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Theoretical and empirical analysis of factors which activate shareholders' meetings in publicly held corporations.

Research Project

Project/Area Number 17530075
Research Category

Grant-in-Aid for Scientific Research (C)

Allocation TypeSingle-year Grants
Section一般
Research Field Civil law
Research InstitutionWaseda University

Principal Investigator

KUBOTA Yasuhiko  Faculty of Commerce, Associate, Professor, 商学学術院, 助教授 (30298096)

Co-Investigator(Kenkyū-buntansha) OSHIKA Tomoki  Faculty of Commerce, Associate, Professor, 商学学術院, 専任講師 (90329160)
Project Period (FY) 2005 – 2006
Project Status Completed (Fiscal Year 2006)
Budget Amount *help
¥2,800,000 (Direct Cost: ¥2,800,000)
Fiscal Year 2006: ¥1,000,000 (Direct Cost: ¥1,000,000)
Fiscal Year 2005: ¥1,800,000 (Direct Cost: ¥1,800,000)
Keywordscorporation law / shareholders' meeting / publicly held corporation
Research Abstract

This research tried to figure out the meanings and functions of annual general meetings of shareholders in publicly held corporations, through both theoretical and empirical analysis of factors which activate shareholders' meetings. To do so, we first made a database of information on annual shareholders' meetings for 16 years. And then, we empirically analyzed the economic effects of active meetings. We found that the companies with active meeting will show improved profitability, will increase information they publish, and will attract individual shareholders. In addition, we confirmed the activation of shareholders' meetings is induced not by the shareholders, but by managements who changed their mind to do so.
As a conclusion, it is now clear that the annual general meetings of shareholders in publicly held corporations have meanings, as a place where managements state their companies' philosophies and ask their shareholders to approve them, even in ordinary situations. Thus, the activations of shareholders' meetings show that the managements try to attract and maintain individual shareholders as their long-term, loyal shareholders, as well as that the managements have and perform reasonable companies' philosophies.
Also, empirical results showed that companies with active shareholders' meetings publish better managerial forecasts, and those improvements were not managed through discretional accruals. Finally we found that the stock market response positively to the improvements of managerial forecasts.

Report

(3 results)
  • 2006 Annual Research Report   Final Research Report Summary
  • 2005 Annual Research Report
  • Research Products

    (21 results)

All 2006 2005

All Journal Article (21 results)

  • [Journal Article] 敵対的買収防衛策としての黄金株とその問題点2006

    • Author(s)
      久保田安彦
    • Journal Title

      商事法研究 34号

      Pages: 28-34

    • NAID

      40007299432

    • Description
      「研究成果報告書概要(和文)」より
    • Related Report
      2006 Final Research Report Summary
  • [Journal Article] オプションと会社法2006

    • Author(s)
      久保田安彦
    • Journal Title

      会社法における主要論点の評価(森淳二郎=上村達男編)

      Pages: 199-224

    • Description
      「研究成果報告書概要(和文)」より
    • Related Report
      2006 Final Research Report Summary
  • [Journal Article] 経営者予想利益の精度と裁量的発生項目額-株主総会活性化企業に関する実証分析-2006

    • Author(s)
      大鹿 智基
    • Journal Title

      早稻田商學 409・410合併号

      Pages: 77-98

    • NAID

      120002928878

    • Description
      「研究成果報告書概要(和文)」より
    • Related Report
      2006 Final Research Report Summary
  • [Journal Article] Shareholder Activism with Weak Corporate Governance : Social Pressure, Private Cost and Organized Crime2006

    • Author(s)
      大鹿 智基
    • Journal Title

      The Journal of Management Accounting, Japan (Supplement 1)

      Pages: 55-73

    • Description
      「研究成果報告書概要(和文)」より
    • Related Report
      2006 Final Research Report Summary
  • [Journal Article] Golden Shares2006

    • Author(s)
      Yasuhiko Kubota
    • Journal Title

      Shojihou Kenkyu No.34

      Pages: 28-34

    • Description
      「研究成果報告書概要(欧文)」より
    • Related Report
      2006 Final Research Report Summary
  • [Journal Article] Call Option and Corporation Law2006

    • Author(s)
      Yasuhiko Kubota
    • Journal Title

      Jyunjiro Mori and Tatsuo Uemura ed., Main Issues in Japanese Companies Act

      Pages: 199-224

    • Description
      「研究成果報告書概要(欧文)」より
    • Related Report
      2006 Final Research Report Summary
  • [Journal Article] Shareholder Activism with Weak Corporate Governance : Social Pressure, Private Cost and Organized Crime2006

    • Author(s)
      Hilary, Gilles, Tomoki Oshika
    • Journal Title

      The Journal of Management Accounting, Japan, Supplement 1

      Pages: 55-73

    • Description
      「研究成果報告書概要(欧文)」より
    • Related Report
      2006 Final Research Report Summary
  • [Journal Article] Accuracy of Management Forecasts and Discretionary Accruals : Empirical Research on Firms with Active Shareholders Meetings2006

