Covariate checks.

This study aimed to examine the impact and source of announcements introducing additional long-term shareholder perks on stock prices of Japanese listed companies. We produced more precise analysis results by categorizing the total sample into favorable change and unfavorable change sample. As a result, we found that long-term shareholder perks have a positive impact on stock prices through the expansion of the shareholder base in the case of a favorable change, whereas there is no negative impact on stock liquidity due to an increased number of long term individual shareholders. On the contrary, in the case of an unfavorable change, we found a weak trend of shrinkage in the shareholder base due to individual shareholders’ defection and a consequent decrease in stock liquidity. In the case of a favorable change, the long-term shareholder perks program functions as a means to increase the number of shareholders and encourage them to hold the shares for a longer period of time.

本研究旨在探究日本上市公司发布追加长期股东福利（long-term shareholder perks）公告对其股价的影响及其来源。本研究将全部样本划分为利好变动样本与利空变动样本，以此获得更为精准的分析结果。研究结果表明，在利好变动情境下，长期股东福利可通过扩大股东基数对股价产生正向影响；同时由于长期个人股东数量增加，股票流动性并未受到负面影响。与之相对，在利空变动情境下，因个人股东退出，股东基数呈现小幅收缩趋势，进而导致股票流动性下降。在利好变动情境中，长期股东福利计划可作为提升股东数量、鼓励股东长期持股的有效手段。