The effect of directors and their network on management

• Project/Area Number: 16K17188
• Research Category: Grant-in-Aid for Young Scientists (B)
• Allocation Type: Multi-year Fund
• Research Field: Management
• Research Institution: Kwansei Gakuin University
• Principal Investigator: TSUKIOKA Yasutomo 関西学院大学, 商学部, 准教授 (50736709)
• Project Period (FY): 2016-04-01 – 2020-03-31
• Project Status: Completed (Fiscal Year 2019)
• Budget Amount: ¥4,030,000 (Direct Cost: ¥3,100,000、Indirect Cost: ¥930,000); Fiscal Year 2019: ¥780,000 (Direct Cost: ¥600,000、Indirect Cost: ¥180,000); Fiscal Year 2018: ¥910,000 (Direct Cost: ¥700,000、Indirect Cost: ¥210,000); Fiscal Year 2017: ¥910,000 (Direct Cost: ¥700,000、Indirect Cost: ¥210,000); Fiscal Year 2016: ¥1,430,000 (Direct Cost: ¥1,100,000、Indirect Cost: ¥330,000)
• Keywords: コーポレート・ガバナンス / 議決権行使行動 / 株主総会 / 取締役 / スチュワードシップ・コード / ガバナンス改革 / 社外取締役 / 会社法改正 / 議決権行使 / 所有構造 / コーポレートガバナンス / 取締役の選任 / 取締役の経歴 / 経営学 / ネットワーク

Outline of Final Research Achievements

This study clarifies the shareholders voting behaviors and the effect of their voting behavior on firm performance. I also find significant relationship between voting behavior and characteristics of directors using voting records disclosed by institutional investors after revised Japan's stewardship code. In addition, I clarify how the Japan's stewardship code affect the shareholders voting behaviors.

Academic Significance and Societal Importance of the Research Achievements

本研究は、株主属性別の議決権行使行動と議決権行使行動が企業経営に与える影響を明らかにした点に学術的、社会的意義が見いだされる。さらに、ガバナンス改革の一環であるスチュワードシップ・コードが株主の議決権行使行動をどのように変化させたかに関する実証的証拠を提示することによる政策決定者に対する貢献は大きい。

Research Products

• [Journal Article] The impact of Japan’s stewardship code on shareholder voting (2020)
  • Author(s): Tsukioka Yasutomo
  • Journal Title: International Review of Economics & Finance Volume: 67 Pages: 148-162
  • DOI: 10.1016/j.iref.2019.12.014
  • Peer Reviewed
• [Journal Article] 2017年6月株主総会における個別議決権行使結果からみる議決権行使行動 (2019)
  • Author(s): 月岡 靖智
  • Journal Title: 商学論究 Volume: 66 Pages: 385-400
• [Journal Article] 日本における株主属性別持ち株比率と議決権行使 (2017)
  • Author(s): 月岡靖智
  • Journal Title: 商学論究 Volume: 64 Pages: 393-410
  • Acknowledgement Compliant
• [Journal Article] 議決権行使結果が収益性に与える影響 (2017)
  • Author(s): 月岡靖智
  • Journal Title: 商学論究 Volume: 64 Pages: 411-426
  • Acknowledgement Compliant
• [Presentation] Does the Mandatory Adoption of Outside Directors Improve Firm Performance? (2018)
  • Author(s): Yasutomo Tsukioka
  • Organizer: 31st Australasian Finance and Banking Conference 2018
  • Int'l Joint Research
• [Presentation] Does the Mandatory Adoption of Outside Directors Improve Firm Performance? (2018)
  • Author(s): Yasutomo Tsukioka
  • Organizer: 8th New Zealand Finance Meeting
  • Int'l Joint Research
• [Presentation] Impact of Stewardship Ｃode on Shareholder Ｖoting (2017)
  • Author(s): 月岡靖智
  • Organizer: 日本経営財務研究学会ファイナンスキャンプ2017金沢
  • Place of Presentation: 金沢商工会議所 (石川県金沢市)
  • Year and Date: 2017-03-14
• [Presentation] The Impact of Japan's Stewardship Code on Shareholder Voting (2017)
  • Author(s): 月岡靖智
  • Organizer: 日本経営学会第91回大会
• [Presentation] The Impact of Japan's Stewardship Code on Shareholder Voting (2017)
  • Author(s): 月岡靖智
  • Organizer: 日本経営財務研究学会第41回全国大会
• [Presentation] The Impact of Japan's Stewardship Code on Shareholder Voting (2017)
  • Author(s): 月岡靖智
  • Organizer: The 30th Australasian Finance and Banking Conference
  • Int'l Joint Research
• [Presentation] The Impact of Japan's Stewardship Code on Shareholder Voting (2017)
  • Author(s): 月岡靖智
  • Organizer: The 7th Auckland Finance Meeting
  • Int'l Joint Research
• [Presentation] 日本における株主属性別持ち株比率と議決権行使 (2016)
  • Author(s): 月岡靖智
  • Organizer: 日本経営学会関西部会第625回例会
  • Place of Presentation: 関西学院大学 (兵庫県西宮市)
  • Year and Date: 2016-11-19
• [Presentation] 日本における株主属性別持ち株比率と議決権行使 (2016)
  • Author(s): 月岡靖智
  • Organizer: 日本経営財務研究学会第40回全国大会
  • Place of Presentation: 武蔵大学 (東京都江東区)
  • Year and Date: 2016-10-08