Abstract
This paper regards shareholder perks as one of the characteristic behaviors of Japanese firms, and it analyzes them from the perspective of the manifestation of “herd behavior.” The results show that firms tend to implement shareholder perks more frequently when other firms in the same industry have had shareholder perks in the previous year. However, no significant results were obtained regarding whether the top firm in the same industry has shareholder perks in the previous year. These suggest that firms do not follow top firm in the same industry but rather “herd behavior,” in which they observe the trends of other firms in the same industry, where they make decisions on implementing shareholder perks.
https://ror.org/0197nmd03 