    • Author(s)
      Oshika, Tomoki
    • Journal Title

      The Waseda Commercial Review No.409-410

      Pages: 77-98

    • Description
      「研究成果報告書概要(欧文)」より
    • Related Report
      2006 Final Research Report Summary
  • [Journal Article] 経営者予想利益の精度と裁量的発生項目額 -株主総会活性化企業に関する実証分析-2006

    • Author(s)
      大鹿智基
    • Journal Title

      早稲田商学 第409・410合併号

      Pages: 77-98

    • NAID

      120002928878

    • Related Report
      2006 Annual Research Report
  • [Journal Article] Shareholder Activism with Weak Corporate Governance : Social Pressure, Private Cost and Organized Crime2006

    • Author(s)
      大鹿智基
    • Journal Title

      The Journal of Management Accounting, Japan Supplement1

      Pages: 55-73

    • Related Report
      2006 Annual Research Report
  • [Journal Article] 敵対的買収防衛策としての黄金株とその問題点2006

    • Author(s)
      久保田安彦
    • Journal Title

      商事法研究 第34号

      Pages: 28-34

    • NAID

      40007299432

    • Related Report
      2006 Annual Research Report
  • [Journal Article] オプションと会社法2006

    • Author(s)
      久保田安彦
    • Journal Title

      会社法における主要論点の評価(森淳二郎, 上村達男編)

      Pages: 199-224

    • Related Report
      2006 Annual Research Report
  • [Journal Article] 変わりつつある公開会社の株主総会2005

    • Author(s)
      久保田安彦
    • Journal Title

      JRガゼット 63巻8号

      Pages: 59-62

    • Description
      「研究成果報告書概要(和文)」より
    • Related Report
      2006 Final Research Report Summary
  • [Journal Article] 株主総会活性化企業における経営者予想利益-予想利益の精度の変化と企業価値評価への影響-2005

    • Author(s)
      大鹿 智基
    • Journal Title

      會計 168巻6号

      Pages: 879-894

    • NAID

      40007004038

    • Description
      「研究成果報告書概要(和文)」より
    • Related Report
      2006 Final Research Report Summary
  • [Journal Article] 定時株主総会の正常化と経営者の意識変化に関する実証分析-業績予想の精度の変化-2005

    • Author(s)
      大鹿 智基
    • Journal Title

      会計情報の現代的役割(石塚博司編)

      Pages: 116-127

    • Description
      「研究成果報告書概要(和文)」より
    • Related Report
      2006 Final Research Report Summary
  • [Journal Article] 転換社債型新株予約権付社債と有利発行規制2005

    • Author(s)
      久保田安彦
    • Journal Title

      企業と法創造 5号

      Pages: 71-85

    • NAID

      40015137969

    • Description
      「研究成果報告書概要(和文)」より
    • Related Report
      2006 Final Research Report Summary
  • [Journal Article] Changing Shareholders' Meetings in Publicly Held Corporations2005

    • Author(s)
      Yasuhiko Kubota
    • Journal Title

      JR Gazzett Vol.63, No.8

      Pages: 59-62

    • Description
      「研究成果報告書概要(欧文)」より
    • Related Report
      2006 Final Research Report Summary
  • [Journal Article] Problem of the Regulation on Issuance of Convertible Bonds in Japanese Companies Act2005

    • Author(s)
      Yasuhiko Kubota
    • Journal Title

      The Quarterly Review of Corporation Law and Society No.5

      Pages: 71-85

    • Description
      「研究成果報告書概要(欧文)」より
    • Related Report
      2006 Final Research Report Summary
  • [Journal Article] Management's Earnings Forecasts and Active Shareholders Meetings : Accuracy of the Forecasts and its Effect on Valuation2005

    • Author(s)
      Oshika, Tomoki
    • Journal Title

      Kaikei Vol.168, No.6

      Pages: 879-894

    • Description
      「研究成果報告書概要(欧文)」より
    • Related Report
      2006 Final Research Report Summary
  • [Journal Article] Empirical Study on the Relation of Active Shareholders' Meetings and Managerial Change of Mind : Accuracy of the Forecasts2005

    • Author(s)
      Oshika Tomoki
    • Journal Title

      Modern Role of Accounting Information

      Pages: 116-127

    • Description
      「研究成果報告書概要(欧文)」より
    • Related Report
      2006 Final Research Report Summary
  • [Journal Article] 転換社債型新株予約権付社債と有利発行規制2005

    • Author(s)
      久保田 安彦
    • Journal Title

      季刊・企業と法創造 5号

      Pages: 71-85

    • NAID

      40015137969

    • Related Report
      2005 Annual Research Report

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Published: 2005-04-01   Modified: 2016-04-21  

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