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Corporate Governance, Firm Behavior, and Firm Performance: International Comparison

Research Project

Project/Area Number 15H03375
Research Category

Grant-in-Aid for Scientific Research (B)

Allocation TypeSingle-year Grants
Section一般
Research Field Management
Research InstitutionTokyo Institute of Technology

Principal Investigator

Inoue Kotaro  東京工業大学, 工学院, 教授 (90381904)

Co-Investigator(Kenkyū-buntansha) 齋藤 卓爾  慶應義塾大学, 経営管理研究科(日吉), 准教授 (60454469)
蟻川 靖浩  早稲田大学, 商学学術院(経営管理研究科), 准教授 (90308156)
池田 直史  東京工業大学, 工学院, 助教 (90725243)
Project Period (FY) 2015-04-01 – 2019-03-31
Project Status Completed (Fiscal Year 2018)
Budget Amount *help
¥15,860,000 (Direct Cost: ¥12,200,000、Indirect Cost: ¥3,660,000)
Fiscal Year 2018: ¥3,770,000 (Direct Cost: ¥2,900,000、Indirect Cost: ¥870,000)
Fiscal Year 2017: ¥3,380,000 (Direct Cost: ¥2,600,000、Indirect Cost: ¥780,000)
Fiscal Year 2016: ¥4,160,000 (Direct Cost: ¥3,200,000、Indirect Cost: ¥960,000)
Fiscal Year 2015: ¥4,550,000 (Direct Cost: ¥3,500,000、Indirect Cost: ¥1,050,000)
Keywords経営財務 / コーポレートガバナンス / 企業行動 / 国際比較 / 企業統治 / 国際比較研究 / 企業の投資行動
Outline of Final Research Achievements

In this research, using the financial panel data of public companies from major developed countries, we show that relatively poor financial performance and low shareholder market value of Japanese companies from international perspective are explained, in the large extent, by Japanese distinctive corporate governance system such as the board controlled by corporate insiders and ownership sturucture with cross-shareholders, and inflexible labor market of Japan due to relatively strong legal protection of labors.
During the period of this research project, we published six international peer-reviewed journal articles, two domestic peer-reviewed journal articles, and additional three peer-reviewed international conference papers.

Academic Significance and Societal Importance of the Research Achievements

本研究の結果として、日本企業に特徴的な内部者により支配された取締役会、会社と取引関係などを持つ親密な大株主、既存従業員の雇用に対する強い保護などが、それぞれ企業の投資行動やリストラクチャリング行動を阻害し、財務的な低パフォーマンスと低株価に結びついていることを示した。さらに各国のコーポレートガバナンスの制度的強化は、その対象国企業の株価や収益性の改善につながることも確認した。これは、日本におけるコーポレートガバナンス改革、雇用制度改革の経済政策としての妥当性を示す点で学術的、制度設計上の意義がある。

Report

(5 results)
  • 2018 Annual Research Report   Final Research Report ( PDF )
  • 2017 Annual Research Report
  • 2016 Annual Research Report
  • 2015 Annual Research Report
  • Research Products

    (40 results)

All 2019 2018 2017 2016 2015 Other

All Journal Article (14 results) (of which Int'l Joint Research: 2 results,  Peer Reviewed: 10 results,  Open Access: 9 results,  Acknowledgement Compliant: 4 results) Presentation (18 results) (of which Int'l Joint Research: 9 results,  Invited: 2 results) Book (5 results) Remarks (3 results)

  • [Journal Article] 労働者保護とM&Aのパフォーマンス:国際比較分析2019

    • Author(s)
      岩崎康大、池田直史、井上光太郎
    • Journal Title

      経済研究

      Volume: 印刷中

    • NAID

      120007126012

    • Related Report
      2018 Annual Research Report
    • Peer Reviewed / Open Access
  • [Journal Article] Corporate Governance, Employment, and Financial Performance of Japanese Firms: A Cross-Country Analysis2018

    • Author(s)
      Arikawa Yasuhiro, Kotaro Inoue, Takuji Saito
    • Journal Title

