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Payout Policy Of Japanese Firms: Analysis On The Survey Of Four Industries Listed On The Tokyo Stock Exchange

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  • Mitsuru Mizuno

Abstract

. This study reports the results of a 2007 survey of corporate managers’ views on payout policy on Japanese firms listed on the Tokyo Stock Exchange from four industries. The findings show that firms attach more importance to stable dividends than to performance linked dividends and they believe that dividends should be paid after investment spending and strengthening of the balance sheet are met. The reasons for an increase in dividends in recent years is due to consideration of fair returns to shareholders and of preventing hostile takeovers. This is a change from the traditional view on payout policy.

Suggested Citation

  • Mitsuru Mizuno, 2007. "Payout Policy Of Japanese Firms: Analysis On The Survey Of Four Industries Listed On The Tokyo Stock Exchange," Pacific Economic Review, Wiley Blackwell, vol. 12(5), pages 631-650, December.
    • Handle: RePEc:bla:pacecr:v:12:y:2007:i:5:p:631-650
    DOI: 10.1111/j.1468-0106.2007.00376.x
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    Cited by:

    1. Mohammad Shahidul Islam & ATM Adnan, 2018. "Factors Influencing Dividend Policy in Bangladesh: Survey Evidence from Listed Manufacturing Companies in Dhaka Stock Exchange," European Journal of Business Science and Technology, Mendel University in Brno, Faculty of Business and Economics, vol. 4(2), pages 156-173.
    2. Olarewaju Odunayo Magret & Migiro Stephen Oseko & Sibanda Mabutho, 2018. "Dividend Payout, Retention Policy and Financial Performance in Commercial Banks: Any Causal Relationship?," Studia Universitatis Babeș-Bolyai Oeconomica, Sciendo, vol. 63(1), pages 37-62, April.
    3. Nabaraj Adhikari Ph.D., 2014. "Managers’ Views on Dividend Policy of Nepalese Enterprises," NRB Economic Review, Nepal Rastra Bank, Research Department, vol. 26(1), pages 90-120, April.
    4. Avkiran, Necmi K. & Goto, Mika, 2011. "A tool for scrutinizing bank bailouts based on multi-period peer benchmarking," Pacific-Basin Finance Journal, Elsevier, vol. 19(5), pages 447-469, November.

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