Management Disclosure of Long-term Payout Targets, Firm Performance and Corporate Governance

管理层披露长期派息目标、公司业绩和公司治理

• 批准号: 22K01576
• 负责人: Watkins Clinton
• 金额: $ 2.25万
• 依托单位: Akita International University
• 依托单位国家: 日本
• 项目类别: Grant-in-Aid for Scientific Research (C)
• 财政年份: 2022
• 资助国家: 日本
• 起止时间: 2022-04-01 至 2025-03-31
• 项目状态: 未结题
• 来源: https://kaken.nii.ac.jp/grant/KAKENHI-PROJECT-22K01576/
• 关键词: Corporate dividends; Corporate payout policy; Firm performance; Corporate governance; Payout policy; Dividends; Repurchases; Cross-section of returns

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 is developing a database of voluntary long-term payout target disclosures by publicly-listed Japanese firms. The properties of voluntarily disclosed payout targets and their relationships with firm performance, stock returns, actual payouts, bankruptcy risk and corporate governance characteristics is being investigated.So far, the project has progressed as follows. Data on Japanese firms' voluntary payout target disclosures in the Yukashouken Houkokusho (有価証券報告書), known as the Yuho, has been collected and extended using textual analysis techniques. The data has been checked, cleaned and verified by both computational and manual human methods. This exposed some anomalous and ambiguous instances in the machine collected target data. The textual analysis methods used for collection were improved and additional information reflecting the context of the voluntary target disclosure statements was collected so that any anomalous data can be efficiently resolved. A large database of firm-level financial and governance data is being assembled from data vendors, and this is partially complete at present. Some initial time series and cross-sectional analyses of the payout targets have been completed.

长期以来，人们一直认为公司管理层会维持长期股息支付目标，但几乎没有证据表明这些目标是什么或它们如何随着时间的推移而演变。该项目正在开发一个由公开披露的自愿长期股息支付目标的数据库。日本上市公司自愿披露的派息目标的性质及其与公司业绩、股票回报、实际派息、破产风险和公司治理特征的关系正在进行调查。到目前为止，该项目已取得有关日本公司自愿披露的数据。支付目标披露Yukashouken Houkokusho（证券报告），即 Yuho，已使用文本分析技术进行收集和扩展，并通过计算和人工方法对数据进行了检查、清理和验证，这暴露了机器中的一些异常和模糊的实例。改进了收集的文本分析方法，并收集了反映自愿目标披露声明背景的附加信息，以便有效解决公司级财务的大型数据库。治理数据正在从数据供应商那里收集，目前已经部分完成了支付目标的一些初步时间序列和横截面分析。