2011 Fiscal Year Final Research Report
Corporate Payout Policy : Empirical investigation
| Project/Area Number |
21530316
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| Research Category |
Grant-in-Aid for Scientific Research (C)
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| Allocation Type | Single-year Grants |
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| Section | 一般 |
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| Research Field |
Public finance/Monetary economics
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| Research Institution | Waseda University |
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Principal Investigator |
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| Project Period (FY) |
2009 – 2011
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| Keywords | 配当政策 / 自社株消却 / 自社株取得 / 株主総還元政策 / ライフサイクル仮説 |
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| Research Abstract |
We conduct an empirical study on the total payout policy of Japanese firms, which includes dividend, stock repurchase, and cancellation. The life-cycle theory of De Angle et al.(2006) is supported. While in 1990's the Japanese firms employed a stable dividend policy, we find a break in 2004 after which some firms deviate from it. We also find both relationship between dividend and stock repurchase and one between cancellation and stock repurchase are different according to the institution that decides the repurchase.
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