2011 Fiscal Year Final Research Report
The dynamic analysis of the interaction between product market competition and corporate payout policy
| Project/Area Number |
22830115
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| Research Category |
Grant-in-Aid for Research Activity Start-up
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| Allocation Type | Single-year Grants |
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| Research Field |
Business administration
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| Research Institution | Ritsumeikan University |
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Principal Investigator |
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| Project Period (FY) |
2010 – 2011
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| Keywords | 企業金融 / ペイアウト政策 / 企業間競争 / 市場支配力 |
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| Research Abstract |
This research investigates the dynamic interaction between product market competition and corporate payout policy. The results in this research present that firms in more concentrated industries have significantly lower payout ratios than firms in less concentrated industries. Moreover, we find that this interaction is much weaker among dominant firms. Therefore, these results indicate that predatory behavior from competitors is an important determinant of corporate payout policy.
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