09/03/2006

Does Dividend Policy Enhance Shareholder Value?

Keisuke Nitta 

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We approach dividend policy from the perspective of an interactive game between corporate managers and shareholders. While dividend policy in Japan has been extensively discussed in connection with hostile takeover defenses, we look at the more basic issue of how dividend policy might affect shareholder value. Recent theories suggest that dividend policy decisions carry concealed messages from management that may influence share prices. We review the literature and explore ways for shareholders to assess dividend policy.

Keisuke Nitta

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