      RIETI Discussion Paper Series

      Volume: 18-E-084 Pages: 1-34

    • NAID

      120006582700

    • Related Report
      2018 Annual Research Report
    • Peer Reviewed / Open Access
  • [Journal Article] Do cross-border acquisitions create more shareholder value than domestic deals for firms in a mature economy? The Japanese case2018

    • Author(s)
      Kotaro Inoue, Robert Ings
    • Journal Title

      Corporate Ownership and Control

      Volume: 15 Issue: 3-1 Pages: 268-281

    • DOI

      10.22495/cocv15i3c1p10

    • Related Report
      2018 Annual Research Report
    • Peer Reviewed / Open Access
  • [Journal Article] Enjoying the quiet life: Corporate decision-making by the entrenched managers2018

    • Author(s)
      Naoshi Ikeda, Kotaro Inoue, Sho Watanabe
    • Journal Title

      Journal of The Japanese and International Economies

      Volume: 47 Pages: 55-69

    • DOI

      10.1016/j.jjie.2017.12.003

    • NAID

      210000177909

    • Related Report
      2017 Annual Research Report
    • Peer Reviewed
  • [Journal Article] The “quiet life” hypothesis is real: Managers will put off hard decisions if they can2018

    • Author(s)
      Kotaro Inoue
    • Journal Title

      Harvard Business Review (Online )

      Volume: -

    • Related Report
      2017 Annual Research Report
    • Open Access
  • [Journal Article] Changes in corporate governance and top executive turnover: The evidence from Japan2018

    • Author(s)
      Hideaki Miyajima, Ryo Ogawa, Takuji Saito
    • Journal Title

      Journal of the Japanese and International Economies

      Volume: 47 Pages: 17-31

    • DOI

      10.1016/j.jjie.2017.12.006

    • NAID

      210000164778

    • Related Report
      2017 Annual Research Report
    • Peer Reviewed / Open Access / Int'l Joint Research
  • [Journal Article] Enjoying the quiet life: Corporate decision-making by the entrenched managers2017

    • Author(s)
      Naoshi Ikeda, Kotaro Inoue, Sho Watanabe
    • Journal Title

      NBER Working Paper

      Volume: WP23804

    • NAID

      210000177909

    • Related Report
      2017 Annual Research Report
    • Peer Reviewed
  • [Journal Article] Do acquisitions by electric utility companies create value? Evidence from deregulated markets2017

    • Author(s)
      Jo Kishimoto, Mika Goto, Kotaro Inoue
    • Journal Title

      Energy Policy

      Volume: 105 Pages: 212-224

    • DOI

      10.1016/j.enpol.2017.02.032

    • Related Report
      2016 Annual Research Report
    • Peer Reviewed / Open Access / Acknowledgement Compliant
  • [Journal Article] Uncertainty avoiding behavior and cross-border acquisitions in the Asia-Pacific region2017

    • Author(s)
      Marc Bremer, Akio Hoshi, Kotaro Inoue, Kazunori Suzuki
    • Journal Title

      Japan and the World Economy

      Volume: 41 Pages: 99-112

    • DOI

      10.1016/j.japwor.2017.02.002

    • Related Report
      2016 Annual Research Report
    • Peer Reviewed / Open Access / Int'l Joint Research / Acknowledgement Compliant
  • [Journal Article] Empirical evidence of coercive tender offers in Japan2017

    • Author(s)
      Marc Bremer, Kotaro Inoue, Hideaki Kiyoshi Kato
    • Journal Title

      Japan and the World Economy

      Volume: 41 Pages: 71-86

    • DOI

      10.1016/j.japwor.2017.01.001

    • Related Report
      2016 Annual Research Report
    • Peer Reviewed / Open Access
  • [Journal Article] 個人投資家の参照点と株式公開買付け価格2016

    • Author(s)
      小澤 宏貴、池田直史、井上光太郎
    • Journal Title

      経営財務研究

      Volume: 35

    • NAID

      40020892441

    • Related Report
      2015 Annual Research Report
    • Peer Reviewed / Acknowledgement Compliant
  • [Journal Article] Determinants of Director Board and Auditor Board Composition: Evidence from Japan2015

    • Author(s)
      Takuji Saito
    • Journal Title

      Public Policy Review

      Volume: 11 Pages: 395-410

    • Related Report
      2015 Annual Research Report
    • Open Access
  • [Journal Article] 銀行と企業の関係:歴史と展望2015

