number |
24530562
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| Research Category |
Grant-in-Aid for Scientific Research (C)
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| Allocation Type | Multi-year Fund |
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| Section | 一般 |
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| Research Field |
Accounting
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| Research Institution | Yamaguchi University |
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Principal Investigator |
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| Project Period (FY) |
2012-04-01 – 2015-03-31
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| Project Status |
Completed (Fiscal Year 2014)
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| Budget Amount *help |
¥4,160,000 (Direct Cost: ¥3,200,000、Indirect Cost: ¥960,000)
Fiscal Year 2014: ¥650,000 (Direct Cost: ¥500,000、Indirect Cost: ¥150,000)
Fiscal Year 2013: ¥1,560,000 (Direct Cost: ¥1,200,000、Indirect Cost: ¥360,000)
Fiscal Year 2012: ¥1,950,000 (Direct Cost: ¥1,500,000、Indirect Cost: ¥450,000)
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| Keywords | 株主優待 / 個人投資家 / ファンダメンタル分析 / 資本市場 / コンジョイント分析 / 企業評価 |
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| Outline of Final Research Achievements |
This study investigates value relevancy of stockholder privilege (SP) from multi-dimensions including cognition of SP individual investors. It first explains why valuation model providing current accounting practice for stockholder privilege may systematically cause undervaluation of SP offering firms. Then it reports perceived utility of SP among individual investors differs from that of dividend and earnings and suggests excessive SP does not increase utility. Third, it finds SP adjusted valuation model better explains small cap stocks.
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Report
(4 results)
Research Products
(2 results)
