| 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)
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| 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.
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