The Effect of Earnings Quality on the Association Between Dividend Policy and Investment Decisions: Empirical Evidence in Japan

2023 Fiscal Year Final Research Report

• Project/Area Number: 21K01804
• Research Category: Grant-in-Aid for Scientific Research (C)
• Allocation Type: Multi-year Fund
• Section: 一般
• Review Section: Basic Section 07100:Accounting-related
• Research Institution: Otaru University of Commerce
• Principal Investigator: ICHIHARA Hiroyoshi 小樽商科大学, 商学部, 准教授 (60732443)
• Project Period (FY): 2021-04-01 – 2024-03-31
• Keywords: 財務会計 / 利益調整 / 財務報告の質 / 配当政策 / 実証分析

Outline of Final Research Achievements

This research provides evidence that high-quality financial reporting affects investment decisions in high-dividend-paying firms. Investigation shows that high-dividend-paying firms are likely to have higher investment levels. Additionally, empirical evidence shows that in high-dividend-paying firms with high-quality financial reporting, high-quality financial reporting reduces moral hazard problems because of information asymmetry and plays an important role in mitigating the positive impact of dividends on investments.

Free Research Field

会計学

Academic Significance and Societal Importance of the Research Achievements

企業の配当政策は、毎期、多額の現金が投じられ、多くの利害関係者の関心を集める重要な財務意思決定であり、企業価値に大きな影響を及ぼす。しかし企業の財務政策・投資決定が、企業経営者の会計行動に及ぼす影響について、配当政策の観点から検証した研究は世界的にいまだ限られた状況あり、財務会計分野だけでなく、ファイナンス分野、経営財務分野等にも広く貢献することが期待されるものとなる。