Empirical Studies on the Effect of Earning Quality on the Corroboration Effects of Dividend Policy
| Project/Area Number |
26380613
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| Research Category |
Grant-in-Aid for Scientific Research (C)
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| Allocation Type | Multi-year Fund |
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| Section | 一般 |
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| Research Field |
Accounting
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| Research Institution | Osaka City University |
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Principal Investigator |
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| Project Period (FY) |
2014-04-01 – 2017-03-31
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| Project Status |
Completed (Fiscal Year 2016)
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| Budget Amount *help |
¥4,680,000 (Direct Cost: ¥3,600,000、Indirect Cost: ¥1,080,000)
Fiscal Year 2016: ¥1,040,000 (Direct Cost: ¥800,000、Indirect Cost: ¥240,000)
Fiscal Year 2015: ¥1,690,000 (Direct Cost: ¥1,300,000、Indirect Cost: ¥390,000)
Fiscal Year 2014: ¥1,950,000 (Direct Cost: ¥1,500,000、Indirect Cost: ¥450,000)
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| Keywords | 配当政策 / コロボレーション効果 / 利益の品質 / 同時逆算手法 / 株主資本コスト / インプライド期待リターン / インプライド期待成長率 / ROE / 価値創造 / 持続性 / PBR / 個人株主 / 経営規律 / 同時推定 |
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| Outline of Final Research Achievements |
The market evaluates the information content of dividends in interrelating with earnings (corroboration effects). I analyzed empirically the effect of corroboration effects on both implied expected rate of return (r) and implied expected rate of growth (g) by applying the method for simultaneously estimating both r and g. I found evidence that both r and g increase in reaction to the increase in dividends, and the simultaneously released increase in both dividends and earnings make both r and g put additional upward.
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Report
(4 results)
Research Products
(5 results)
