財務データでみた企業の株主志向度と経済的貢献度との関係 (柳原範夫・筒井清子名誉教授定年御退職記念号)

概要

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Do the firms which contribute to stockholders also contribute to the economy as a whole? No empirical studies have ever tried to prove this relation. In order to stimulate today's depressed economy, we must study the relation between the firm and the total economy. This study selected sixty- two excellent firms which make the top sixty from ranking of excellent firms of the business year 2000 by Nihon Keizai Shimbun. This paper chose five kinds of a financial index in order to evaluate the stockholder-oriented stance of the firms. (1) profit rate of net worth (2) earnings per share (3) net worth per share (4) dividend payout ratio (5) cash flow per share These data were analyzed and scored by principal component analysis. On the other hand, the contribution to the economy of the same sixty-two firms had analyzed and scored by my previous paper ( see GOTO, Fumihiko. `An Evaluation Using Financial Data of a Firm's Contribution to the Economy: The Case of TOYOTA' ACTA HUMANISTICA ET SCIENTIFICA UNIVERSITATIS SANGIO KYOTIENSIS, SOCIAL SCIENCE SERIES No. 20 (2003): 15). In conclusion, this study showed two findings. (1) The firms do not aim to reward stockholders by a dividend. (2) Value of the coefficient of correlation between the firm's contribution to stockholders and the economy in only -0.0775.