Relationship between ownership structure and payout strategies

2016 Fiscal Year Final Research Report

• Project/Area Number: 26870020
• Research Category: Grant-in-Aid for Young Scientists (B)
• Allocation Type: Multi-year Fund
• Research Field: Management; Money/ Finance
• Research Institution: Kobe University (2015-2016); Showa Women's University (2014)
• Principal Investigator: Hoda Takaaki 神戸大学, 大学院経営学研究科, 准教授 (90581546)
• Project Period (FY): 2014-04-01 – 2017-03-31
• Keywords: 配当 / 自社株買い / 株主構成 / ペイアウト / コーポレートガバナンス / 機関投資家 / 株式保有割合

Outline of Final Research Achievements

I have done empirical analysis on the relationship between share ownership by institutional investors and payout strategies of companies in the Japanese market. The background is that share ownership by institutional investors is increasing in the Japanese market and that might have given some changes in corporate there is increasing assumption here to under stand the type of transactions that the stock market would welcome. First, I did event study of stock price movement of private placement and secondary offering around the announcement days. Second, I have done empirical analysis of long term stock price performance and operating performance after the equity financing. The major findings from these analysis are the followings. Stock market likes those transactions whose use of proceeds are other than debt repayment. Especially for private placement transactions, the relationship between the issuer and the underwriting shareholder is also very important.

Free Research Field

コーポレートファイナンス、コーポレートガバナンス