Empirical Studies on the Effect of Earning Quality on the Corroboration Effects of Dividend Policy

• Project/Area Number: 26380613
• Research Category: Grant-in-Aid for Scientific Research (C)
• Allocation Type: Multi-year Fund
• Section: 一般
• Research Field: Accounting
• Research Institution: Osaka City University
• Principal Investigator: ISHIKAWA HIROYUKI 大阪市立大学, 大学院経営学研究科, 教授 (60326246)
• Project Period (FY): 2014-04-01 – 2017-03-31
• Project Status: Completed (Fiscal Year 2016)
• Budget Amount: ¥4,680,000 (Direct Cost: ¥3,600,000、Indirect Cost: ¥1,080,000); Fiscal Year 2016: ¥1,040,000 (Direct Cost: ¥800,000、Indirect Cost: ¥240,000); Fiscal Year 2015: ¥1,690,000 (Direct Cost: ¥1,300,000、Indirect Cost: ¥390,000); Fiscal Year 2014: ¥1,950,000 (Direct Cost: ¥1,500,000、Indirect Cost: ¥450,000)
• Keywords: 配当政策 / コロボレーション効果 / 利益の品質 / 同時逆算手法 / 株主資本コスト / インプライド期待リターン / インプライド期待成長率 / ROE / 価値創造 / 持続性 / PBR / 個人株主 / 経営規律 / 同時推定

Outline of Final Research Achievements

The market evaluates the information content of dividends in interrelating with earnings (corroboration effects). I analyzed empirically the effect of corroboration effects on both implied expected rate of return (r) and implied expected rate of growth (g) by applying the method for simultaneously estimating both r and g. I found evidence that both r and g increase in reaction to the increase in dividends, and the simultaneously released increase in both dividends and earnings make both r and g put additional upward.

Research Products

• [Journal Article] 価値創造企業のROEと株主資本コスト (2016)
  • Author(s): 石川博行
  • Journal Title: 年金レポート Volume: 117号 Pages: 35-45
  • Acknowledgement Compliant
• [Journal Article] 資本と利益の実証研究の方向性 (2015)
  • Author(s): 石川博行
  • Journal Title: 會計 Volume: 187 Pages: 40-53
  • NAID: 40020311478
  • Acknowledgement Compliant
• [Journal Article] 個人株主開拓が将来業績に与える影響 (2014)
  • Author(s): 石川博行
  • Journal Title: 會計 Volume: 186 Pages: 56-70
  • NAID: 40020098477
  • Acknowledgement Compliant
• [Presentation] 資本と利益の実証研究の方向性 (2014)
  • Author(s): 石川博行
  • Organizer: 日本会計研究学会
  • Place of Presentation: 横浜国立大学（神奈川県横浜市）
  • Year and Date: 2014-09-05 – 2014-09-06
• [Book] 企業価値向上のための財務会計リテラシー (2016)
  • Author(s): 西川郁生・秋葉賢一・長谷川茂男・石川博行・柳良平
  • Total Pages: 192
  • Publisher: 日本経済新聞出版社