The SIJ Transactions on Industrial, Financial & Business Management (IFBM), Vol. 3, No. 8, October 2015
Stockholders’ Special Benefit System
and Shop Events in Japan:
An Event Study Analysis
Michiko Miyamoto*
*Department of Management Science and Engineering, Akita Prefectural University, Yurihonjo, Akita, JAPAN.
E-Mail: miyamoto{at}ism{at}ac{at}jp
Abstract—Stock prices are affected by a number of factors and events. Marketing strategies based on
increasing customer lifetime value can have a positive impact on shareholder value and influence stock prices
in a predictable manner [Kumar & Denish, 12]. A system called “kabunushi-yutai” in Japan, which translated
means “a shareholders' special benefit plan,” is a gift that a growing number of Japanese companies send to
stockholders as a courtesy, to show their appreciation for the support of their stockholders. The purpose of this
study is to compare the impact of shareholders’ special benefit plan and the impact of sales promotion of the
worldwide recognized ice cream scoop shop have on its daily stock returns. An event study method is applied
to isolate the events and measure the abnormal returns of this shop for 2011 and 2012 in terms of the
shareholders' special benefit plan and sales campaign activities. The empirical results suggest that the averaged
abnormal returns and cumulative abnormal returns are increased toward the date of allotment in order to
capture shareholders’ special benefit. It implies that the shareholders’ special benefit successfully attract
investors, particularly individual ones. The results also show that each sales campaign affects the stock price in
some extent.
Keywords—Averaged Abnormal Returns; Cumulative Abnormal Returns; Event Study; Dividend;
Shareholders’ Special Benefit; Sales Promotion.
Abbreviations—Abnormal Returns (AR); Average Abnormal Returns (AAR); Cumulative Abnormal Return
(CAR); Cumulative Averaged Abnormal Returns (CAAR); Japan Air Lines (JAL); Tokyo Stock Price Index
(TOPIX).
I.
S
INTRODUCTION
TOCK prices are affected by a number of factors and
events, some of which influence stock prices directly
and others that do so indirectly. One of factors which
affect stock prices is announced earnings (e.g., Ball &
Brown, [2], Joy et al., [10], Watts [25], Rendleman et al.,
[20], and Foster et al., [8]). Knowledge of the contents of the
forthcoming earnings announcement is known to yield an
abnormal return. Many firms conduct marketing activities to
promote products, brands or stores as such are one way to
increase sales, and profit margin. Srinivasan & Hanssens [21]
explore marketing concepts such as brand equity, customer
equity, customer satisfaction, product quality, marketing-mix
actions, and research and development, and establish the links
among marketing actions, value creation, and observed
market values.
Dividends are treated as a proxy for estimated future
earnings. The dividends increase will send a message to the
market that the future earnings will increase, and vice versa
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[Miller & Modigliani, 14]. Using the event study on event
window surrounding the day of dividend announcement, a
significant positive reaction between stock dividend
announcement and stock return have found, but it was a
significant negative relation between cash dividend
announcement and the stock return [Wang, 24].
A system called “kabunushi-yutai” in Japan, which
translated means “a shareholders' special benefit plan,” is a
gift that a growing number of Japanese companies send to
stockholders as a courtesy, to show their appreciation for the
support of their stockholders. According to Daiwa Investor
Relations [7], number of companies which conduct
shareholders' special benefit plans in 1992 was 247, has
grown to 1,150, about 30% of entire Tokyo Stock Exchange
listed companies of 3,600, at the end of September, 2014 (see
figure 1).
“A shareholders' special benefit plan” is non-taxable
gifts, which give away “kabununi-yutai-ken,” i.e., “the
stockholders complimentary tickets.” The practice seems to
be unique to Japanese corporations, which give special
© 2015 | Published by The Standard International Journals (The SIJ)
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The SIJ Transactions on Industrial, Financial & Business Management (IFBM), Vol. 3, No. 8, October 2015
treatment to shareholders when there are no dividends to
distribute. If the company is a manufacturer, it may actually
give away its products or discounts on its products. In the
case of Japan Air Lines (JAL), shareholders received coupons
that could be used for discounts of up to 50 percent on air
fares, tours, hotels and other JAL-related services [Brasor &
Tsubuku, 5].
dividend, sales promotions and event study, and the
hypotheses are stated. Section 3 describes data. Section 4
presents the methodology. Section 5 presents the results of
the event studies. The results are discussed in Section 6.
