Empirical analysis on the impact of shareholder perks

2017 Fiscal Year Final Research Report

• Project/Area Number: 15K03636
• Research Category: Grant-in-Aid for Scientific Research (C)
• Allocation Type: Multi-year Fund
• Section: 一般
• Research Field: Management
• Research Institution: Doshisha University (2016-2017); Momoyama Gakuin University (2015)
• Principal Investigator: nose yoshiaki 同志社大学, ビジネス研究科, 准教授 (80633966)
• Project Period (FY): 2015-04-01 – 2018-03-31
• Keywords: 株主優待 / 株主還元 / 配当 / 自社株買い

Outline of Final Research Achievements

In the research plan, "The impact of shareholder perks on the long-term performance of the company”, I revealed that shareholder perks have the effect of distorting stock prices upward due to trading constraints.
Regarding “the difference between shareholder perks and other shareholder return means", I made it clear that shareholder perks are not an alternative to dividends. I published three papers and three conference presentations during the research period.
Throughout these, I got a little closer to the proposition, "Why does a company choose perks benefits from among a number of shareholder return means?"

Free Research Field

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