| Project/Area Number |
61450083
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| Research Category |
Grant-in-Aid for General Scientific Research (B)
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| Allocation Type | Single-year Grants |
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| Research Field |
商学・経営学
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| Research Institution | GAKUSHUIN UNIVERSITY |
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Principal Investigator |
KOYAMA Akihiro Professor of Corporate Finance, Gakushuin University, 経済学部, 教授 (50146320)
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| Co-Investigator(Kenkyū-buntansha) |
HANAEKA Hideki Professor of Corporate Finance, Seijo University, 経済学部, 教授 (50103693)
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| Project Period (FY) |
1986 – 1987
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| Project Status |
Completed (Fiscal Year 1987)
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| Budget Amount *help |
¥4,300,000 (Direct Cost: ¥4,300,000)
Fiscal Year 1987: ¥800,000 (Direct Cost: ¥800,000)
Fiscal Year 1986: ¥3,500,000 (Direct Cost: ¥3,500,000)
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| Keywords | capital structure / dividend policy / financing decision / agency problem / internal organization / ownership structure / managerial control / 所有と支配の分離 / 株式持ち合い |
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| Research Abstract |
Our main concern is as follows; How can the formation mechanisms of capital structures and dividend policies in Japanese corporations be analyzed within the framework of the agency theory? How can the re-examination of the financial policies of firms be performed using the new framework? We have found some interesting fact.
1. Capital Structures
Utilizing the agency theory, we have analyzed the relationship between the manager and the stockholders. The former tries to reduce the agency cost that accrues from the conflict among them when he makes he makes financing decisions.
We have made saveral empirical researches on the determinants of capital structures, mainly that of the debt ratio. In our research, we have shown that the business risk and growth rate of sales are important determinants of the debt ratio. In the relationship between the manager and the stockholders, they have various influences on the financing decision of the manager. 2. Dividemd Policies
Japanese Corporation have the tendency to decide the amount of dividends acording to the 'divideng ratio' rule. Pay-out ratio has no importance in Japan. The ownership structure of shares have an influence on the dividend policy of firms. For example, the diffuser the ownership structure is, the more dividend managers pay. Generally speaking, the dividend policy can be used as the divice to control the agency cost of external capitals.
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