2010 Fiscal Year Final Research Report

Empirical Studies on Dividend Policy of Japanese Firms from the Perspective of Corroboration Effects

Research Project

Project/Area Number	20730305
Research Category	Grant-in-Aid for Young Scientists (B)
Allocation Type	Single-year Grants
Research Field	Accounting
Research Institution	Osaka City University
Principal Investigator	ISHIKAWA Hiroyuki Osaka City University, 大学院・経営学研究科, 教授 (60326246)
Project Period (FY)	2008 – 2010
Keywords	配当政策 / コラボレーション効果 / コロボレーション効果 / シグナリング仮説 / 経営者の配当予想 / 首尾一貫したメッセージ / 下方硬直的な配当政策 / 配当のライフサイクル仮説
Research Abstract	I analyzed empirically the influence of dividend policy of Japanese firms on stock pricing from the perspective of corroboration effect. Firstly, I found evidence of both the existence and the persistence of corroboration effect in the Japanese market for the announcement of management forecasts revisions and time series properties of earnings and/or dividends. Secondly, I found new evidence that the dividends' life-cycle theory is not be accepted by both the managers of Japanese firms and the Japanese market, and I showed that the evidence can be explained using the concept of "corroboration effect."

(7 results)