2021 Fiscal Year Final Research Report
Relationship between Cost Structure and Payout
Project/Area Number |
19K13852
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Research Category |
Grant-in-Aid for Early-Career Scientists
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Allocation Type | Multi-year Fund |
Review Section |
Basic Section 07100:Accounting-related
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Research Institution | Saga University |
Principal Investigator |
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Project Period (FY) |
2019-04-01 – 2022-03-31
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Keywords | 費用構造 / 営業レバレッジ / ペイアウト政策(配当と自社株買い) / 保有現金 |
Outline of Final Research Achievements |
I examine the relationship between cost structure in short-term and payout. First, I find that firms with higher variable costs pay dividends and repurchase, especially prefer dividends. I also find that these firms hold more cash and the substitution between dividends and repurchase. Next, I analyze the impact of the stewardship code and corporate governance code on payout policy. As a result, on average, after the entry into force of both codes, firms with higher shareholding ratios of institutional and foreign investors prefer repurchases. In addition, this type of firms tends to payout within a range that would not be a burden in the future. After the entry into force of both codes, firms with low average ROE and dividend payout ratio over the past five years and high risk of overinvestment prefer dividends. It has become clear that these investors generally prefer repurchases after the entry into force of both codes when firms are strongly subject to economic uncertainties.
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Free Research Field |
経営財務論(コーポレートファイナンス)
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Academic Significance and Societal Importance of the Research Achievements |
学術的意義として、第1に費用構造の観点からペイアウト政策を実証分析している。費用構造とペイアウトの研究は総じて少なく、本研究はリサーチギャップを埋めている。第2に近年のコーポレートガバナンス (CG) 改革がペイアウトに与える影響について実証分析しており、本研究はCGとペイアウトの既存研究を補完している。これらの結果は、社会的にも重要な示唆を含む。第1に企業が費用の調整しながら、ペイアウトのために内部留保を調整している可能性がある。つまり費用構造を通して日本企業の内部留保に対する姿勢を窺い知ることができる。第2にCGの改善がペイアウトの増加につながり、株主の効用を高めている可能性がある。
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