| 研究課題/領域番号 |
22K01576
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| 研究種目 |
基盤研究(C)
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| 配分区分 | 基金 |
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| 応募区分 | 一般 |
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| 審査区分 |
小区分07060:金融およびファイナンス関連
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| 研究機関 | 国際教養大学 |
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研究代表者 |
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| 研究期間 (年度) |
2022-04-01 – 2025-03-31
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| 研究課題ステータス |
交付 (2023年度)
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| 配分額 *注記 |
3,510千円 (直接経費: 2,700千円、間接経費: 810千円)
2024年度: 910千円 (直接経費: 700千円、間接経費: 210千円)
2023年度: 1,040千円 (直接経費: 800千円、間接経費: 240千円)
2022年度: 1,560千円 (直接経費: 1,200千円、間接経費: 360千円)
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| キーワード | Corporate dividends / Corporate payout policy / Firm performance / Corporate governance / Retained earnings / Cash holdings / Repurchases / Payout policy / Dividends / Cross-section of returns |
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| 研究開始時の研究の概要 |
Corporations' management have long been thought to maintain long-term dividend payout targets, but there is little evidence on what these targets are or how they evolve over time. This project will develop a database of voluntary long-term payout target disclosures by listed Japanese firms. The properties of payout targets and their relationships with firm performance, stock returns, actual payouts, bankruptcy risk and corporate governance characteristics will be investigated.
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| 研究実績の概要 |
The project is developing and analyzing a database of voluntary long-term payout target disclosures by listed Japanese firms, including related issues such as governance and cash holdings. The project progressed as follows. Intensive manual verification of the payout target data collected using natural language processing from corporate filings has been done to confirm its validity. An extensive database of corporate financial data has been assembled for all listed Japanese firms from 2000 to 2023. Textual data from the Yuho from 2020 to December 2023 has been collected from EDINET to extend the sample of voluntary payout targets. Work on the related issue of cash holdings has proceeded with initial modeling completed and the results presented at an international conference.
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| 現在までの達成度 (区分) |
現在までの達成度 (区分)
3: やや遅れている
理由
Manual verification and improvement of the voluntary payout target data took longer than expected. Given that the voluntary reporting of numerous firms is sporadic, the decision was made to extend the data set from 2020 to 2023 to improve the prospects for robust modelling results, and this work is presently underway. As payout policy is connected through retained earnings to cash holdings, related hypotheses are being examined as additional work on the project.
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| 今後の研究の推進方策 |
Using natural language processing techniques, I will extend the payout target database coverage from 2020 to the end of 2023. Data on corporate governance for listed Japanese firms is expected to be purchased from a commercial vendor shortly. Models of dividend smoothing based on Lintner's partial adjustment model and other models in the literature that relate ex-post payouts to targets and other firm-level financial data will be re-estimated with the improved database developed over the past year. Modeling work developed during 2023 on the related determinants of Japanese firms' cash holdings will be extended in 2024 with new data and more sophisticated regression techniques due to peer feedback in received in 2023. Results from the improved modeling of dividends and cash holdings will be presented at international conferences during 2024 to gain peer feedback, further enhance the research, and develop draft manuscripts for publication.
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