Corporate Governance and Dividends Behaviour Regime in Japan

本研究的目的是检验公司股息行为对不同股东投资目标敏感性的假设。将比较私营、非金融和金融机构在控制权发生变化的公司集团内的公司股息转移情况。本研究将明确地将股权结构和最终控制权的变化纳入以股息支付为响应变量的模型中，以了解各类投资者在股息支付中的作用。

The purpose of this study is to test the hypotheses of sensitivity of firm's dividends behaviour to various shareholder's investment objectives. A comparison will be made among private, non-financial and financial institutions' transfers with regard to corporate dividends within the group of firms that experiencing change in control.The study will explicitly incorporate the ownership structure and change in ultimate control in a model with dividends payout as response variable to get a clue about the role of various classes of investors in dividends payments.