2017 Fiscal Year Final Research Report
Empirical studies on structural changes of payout policy in Japanese firms
| Project/Area Number |
15K03618
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| Research Category |
Grant-in-Aid for Scientific Research (C)
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| Allocation Type | Multi-year Fund |
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| Section | 一般 |
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| Research Field |
Management
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| Research Institution | Aoyama Gakuin University |
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Principal Investigator |
Serita Toshio 青山学院大学, 経済学部, 教授 (80226688)
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| Co-Investigator(Renkei-kenkyūsha) |
HANAEDA Hideki 中央大学, 総合政策学部, 教授 (50103693)
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| Project Period (FY) |
2015-04-01 – 2018-03-31
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| Keywords | 自社株買い / 配当 / ペイアウト政策 / 株主優待 / ETF / 日本企業 |
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| Outline of Final Research Achievements |
(1)We conducted a new survey research to Japanese all listed firms to compare the payout policies with our 2006 survey. on substitution between stock repurchases and dividends. (2)We conducted empirical analysis of the effects of shareholder perks in Japan. (3)We empirically investigated the effects of ETFs and purchases of ETFs by Bank of Japan on individual stock markets.
Main results are in our 3 new papers. We got new and interesting empirical results. Those are changes of attitude on payout policies, decline of cost of equity capital while increase of stock price crash risk, and increase of individual stock volatility derived from expansion of ETFs.
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| Free Research Field |
経営財務、ファイナンス
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