Empirical Study on Herd Behavior of Providing Shareholder Perks

This paper regards shareholder perks as one of the characteristic behaviors of Japanese firms, and it analyzes them from the perspective of the manifestation of “herd behavior.” The results show that firms tend to implement shareholder perks more frequently when other firms in the same industry have...

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Bibliographic Details
Published inAccounting Progress Vol. 2024; no. 25; pp. 37 - 54
Main Author Sakai, Ayami
Format Journal Article
LanguageJapanese
Published Japan Accounting Association 2024
日本会計研究学会
Subjects
Characteristic Behavior
Herd Behavior
Industry Competitors
Shareholder Perks
Shareholder Return
企業行動
同業他社
株主優待
株主還元
横並び行動
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ISSN2189-6321
2435-9947
DOI10.34605/jaa.2024.25_37

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Summary:This paper regards shareholder perks as one of the characteristic behaviors of Japanese firms, and it analyzes them from the perspective of the manifestation of “herd behavior.” The results show that firms tend to implement shareholder perks more frequently when other firms in the same industry have had shareholder perks in the previous year. However, no significant results were obtained regarding whether the top firm in the same industry has shareholder perks in the previous year. These suggest that firms do not follow top firm in the same industry but rather “herd behavior,” in which they observe the trends of other firms in the same industry, where they make decisions on implementing shareholder perks.
ISSN:2189-6321
2435-9947
DOI:10.34605/jaa.2024.25_37