Please use this identifier to cite or link to this item:

Analyses of the shareholder benefit program in Japan

File Description SizeFormat 
Yasutake_Taeko_r.pdfVersion for non-UH users. Copying/Printing is not permitted954.63 kBAdobe PDFView/Open
Yasutake_Taeko_uh.pdfVersion for UH users1.31 MBAdobe PDFView/Open

Item Summary

Title: Analyses of the shareholder benefit program in Japan
Authors: Yasutake, Taeko
Keywords: shareholder benefit
Issue Date: Dec 2012
Publisher: [Honolulu] : [University of Hawaii at Manoa], [December 2012]
Abstract: The shareholder benefit is noncash gifts and services Japanese companies provide to their shareholders. We find that firms that initiate the shareholder benefit program experience a significant increase in the number of individual investors but the average number of shares held by individual investors become smaller, indicating a more diffused ownership by individual investors. Our analyses on the price movement and trade volume around the ex-benefit day show that the shareholder benefit is reflected in the stock price around the ex-benefit day, providing evidence of an existence of shareholder benefit clientele in Japan. We also find a positive relation between firm value and the number of individual investors, our proxy for the investor recognition, consistent with Merton's (1987) investor recognition hypothesis. The positive relationship, however, does not hold when firm age is 10 years or older, asset size is larger than the median value, and the percentage ownership structure by individuals exceeds 51%. Our analyses suggest a possible trade-off between the improvement in investor recognition and the deterioration in effective monitoring due to more diffused ownership by individual investors.
Description: Ph.D. University of Hawaii at Manoa 2012.
Includes bibliographical references.
Appears in Collections:Ph.D. - International Management

Items in ScholarSpace are protected by copyright, with all rights reserved, unless otherwise indicated.