II.
LITERATURE
2.1. The Stock Price, Dividend and An Event Study
1,200
1,000
800
600
400
200
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
0
Figure 1: Number of Companies Conduct Shareholders' Special
Benefits Plans
Source: Daiwa Investor Relation [7]
The stockholders complimentary tickets system works
like those of dividends. In order to receive these tickets,
shareholders have to be in the shareholder list of a certain
day. The Oriental Land group, the operator of Tokyo Disney
Resort, for example, provides complimentary passports twice
a year to the Oriental Land stockholders whose names are
listed on the registered and/or beneficial stockholders' lists as
of September 30 and March 31, in proportion to the number
of stocks held. In addition to the current stockholder benefit
program, Oriental Land will distribute a complimentary
passport ticket for stockholders for Tokyo Disney Resort’s
Anniversaries, held every five years [OLC Group, 17]. The
shareholders' special benefit plan seems to attract many
individual investors to the stock market.
The purpose of this study is to compare the impact of
shareholders’ special benefit plan and the impact of sales
promotion at one of the worldwide recognized ice cream
scoop shop have on the its daily stock returns. The shop is
one of the affiliates of a Japan-based company mainly
engaged in the operation of ice cream store chains, as well as
the manufacture and sale of ice cream products. The shop
offers various kinds of ice cream, sherbet and specialty
desert. In order to boost sales, the shop holds several price
related and seasonal promotions. The stock of the shop’s
parent company is listed on the Tokyo Stock Exchange.
The author applies an event study method to isolate the
events and measure the abnormal returns of this shop for
2011 and 2012 in terms of the shareholders' special benefit
plan and sales campaign activities.
The rest of the paper is organized as follows. Section 2
introduces previous research using the stock price and
ISSN: 2321-242X
How dividend policy decisions affect a firm’s stock price
have been studies for many years by scholars using data of
the stock exchanges around the globe. Charest [6] selected
dividend information from the 1947-67 period of the New
York Stock Exchange, and analysed the risk and return
behaviour of common stocks around dividend changes. He
found that stocks’ residuals after dividend changes tend to be
anomalous as if the Exchange was slow in digesting dividend
information.
Liu & Hu [13] summarize literatures in dividend
payment policy in China. Wei Chen et al., [23] analyses the
dividend policy of Shanghai stock market and study the
existence and character of the signalling effect of dividend
policy in this market. This study showed that the degree of
Cumulative Abnormal Return (CAR) was very different from
different dividend policy. Wang (2014)’s result of 4,586
stocks listed on the Shanghai and Shenzhen Stock Exchange
for the period of 2006 to 2012 indicates that dividend
announcement depicts positive impact on stock return at the
time of announcement as well as immediately after such
announcements. There was a positive reaction after the
dividend announcement; however, there was a significant
negative relation between dividend announcement and the
stock return in cash dividend. Qiao & Yin Chen [26] found
that there was significantly positive statistical relationship
between the dividends and mix dividend policies of firms on
the stock market. But their study showed that the market was
not sensitive with cash dividends. Kumar et al., [11] found
that not only do stock returns reflect the firm’s dividend data
when published but they also anticipate future dividend
growth to some extent, based calendar year from January
2009 to December 2009. Patel & Prajapati [18] find the
empirical evidences of stock dividend announcement on
selected 20 companies of the Bombay Stock Exchange in
India, and try to investigate the existence of abnormal returns.
Their sample data was drawn from companies listed on the
Bombay Stock Exchange that have announced dividend over
the period of January 2008 through December 2011. They
found that Abnormal Returns on event day during any period
of dividend announcement, whereas Cumulative Average
Abnormal Returns has been found significant on event period
57 times positive move, 49 times negative move and 64 times
constant or near to zero volatility.
