| Budget Amount *help |
¥4,420,000 (Direct Cost: ¥3,400,000、Indirect Cost: ¥1,020,000)
Fiscal Year 2019: ¥1,300,000 (Direct Cost: ¥1,000,000、Indirect Cost: ¥300,000)
Fiscal Year 2018: ¥780,000 (Direct Cost: ¥600,000、Indirect Cost: ¥180,000)
Fiscal Year 2017: ¥780,000 (Direct Cost: ¥600,000、Indirect Cost: ¥180,000)
Fiscal Year 2016: ¥1,560,000 (Direct Cost: ¥1,200,000、Indirect Cost: ¥360,000)
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| Outline of Final Research Achievements |
This research tries to verify empirically the effects of the recent reform of the board of directors in Japanese listed companies. In particular, it shows that companies that have cross-shareholding relationships with other firms often accept directors from those other firms as “independent” directors, presumably in order to strengthen those relationships, and such appoint tends to reduce firm values of those companies. This research also studies on the 2019 revision of Companies Act that, among others, required some large publicly-held companies to appoint at least one outside director.
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