Empirical study on stockholder privilege impact on value relevancy of financial reporting

Research Project

Project/Area Number	24530562
Research Category	Grant-in-Aid for Scientific Research (C)
Allocation Type	Multi-year Fund
Section	一般
Research Field	Accounting
Research Institution	Yamaguchi University
Principal Investigator	YOSHIYUKI Matsuura 山口大学, 技術経営研究科, 教授 (70274149)
Project Period (FY)	2012-04-01 – 2015-03-31
Project Status	Completed (Fiscal Year 2014)
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)
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
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.