M&A Brav et al.(2005) TOPIX Core30 4 TOPIX Core

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1 1 2 ROE PBR

2 M&A Brav et al.(2005) TOPIX Core30 4 TOPIX Core

3 EDINET

4 12 PBR ROE TOPIX Core

5 ROE TOPIX Core30 0 PBR ROE ROE ROE

6 PBR ROE 0.20 ROE 0 11 Plain OLS Fixed effect Random effect 3 α + β + β + β + β + ε = α + β + β + β + β + ε = i = α + β1 + β 2 + β3 + β 4 + ui + ε Plain OLS

7 Hausman F Breusch and Pagan(1980) LM 9 OLS individual effect Plain OLS LM 11 LM 1 Plain OLS F 1 LM Hausman 12 (1) (1) (2) (3) 1 (3) (5) (6) 11 LM Hausman 46

8 ROE ROE 2 PBR PBR 13 13

9 Plain OLS 2002 Brav, A., Graham, J., Campbell, H., and R.Michaely(2005), Payout policy in the 21st century, Journal of Financial Economics77, pp Greene, William H.(2002), Econometric analysis(5th edion), Prentice Hall.

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