As for “kabunushi yutai” in Japan, Nose [16]
hypothesizes that stock prices would increase toward the date
of allotment for “Kabunushi Yutai” by using data samples of
624 companies. His empirical result shows that positive dairy
abnormal returns (AR) are observed three months prior to the
© 2015 | Published by The Standard International Journals (The SIJ)
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The SIJ Transactions on Industrial, Financial & Business Management (IFBM), Vol. 3, No. 8, October 2015
event day, i.e., the allotment day for “kabunushi yutai.” AR
and raw return (RR) at the right allotment day (the event day)
are negative and statistically significant; however only
marginal share drops are observed. Isagawa & Suzuki [9] test
liquidities and prices of 187 companies which have
introduced “kabunushi yutai” systems for the period of 1998
and 2005. Their empirical findings include the liquidity ratio
of those companies increased after the introduction of the
system, since they could attract more individual investors. As
liquidity improves, their stock prices are increased as well.
2.2. Sales Promotion and An Event Study
Blattberg & Neslin [3] define a sales promotion as “an actionfocused marketing event whose purpose is to have a direct
impact on the behavior of the firm’s customer.” Sales
promotions are temporary and a “call-to-action.” If customers
do not take advantage of promotions within specified time
frames, they will lose the benefit offered by the promotions.
Sales promotions are almost always combined with some
type of communication (e.g., TV commercials or a retailer
advertisement) that the price is reduced and that the time
period is limited (price is reduced only up to some point in
time). Among different types of promotion defined by
Blattberg & Briesch [4], the shop in this study has employed
price reduction, free goods promotions, and constantly
offering free trials. This ice cream shop offers over 1,000
flavors of ice cream including frozen yogurt, beverages,
cakes and sundaes. According to Peopalove [19], the parent
company of this ice cream shop has various brand
promotions, among which is the Pink Day where customers
have to show up in pink on a Wednesday to savor double
scoop for a single scoop price. The 31% discount at every
31st of the month is well known. Their customers always
come back for more. Eventually, the brand promotions
created brand visibility and brand awareness for this ice
cream shop and they have been able to engage more exciting
ideas in future for their target audiences. As for brand
promotion, not only discounts and free gifts, but the parent
company of this ice cream shop has used celebrity
endorsements all over the world. An idle group, SHINee, in
Korea, Drew Barrymore and Sean "Diddy" Combs, in the
U.S. were chosen as the advertisement models for this brand.
In Japan, Tina Tamashiro, a fashion model who is popular
among teenagers, has recently been chosen in their
commercials. The parent company also partnered with a nonprofit group that donates books to low income families in the
US to hold an annual ‘Free Scoop Night’ to thank their
customers who help curb illiteracy. Other means of brand
promotion that was carried out by this company includes road
shows as well as seasonal brand promotions on Valentine’s
Day, Mother’s Day and Father’s Day.
There are several studies have examined consumers’
response to celebrity endorsement in advertising. Agrawal &
Kamakura [1] assess the impact of celebrity endorsement
contracts on the expected profitability of a firm by using
event study methodology. They defined the event day as the
date when the announcement of a contract or a forthcoming
ISSN: 2321-242X
contract between a firm and a celebrity first appeared in the
print media. They included 110 cases for a period of January
1980 and December 1992. They found that the market reacted
both positively and negatively to the announcement of
different celebrity endorsement contracts, which was
reflected in both positive and negative abnormal returns on
the event day. However, investors seem to value positively
the use of celebrities in advertisements on average. Recently,
social networking services have been used as promotional
platforms. Todri & Adamopoulos [22] studied the long-term
effectiveness of promotional events in social media
platforms, such as Twitter, by employing an event study
methodology. They found that the cumulative abnormal
returns are positive and statistically significant for brands
which participate in promotional events with explicit and/or
implicit advocacy are more likely to attract more followers
and expand their fan base.
