Corporate governance through Exit

• Project/Area Number: 15K03561
• Research Category: Grant-in-Aid for Scientific Research (C)
• Allocation Type: Multi-year Fund
• Section: 一般
• Research Field: Money/ Finance
• Research Institution: Waseda University
• Principal Investigator: Arikawa Yasuhiro 早稲田大学, 商学学術院(経営管理研究科), 准教授 (90308156)
• Project Period (FY): 2015-04-01 – 2019-03-31
• Project Status: Completed (Fiscal Year 2018)
• Budget Amount: ¥4,420,000 (Direct Cost: ¥3,400,000、Indirect Cost: ¥1,020,000); Fiscal Year 2017: ¥910,000 (Direct Cost: ¥700,000、Indirect Cost: ¥210,000); Fiscal Year 2016: ¥1,950,000 (Direct Cost: ¥1,500,000、Indirect Cost: ¥450,000); Fiscal Year 2015: ¥1,560,000 (Direct Cost: ¥1,200,000、Indirect Cost: ¥360,000)
• Keywords: コーポレートガバナンス / 株式所有構造

Outline of Final Research Achievements

We examine the effect of corporate governance on firm behaviors and performances. Especially, we focus on the effect of institutional investors. Then, we find the relationship between the share held by institutional investors and firm behaviors in Japan. As for the effect from main bank on firm behaviors and performances, we find that, with the decline in the borrowing ratio of firms, the influence of the main bank has declined since 2000s.

Academic Significance and Societal Importance of the Research Achievements

近年の日本のコーポレートガバナンスの特徴である、株式所有構造の大きな変化、とりわけ、機関投資家の株式所有の増加、およびその企業行動への影響について一定程度明らかにすることができた。また、かつて日本企業のコーポレートガバナンスにおいて主要な役割を果たしていたメインバンクについて、その影響の低下が確認されたことも重要である。

Research Products

• [Presentation] Innovation of Japanese Big Businesses and Ownership Structure (2018)
  • Author(s): Yasuhiro Arikawa, Takuya Kawanish,Hideaki Miyajima
  • Organizer: Society for the Advancement of Socio-Economics 30th Annual Conference
  • Int'l Joint Research