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Title: 資本剰余金配当の実施を歓迎する投資家の着眼点と当該配当実施企業の財務的特性
Authors: 櫻田, 譲 Browse this author →KAKEN DB
Keywords: 自己株式
Issue Date: Mar-2014
Publisher: 日本ディスクロージャー研究学会
Journal Title: 年報 経営ディスクロージャー研究
Volume: 13
Start Page: 13
Abstract: The objective of this research is to observe a capital surplus dividend and examine how investors react to the information about the implementation of capital surplus dividend. In addition, I focus on the reason why the companies decide to give the capital surplus dividend to shareholders. First, I find that one of the strong reasons is that the companies' financial conditions were not better than other companies which give the dividend derived from the profit. This finding has been also detected by several researchers so far. Further, I make it clear that the relation between the magnitude of the profit and investor's reaction. Finally, I try to consider the financial conditions of companies listed in an emerging market. The sample contains both companies in such market and another. Then I compare the share ratio of a treasury stock in new market companies with that in another market. Consequently I want to emphasize the conclusion that companies in an emerging market have tendency to have more treasury stocks than other firms in a traditional market. I suppose if we base on these results, perhaps companies in an emerging market which gave capital surplus dividend to shareholder only to maintain their stock price. Conclusively, I insist there are some irrelevant companies those should not to pay dividend to shareholder in a new market.
Rights: 日本ディスクロージャー研究学会 ⓒ2014
Type: article (author version)
Appears in Collections:経済学院・経済学研究院 (Graduate School of Economics and Business / Faculty of Economics and Business) > 雑誌発表論文等 (Peer-reviewed Journal Articles, etc)

Submitter: 櫻田 譲

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