The author has formed two hypotheses based on the
previous researches as follows;
Hypothesis 1: Kabunushi Yutai allotments are expected
to generate a significant positive market reaction.
Hypothesis 2: Sales campaigns are expected to be
associated with a significantly positive share market reaction.
III.
DATA
The actual sales data used in this study were obtained from an
ice cream shop in a large shopping mall located in Akita, a
northern part of Japan, by the courtesy of a shop owner. This
shop mainly sells ice cream as well as crepes and ice cakes.
Based on the historical records from 1979 to 2012 reported
by Japan Meteorological Agency, the weather condition in
Akita throughout the year is reported as follows; the warm
season lasts from June to September with an average daily
high temperature above 23°C (73°F). The hottest day of the
year is August, with an average high of 28°C (83°F) and low
of 22°C (71°F). The cold season lasts from December to
March with an average daily high temperature below 6°C
(43°F). The coldest day of the year is the end of January, with
an average low of -3°C (26°F) and high of 1°C (33°F). This
shop is one of franchisees of the world’s largest chain of ice
cream specialty shops. Ice cream and frozen desserts’ sales
data available from this source included daily and hourly
sales from January 2011 to December 2012. The sales data
were primarily recorded at the checkout counter. Figure 2
shows sales by month.
The shop offers seasonal events along with calendar
events; January (New Year), February (St. St. Valentine’s
Day), March (Easter), October (Halloween), and December
(Christmas). It also announces the addition of a new flavour
every month, e.g. Oreo Chocolate Mint in May. In April, the
shop’s parent company has been hosting a charitable event,
and any customer, who contributes, can receive a free scoop
of ice cream.
During the Golden Week, a collection of four national
holidays within seven days in Japan, starts on April 27 and
lasts until May 9, the shop’s official campaign offers
© 2015 | Published by The Standard International Journals (The SIJ)
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The SIJ Transactions on Industrial, Financial & Business Management (IFBM), Vol. 3, No. 8, October 2015
customers with a double scoop, can order at more than 30
percent off the regular price. Their parent company launches
nationwide summer advertising campaign, using a popular
young male idle group to attract teenagers in Japan. The shop
continuously offers various campaigns to boost sales; these
events certainly help boosting sales, not only for summer, but
for cold winter season. Fig. 2 shows sales revenue by each
month at the shop, and Fig.3 shows sales revenue by each
campaign during 2012. Table 1 shows a list of major
campaign periods for 2011 and 2012.
As for the shareholders' special benefit plan, the parent
company provides complimentary coupons that could be
exchanged to their ice cream products twice a year to their
stockholders whose names are listed on the registered and/or
beneficial stockholders' lists as of June 30 and December 31,
in proportion to the number of stocks held.
1,00,00,000
30
25
80,00,000
20
60,00,000
15
10
40,00,000
5
20,00,000
0
Ave. Sales (yen)
DEC
NOV
SEP
OCT
JUL
AUG
JUN
MAY
APR
MAR
JAN
-5
FEB
0
Ave. temperature (°C)
Figure 2: Average Ice Cream Sales and Average Temperature by
Month
6,00,000
4,00,000
3,00,000
Valentine's Day 1st week
Easter 1st week
Tripple 1st week
Snowman 1st week
Halloween 1st week
Christmas 1st week
Valentine's Day 1st week
Valentine's Day Last Week
Easter 1st week
Easter last week
Tripple 1st week
Tripple last week
Snowman 1st week
Snowman last week
Halloween 1st week
Halloween last week
Christmas 1st week
Christmas last week
2,00,000
0
IV.
EVENT STUDY METHODOLOGY AND
TESTING FOR SIGNIFICANCE
4.1. Event Study
The event study methodology is the appropriate tool to
investigate the relation among a right allotment for
“shareholders' special benefit”, sales campaigns, and a stock
price reaction. Event studies yield as an outcome abnormal
returns (ARs), which are cumulated over time to cumulative
abnormal returns (CARs) and then averaged over several
observations of identical events to averaged abnormal returns
(AARs) and cumulative averaged abnormal returns CAARs.
