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Analysis of the effect of shareholder perks on corporate governance and earnings management

Research Project

Project/Area Number 16K03988
Research Category

Grant-in-Aid for Scientific Research (C)

Allocation TypeMulti-year Fund
Section一般
Research Field Accounting
Research InstitutionYamaguchi University

Principal Investigator

Matsuura Yoshiyuki  山口大学, 大学院技術経営研究科, 教授 (70274149)

Project Period (FY) 2016-04-01 – 2019-03-31
Project Status Completed (Fiscal Year 2018)
Budget Amount *help
¥2,340,000 (Direct Cost: ¥1,800,000、Indirect Cost: ¥540,000)
Fiscal Year 2018: ¥520,000 (Direct Cost: ¥400,000、Indirect Cost: ¥120,000)
Fiscal Year 2017: ¥650,000 (Direct Cost: ¥500,000、Indirect Cost: ¥150,000)
Fiscal Year 2016: ¥1,170,000 (Direct Cost: ¥900,000、Indirect Cost: ¥270,000)
Keywords株主優待 / コーポレートガバナンス / 利益マネジメント / 投資乗数 / 所有者構造 / 資本市場
Outline of Final Research Achievements

This research project consists of three topics. First, the study finds percieved utily of shareholder perks(SP) does not show different pattern across countries by conducting experiment conducted in Indonesia. Second, it finds SP offering firms consistently show lower EPR (higher) PER while the effect diminishes as expected eanings growth increases. Third, the test finds SP offering mitigates accrual based earnings management while accentuating real activity management. The findings of this research deliver proprietary evidence as to the effect and consequences of SP offering. Our results contributes to the literature which investigates capital market anomaly and earnings management behavior in Japan. Furthermore, the study offers possible consequence of managerial intention to enhance retail ownership.

Academic Significance and Societal Importance of the Research Achievements

本研究は、株主優待提供の帰結について多面的に調査した。会計・市場データを利用した実証的な株主優待に関する先行研究は、これまで株主制度の導入・撤廃に注目したイベントスタディが支配的であったが、本研究はクロスセクショナルにその影響を調査することで、持続的な影響を明らかにしたという点で大きな貢献がある。より一般的には、株主優待制度は経営者による戦略的な個人株主増加策として、唯一客観的に識別可能な仕組みである。世界的に安定株主としての個人株主に関心が高まる中、本研究の成果はこうした経営者の意図がどういった企業行動とつながるのかについて実証的な証拠を提供したという意味で広く社会的な意義がある。

Report

(4 results)
  • 2018 Annual Research Report   Final Research Report ( PDF )
  • 2017 Research-status Report
  • 2016 Research-status Report
  • Research Products

    (7 results)

All 2019 2018 2016 Other

All Int'l Joint Research (4 results) Presentation (3 results) (of which Int'l Joint Research: 2 results)

  • [Int'l Joint Research] マレーシア工科大学(マレーシア)

    • Related Report
      2018 Annual Research Report
  • [Int'l Joint Research] バンドン工科大学(インドネシア)

    • Related Report
      2017 Research-status Report
  • [Int'l Joint Research] バンドン工科大学(インドネシア)

    • Related Report
      2016 Research-status Report
  • [Int'l Joint Research] マレーシア工科大学(マレーシア)

    • Related Report
      2016 Research-status Report
  • [Presentation] On the interaction between shareholder perks, ownership structure and earnings management2019

    • Author(s)
      Liqian Chen, Yoshiyuki Matsuura and Mohammad Ali Tareq
    • Organizer
      The 21st Malaysian Finance Association Conference
    • Related Report
      2018 Annual Research Report
    • Int'l Joint Research
  • [Presentation] Shareholder perks and earnings to price ratio2018

    • Author(s)
      Yoshiyuki Matsuura, Liqian Chen and Mohammad Ali Tareq
    • Organizer
      International Conference on Innovation and Technology Management 2018
    • Related Report
      2018 Annual Research Report
    • Int'l Joint Research
  • [Presentation] Does Stockholder Privilege Really Matter to Individual Investors?2016

    • Author(s)
      Yoshiyuki Matsuura
    • Organizer
      International Conference on Management in Emerging Markets
    • Place of Presentation
      バリ(インドネシア)
    • Year and Date
      2016-08-10
    • Related Report
      2016 Research-status Report

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Published: 2016-04-21   Modified: 2020-03-30  

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