Relation between payout policy, wages and employment -Profit sharing between shareholders and labors-

2018 Fiscal Year Final Research Report

• Project/Area Number: 16K17177
• Research Category: Grant-in-Aid for Young Scientists (B)
• Allocation Type: Multi-year Fund
• Research Field: Management
• Research Institution: Toyo University
• Principal Investigator: Sasaki Toshinori 東洋大学, 経営学部, 講師 (10609738)
• Project Period (FY): 2016-04-01 – 2019-03-31
• Keywords: ペイアウト政策 / 配当 / 自社株買い / 賃金 / 雇用

Outline of Final Research Achievements

I examined the issue of profit sharing between shareholders and labors. First, I find that dividend is still a major method of payout policy in Japan, which is different from the US firms. Second, I also find that high business risk firms employ more non-regular labors and more repurchase shares to mitigate their risk. Finally, I find that the removal of manufacturing dispatching due to the revision of the dispatching law in 2003 affect financial policy of Japanese firms, such as share repurchase, cash holdings and debt ratio.

Free Research Field

コーポレートファイナンス

Academic Significance and Societal Importance of the Research Achievements

近年の日本社会では企業業績の好調さと株主への利益還元の増加が報道される一方で、従業員への還元は十分ではないという指摘がよくなされている。また、学術研究の世界ではこのような株主と従業員の間での利益分配に関する研究が十分にされてはいなかった。そこで本研究課題では株主への利益分配手法と従業員処遇の間の関係性について主に検証を行ったものである。