These event study results are then oftentimes used as
dependent variables in regression analyses. Returns of day t20 to day t-20 were used to estimate the parameters of the
market model, where the Tokyo Stock Price Index (TOPIX)
is a proxy of market index. Then a market model is estimated
for each firm during this period by regression firm-specific
returns on TOPIX returns. The abnormal return of the i th
stock, is obtained by subtracting the normal or expected
return in the absence of the event, from the actual return in
the event period. For any security i the market model
equation is expressed as follows:
Rit  i  i Rmt   it
(1)
Determine Abnormal Return (AR) in event windows and
post-event windows using the estimated result of estimated
market model as follows:
ARit  Rit  (i  i Rmt )
(2)
5,00,000
1,00,000
Table 1: A List of Major Campaign Periods
2011
2012
Jan. 23-Feb.14
Jan. 24-Feb.14
Valentine’s Day Campaign
Mar. 24-Apr.22
Mar. 26-Apr.24
Easter Campaign
Jun.1-Jul.16
Jun.1-Jul.18
Triple Campaign
Jul.21-Sep.9
Jul.23-Sep.4
Snowman Campaign
Sep.29-Oct.31
Oct.1-Oct.31
Halloween Campaign
Nov.16-Dec.25
Nov.16-Dec.25
Christmas Campaign
Valentine's Day Last Week
Easter last week
Tripple last week
Snowman last week
Halloween last week
Christmas last week
where t=-t1,...,+tn,
CAR for the event period from is obtained as follows:
t2
CARi   ARik
(3)
k t1
4.2. Testing for Significance
A test statistic is computed to check whether the average
abnormal return for each stock is statistically different from
zero as follows.
t
AR
SD AR
where
return, and
 N
(4)
is standard deviation,
is average abnormal
is the number of companies.
Figure 3: Sales Revenue by Different Campaign Events during 2012
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The SIJ Transactions on Industrial, Financial & Business Management (IFBM), Vol. 3, No. 8, October 2015
RESULTS
20
5.1. The Shareholders’ Special Benefit
15
First, average abnormal returns (AAR), cumulative average
abnormal returns (CAAR) for the period from 17 days before
to 19 days after the event days (a right allotment day for the
shareholders' special benefit) of the end of June and the end
of December, 2011 and 2012 are calculated (see fig. 6 ~fig.
9). Just like the previous study [Nose, 16], the stock price
increased toward the date of allotment for “the shareholders'
special benefit” in order to capture it. Especially, in June,
2011, the stock price was almost unchanged for an entire
month except just before the last day when the investor can
obtain the right of allotment for the shareholders' special
benefit (see fig. 8). AAR and CAAR are popped up, which
imply that investor bought shares in order to obtain the right.
10
5.2. The Effects of Campaigns Events
-0.2
Next, average abnormal returns (AAR), cumulative average
abnormal returns (CAAR) during beginning and ending days
of sales campaigns for 2011 and 2012 are calculated (see fig.
10~fig.15). The event days are set for the actual event days,
for example, if it is Valentine’s Day, the event day would be
February 14. AAR and CAAR are calculated in order to
observe the stock movement for particular sales promotional
campaigns. As for the various sales campaigns, the stock
price tends to increase during the campaigns periods.
However, AAR and CAAR are almost unchanged in
February, even before the St. Valentine’s Day (see fig.10). It
is common for Japanese women to give chocolates to men,
not ice creams on Valentine's Day. The benign ice cream
sales may affect the stock price during the Valentine's Day
campaigns. As far as other campaigns concerned, after the
triple campaign, AAR and CAAR drop and then become
benign. After the Christmas day, AAR and CAAR drop
sharply and bounce back (see fig.15).