    • Author(s)
      蟻川靖浩、宮島英昭
    • Journal Title

      組織科学

      Volume: 49 Pages: 19-31

    • NAID

      130005162102

    • Related Report
      2015 Annual Research Report
  • [Journal Article] 「選択と集中」の経営の課題2015

    • Author(s)
      井上光太郎、池田直史
    • Journal Title

      証券アナリストジャーナル

      Volume: 53 Pages: 6-16

    • Related Report
      2015 Annual Research Report
    • Acknowledgement Compliant
  • [Presentation] Institutional Investor, Stewardship Code, and Corporate Performance2019

    • Author(s)
      Kotaro Inoue
    • Organizer
      Western Economic Association International 15th International Conference
    • Related Report
      2018 Annual Research Report
    • Int'l Joint Research
  • [Presentation] Institutional Investor, Stewardship Code, and Corporate Performance2019

    • Author(s)
      Kotaro Inoue
    • Organizer
      Corporate Governance: Search for the Advanced Practice
    • Related Report
      2018 Annual Research Report
    • Int'l Joint Research
  • [Presentation] 労働者保護とM&Aのパフォーマンス:国際比較分析2018

    • Author(s)
      井上光太郎
    • Organizer
      日本ファイナンス学会大会
    • Related Report
      2018 Annual Research Report
  • [Presentation] Corporate governance, employment, and financial performance of Japanese firms2018

    • Author(s)
      Kotaro Inoue
    • Organizer
      Conference on Corporate Governance in Tokyo
    • Related Report
      2018 Annual Research Report
    • Int'l Joint Research
  • [Presentation] Enjoying the quiet life: Corporate decision-making by the entrenched managers2018

    • Author(s)
      Naoshi Ikeda, Kotaro Inoue, Sho Watanabe
    • Organizer
      Japan Economic Seminar, Columbia University
    • Related Report
      2017 Annual Research Report
    • Int'l Joint Research / Invited
  • [Presentation] Corporate governance, employment laws, and corporate performance in Japan: A cross-country analysis2017

    • Author(s)
      Yasuhiro Arikawa, Kotaro Inoue, Takuji Saito
    • Organizer
      World Finance & Banking Symposium 2017, Bangkok
    • Related Report
      2017 Annual Research Report
    • Int'l Joint Research
  • [Presentation] Information access and corporate acquisitions2017

    • Author(s)
      Naoshi Ikeda, Kotaro Inoue, Takato Mitsuya
    • Organizer
      World Finance & Banking Symposium 2017, Bangkok
    • Related Report
      2017 Annual Research Report
    • Int'l Joint Research
  • [Presentation] The effects of corporate governance codes on firm valuation2017

    • Author(s)
      Michele Catano, Naoshi Ikeda, Kotaro Inoue
    • Organizer
      日本経営財務研究学会東日本部会
    • Related Report
      2017 Annual Research Report
  • [Presentation] Corporate governance, employment laws, and corporate performance in Japan: A cross-country analysis2017

    • Author(s)
      Yasuhiro Arikawa, Kotaro Inoue, Takuji Saito
    • Organizer
      日本ファイナンス学会大会
    • Related Report
      2017 Annual Research Report
  • [Presentation] Information access and corporate acquisitions2017

    • Author(s)
      Naoshi Ikeda, Kotaro Inoue, Takato Mitsuya
    • Organizer
      日本ファイナンス学会大会
    • Related Report
      2017 Annual Research Report
  • [Presentation] 経営幹部のリスク回避度と報酬体系が企業行動に与える影響2017

    • Author(s)
      池田直史、井上光太郎、山崎尚志
    • Organizer
      日本経営財務研究学会大会
    • Related Report
      2017 Annual Research Report
  • [Presentation] Enjoying Quiet Life Under The Umbrella of Cross Shareholding2016

    • Author(s)
      Naoshi Ikeda, Kotaro Inoue, Sho Watanabe
    • Organizer
      26th NBER-TCER-CEPR Conference on Corporate Governance
    • Place of Presentation
      東京
    • Year and Date
      2016-12-08
    • Related Report
      2016 Annual Research Report
    • Int'l Joint Research
  • [Presentation] Enjoying Quiet Life Under The Umbrella of Cross Shareholding2016

