2017 Fiscal Year Final Research Report
| Project/Area Number |
26780208
|
|---|
| Research Category |
Grant-in-Aid for Young Scientists (B)
|
| Allocation Type | Multi-year Fund |
|---|
| Research Field |
Management
|
|---|
| Research Institution | Konan University |
|---|
Principal Investigator |
|
|---|
| Project Period (FY) |
2014-04-01 – 2018-03-31
|
| Keywords | 現金の価値 / 現金保有 / ペイアウト / 配当 / 自社株買い / ケータリング |
|---|
| Outline of Final Research Achievements |
This research investigated the factors that affect the marginal value of cash and the relationship between the marginal value of cash and market reactions to payout. First, I found that due to agency problems, the marginal value of cash is significantly lower for firms engaging in cross-shareholding than for independent firms. I also found that a financial constraint measured by firms' bond ratings does not impact the marginal value of cash.
Next, I found that the market assesses favorably the payout decision of firm with lower-valued cash, suggesting that firms should pay out cash to shareholders when their marginal value of cash is valued lower.
|
| Free Research Field |
経営財務
|
