Shareholder Perks and Stock Performance: Evidence during the Global Financial Crisis

Q3 Business, Management and Accounting

Journal of Asia-Pacific Business Pub Date : 2022-10-02 DOI:10.1080/10599231.2022.2145627

Yuta Uchida, Xiangyu Chen, Jittima Tongurai

引用次数: 0

Abstract

ABSTRACT This study examines the effects of shareholder perks on stock returns of publicly listed firms in Japan during the 2008 global financial crisis. We find that stocks of firms that offered shareholder perks had higher cumulative abnormal returns (CARs) than those of firms that did not pay perks. The higher CARs of perk-offering firms appeared to be short-term, up to the perk day. Additionally, we find that a higher unit value of perks contributed to better stock performance. This positive relationship between perk value and stock return existed in both the short and long estimation windows.

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股东盈余与股票表现：全球金融危机期间的证据

摘要本研究考察了2008年全球金融危机期间日本上市公司股东福利对股票回报的影响。我们发现，提供股东额外奖励的公司的股票比不提供额外奖励的公司的股票具有更高的累积异常回报(CARs)。提供额外奖励的公司较高的car值似乎是短期的，直到额外奖励那天。此外，我们发现较高的单位津贴价值有助于更好的股票表现。在短期和长期估计窗口中，福利价值与股票收益均存在正相关关系。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Asia-Pacific Business Business, Management and Accounting-Business and International Management

CiteScore

2.50

自引率

0.00%

发文量

期刊介绍： Present circumstances underscore the need to improve the understanding of conducting business with and within the Asia-Pacific countries. The Journal of Asia-Pacific Business™ provides a blend of cutting-edge knowledge and practical applications on business management and marketing strategy. In the Journal of Asia-Pacific Business™, you will find articles and feature sections that provide a pragmatic view of the business environment in this dynamic region. This essential resource offers readers a good blend of descriptive, conceptual, and theoretical articles dealing with current topics.