| Budget Amount *help |
¥4,420,000 (Direct Cost: ¥3,400,000、Indirect Cost: ¥1,020,000)
Fiscal Year 2013: ¥910,000 (Direct Cost: ¥700,000、Indirect Cost: ¥210,000)
Fiscal Year 2012: ¥1,560,000 (Direct Cost: ¥1,200,000、Indirect Cost: ¥360,000)
Fiscal Year 2011: ¥1,950,000 (Direct Cost: ¥1,500,000、Indirect Cost: ¥450,000)
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| Research Abstract |
The market evaluates the information content of dividends in interrelating with earnings (corroboration effect). I analyzed empirically whether special items and abnormal accruals decrease corroboration effect between increase in dividends and increase in earnings, and found evidence that increase in earnings using abnormal accruals additionally decreases the corroboration effect, but that using special items does not do so. This evidence shows that the market evaluates increase in dividends in considering the quality of increase in earning.
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