    • Author(s)
      Naoshi Ikeda, Kotaro Inoue, Sho Watanabe
    • Organizer
      日本ファイナンス学会第24回大会
    • Place of Presentation
      横浜国立大学
    • Year and Date
      2016-06-21
    • Related Report
      2016 Annual Research Report
  • [Presentation] Managerial Attitudes and Corporate Investment Behaviors2016

    • Author(s)
      Naoshi Ikeda, Kotaro Inoue, Koji Sugitani
    • Organizer
      日本ファイナンス学会第24回大会
    • Place of Presentation
      横浜国立大学
    • Year and Date
      2016-06-21
    • Related Report
      2016 Annual Research Report
  • [Presentation] Managerila attitudes and corporate investment behaviors2016

    • Author(s)
      井上光太郎
    • Organizer
      日本ファイナンス学会第24回大会
    • Place of Presentation
      横浜国立大学
    • Year and Date
      2016-06-21
    • Related Report
      2015 Annual Research Report
  • [Presentation] The Effects of Corporate Governance Codes on Board Composition and Firm Value2016

    • Author(s)
      Michele Catano, Naoshi Ikeda, Kotaro Inoue
    • Organizer
      World Finance and Banking Symposium 2016
    • Place of Presentation
      Dubai, UAE
    • Year and Date
      2016-06-14
    • Related Report
      2016 Annual Research Report
    • Int'l Joint Research
  • [Presentation] Managerial Attitudes and Corporate Investment Behaviors2016

    • Author(s)
      Naoshi Ikeda, Kotaro Inoue, Koji Sugitani
    • Organizer
      World Finance and Banking Symposium 2016
    • Place of Presentation
      Dubai, UAE
    • Year and Date
      2016-06-14
    • Related Report
      2016 Annual Research Report
    • Int'l Joint Research
  • [Presentation] 企業のリスクテイクとパフォーマンス2015

    • Author(s)
      井上光太郎
    • Organizer
      行動経済学会第9回大会
    • Place of Presentation
      近畿大学
    • Year and Date
      2015-11-28
    • Related Report
      2015 Annual Research Report
    • Invited
  • [Book] 『企業統治と成長戦略』、第12章2017

    • Author(s)
      蟻川靖浩・井上光太郎・齋藤卓爾・長尾耀平
    • Total Pages
      438
    • Publisher
      東洋経済新報社
    • Related Report
      2016 Annual Research Report
  • [Book] 『企業統治と成長戦略』、第1章2017

    • Author(s)
      蟻川靖浩・宮島英昭・小川亮
    • Total Pages
      438
    • Publisher
      東洋経済新報社
    • Related Report
      2016 Annual Research Report
  • [Book] 『企業統治と成長戦略』、第9章2017

    • Author(s)
      齋藤卓爾・宮島英昭・小川亮
    • Total Pages
      438
    • Publisher
      東洋経済新報社
    • Related Report
      2016 Annual Research Report
  • [Book] 『コーポレート・ガバナンス改革の提言』、第6章2016

    • Author(s)
      宍戸善一・柳川範之・齋藤卓爾・太宰北斗
    • Total Pages
      568
    • Publisher
      商事法務
    • Related Report
      2016 Annual Research Report
  • [Book] 『日本の公開買付け-制度と実証』、第8章2016

    • Author(s)
      井上光太郎・小澤宏貴
    • Total Pages
      424
    • Publisher
      有斐閣
    • Related Report
      2016 Annual Research Report
  • [Remarks] 企業統治分析のフロンティア(RIETI)

    • URL

      https://www.rieti.go.jp/jp/publications/summary/18120006.html

    • Related Report
      2018 Annual Research Report
  • [Remarks] SSRN Kotaro Inoue Author's Page

    • URL

      https://papers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=1719378

    • Related Report
      2017 Annual Research Report
  • [Remarks] 井上光太郎研究室HP

    • URL

      http://www.me.titech.ac.jp/~inouelab/

    • Related Report
      2015 Annual Research Report

URL: 

Published: 2015-04-16   Modified: 2020-03-30  

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