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Groupe de Recherche ANgevin en Économie et Management

Séparés par des virgules

Grand Séminaire du GRANEM
par Konari Uchida



Konari UCHIDA (内田 交謹) is a professor in Economic Analysis and Policy in the Department of Economic Engineering of the Faculty of Economics (Kyushu University, Japan). He was invited by Diana Pop to hold an online seminar on the following subject :

"Value of payouts in the course of corporate governance reform"

Summary : We find that Japanese institutional investors increase their portfolio weights on high payout companies after the launch of the Stewardship Code. Results also show that firms making large payouts significantly increase institutional ownership and Tobin’s Q after the Code. Portfolios investing in companies that conduct large payouts during the pre-Code period make significant excess returns during the period starting at the month before the launch of the Stewardship Code. These results suggest that high payout policy creates value in the course of corporate governance reform as well as attract institutional shareholders. We also find some evidence that institutional ownership is negatively associated with securities holdings, about which the Corporate Governance Code suggests companies to evaluate long-term economic benefits.


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