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Payout and cash holdings

Research Project

Project/Area Number 26780208
Research Category

Grant-in-Aid for Young Scientists (B)

Allocation TypeMulti-year Fund
Research Field Management
Research InstitutionKonan University

Principal Investigator

Yamaguchi Satoru  甲南大学, 経営学部, 教授 (40548757)

Project Period (FY) 2014-04-01 – 2018-03-31
Project Status Completed (Fiscal Year 2017)
Budget Amount *help
¥2,470,000 (Direct Cost: ¥1,900,000、Indirect Cost: ¥570,000)
Fiscal Year 2016: ¥650,000 (Direct Cost: ¥500,000、Indirect Cost: ¥150,000)
Fiscal Year 2015: ¥520,000 (Direct Cost: ¥400,000、Indirect Cost: ¥120,000)
Fiscal Year 2014: ¥1,300,000 (Direct Cost: ¥1,000,000、Indirect Cost: ¥300,000)
Keywords現金の価値 / 現金保有 / ペイアウト / 配当 / 自社株買い / ケータリング / 資金制約 / 株式持ち合い / コーポレート・ガバナンス / マーケットタイミング / シグナリング
Outline of Final Research Achievements

This research investigated the factors that affect the marginal value of cash and the relationship between the marginal value of cash and market reactions to payout. First, I found that due to agency problems, the marginal value of cash is significantly lower for firms engaging in cross-shareholding than for independent firms. I also found that a financial constraint measured by firms' bond ratings does not impact the marginal value of cash.
Next, I found that the market assesses favorably the payout decision of firm with lower-valued cash, suggesting that firms should pay out cash to shareholders when their marginal value of cash is valued lower.

Report

(5 results)
  • 2017 Annual Research Report   Final Research Report ( PDF )
  • 2016 Research-status Report
  • 2015 Research-status Report
  • 2014 Research-status Report
  • Research Products

    (8 results)

All 2017 2016 2015

All Journal Article (6 results) (of which Acknowledgement Compliant: 3 results) Presentation (2 results)

  • [Journal Article] The Flexibility of Share Repurchase and Managerial Timing in Japan2017

    • Author(s)
      山口聖
    • Journal Title

      甲南経営研究

      Volume: 58 Pages: 95-123

    • NAID

      120006324514

    • Related Report
      2017 Annual Research Report
  • [Journal Article] 現金の価値とペイアウト2017

    • Author(s)
      山口聖
    • Journal Title

      甲南経営研究

      Volume: 58 Pages: 63-80

    • NAID

      120006364869

    • Related Report
      2017 Annual Research Report
  • [Journal Article] 資金制約と現金の価値2017

    • Author(s)
      山口聖
    • Journal Title

      甲南経営研究

      Volume: 58 Pages: 17-32

    • NAID

      120006378590

    • Related Report
      2017 Annual Research Report
  • [Journal Article] 現金保有についての考察2016

    • Author(s)
      山口聖
    • Journal Title

      甲南経営研究

      Volume: 57 Pages: 159-178

    • Related Report
      2016 Research-status Report
    • Acknowledgement Compliant
  • [Journal Article] 自社株買いのマーケット・タイミング仮説の検証2016

    • Author(s)
      山口聖
    • Journal Title

      甲南経営研究

      Volume: 56 Pages: 75-91

    • NAID

      120005978280

    • Related Report
      2015 Research-status Report
    • Acknowledgement Compliant
  • [Journal Article] 自社株買いのマーケット・タイミング仮説についての考察2015

    • Author(s)
      山口聖
    • Journal Title

      甲南経営研究

      Volume: 56 Pages: 93-112

    • NAID

      120005978272

    • Related Report
      2015 Research-status Report
    • Acknowledgement Compliant
  • [Presentation] 株式持ち合いと現金保有2017

    • Author(s)
      山口聖
    • Organizer
      日本経営財務研究学会
    • Related Report
      2017 Annual Research Report
  • [Presentation] 定款授権に基づく自社株買いを用いたマーケットタイミング仮説の検証2015

    • Author(s)
      山口聖
    • Organizer
      日本経営財務研究学会
    • Place of Presentation
      九州大学(福岡県博多市)
    • Year and Date
      2015-10-04
    • Related Report
      2015 Research-status Report

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Published: 2014-04-04   Modified: 2019-03-29  

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