-0.4
5
-19
-17
-15
-13
-11
-9
-7
-5
-3
-1
1
3
5
7
9
11
13
15
0
-5
AAR
CAAR
Figure 6: The End of June, 2012 Kabunushi Yutai Day
0.4
0.2
0
-17
-15
-13
-11
-9
-7
-5
-3
-1
1
3
5
7
9
11
13
15
17
19
AAR
CAAR
Figure 7: The End of December, 2012 Kabunushi Yutai Day
0.2
-28
-25
-22
-19
-16
-13
-10
-7
-4
-1
2
5
8
0
-12
-9
-6
V.
-0.2
-0.4
-0.6
AR-2011
CAR-2011
AR-2012
CAR-2012
Figure 8: Valentine’s Day Campaign
3
2
1
0.1
0
0
-20 -17 -14 -11 -8 -5 -2 1
4
7 10 13 16 19
-0.1
-1 -14 -11 -8 -5 -2 1 4 7 10 13 16 19 22 25 28 31
-2
-0.2
AAR
AR-2011
AR-2012
CAAR
CAR-2011
CAR-2012
Figure 9: Easter Campaign
Figure 4: The End of June, 2011 Kabunushi Yutai Day
1
0.1
0.5
0
-19 -16 -13 -10 -7 -4 -1 2
5
8 11 14 17
-0.1
0
-14 -11 -8 -5 -2 1 4 7 10 13 16 19 22
-8 -5
-0.5
-0.2
AAR
CAAR
Figure 5: The End of December, 2011 Kabunushi Yutai Day
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AR-2011
AR-2012
CAR-2011
CAR-2012
Figure 10: Triple Campaign
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The SIJ Transactions on Industrial, Financial & Business Management (IFBM), Vol. 3, No. 8, October 2015
promotion, coordinating all media used in the most effective
manner as a means of support for the campaign.
4
2
REFERENCES
0
-10 -8 -6 -4 -2 0 2 4 6 8 10 12 14 16 18 20
-2
AR-2011
AR-2012
CAR-2011
CAR-2012
Figure 11: Snowman Campaign
[1]
[2]
[3]
0.6
0.4
[4]
0.2
-0.2
-21
-19
-17
-15
-13
-11
-9
-7
-5
-3
-1
1
3
5
7
9
0
AR-2011
AR-2012
CAR-2011
CAR-2012
[5]
[6]
Figure 12: Halloween Campaign
[7]
0.5
[8]
0
-15 -13 -11 -9 -7 -5 -3 -1 1 3 5 7 9 11 13
[9]
-0.5
AR-2011
AR-2012
CAR-2011
CAR-2012
[10]
Figure 13: Christmas Campaign
[11]
VI.
CONCLUSION
The purpose of this study is to compare the impact of
shareholders’ special benefit plan and the impact of sales
promotion of the worldwide recognized ice cream scoop shop
have on the its daily stock returns. The empirical results
suggest that the AAR and CAAR are increased toward the
date of allotment for “kabunushi yutai” in order to capture
shareholders’ special benefit, which supports the hypothesis
1. It implies that the shareholders’ special benefit
successfully attract investors, particularly individual ones.
The mixed results are obtained for the hypothesis 2. Each
sales campaign affects the stock price in some extent.
However, there are some campaigns do not have impact on
the stock price. The ice cream has a high seasonality, but that
sales themselves are becoming more prevalent as a means of
promotion at the shop like this company tries to achieve.
Managerially implication for a seasonally uncertain retail
environment; there should be a focus on objectives such as
the movement of stock and maintenance of traditional
seasonal sales that consumers may have come to expect. To
achieve these objectives, retailers in highly seasonal
industries should concentrate on carefully planning the
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Michiko Miyamoto studied at the State
University of New York College at Buffalo,
where she received her Bachelor of Science
degree (magna cum laude). She received her
MBA from the University of California at Los
Angeles. After a 7-year career with Goldman
Sachs and Company, obtained her PhD further
to a thesis about Econometrical Approaches to
Economic and Strategic Management Studies
at the University of Tsukuba, Graduate School of Systems
Management. In 2008, she joined the Department of Management
Science and Engineering at the Akita Prefectural University.
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