2010 Fiscal Year Final Research Report
Empirical Studies on Dividend Policy of Japanese Firms from the Perspective of Corroboration Effects
| Project/Area Number |
20730305
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| Research Category |
Grant-in-Aid for Young Scientists (B)
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| Allocation Type | Single-year Grants |
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| Research Field |
Accounting
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| Research Institution | Osaka City University |
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Principal Investigator |
ISHIKAWA Hiroyuki Osaka City University, 大学院・経営学研究科, 教授 (60326246)
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| Project Period (FY) |
2008 – 2010
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| 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 |
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| 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."
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