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Empirical study on the effect of corporate governance code

Research Project

Project/Area Number 17K01247
Research Category

Grant-in-Aid for Scientific Research (C)

Allocation TypeMulti-year Fund
Section一般
Research Field Social systems engineering/Safety system
Research InstitutionTokyo Institute of Technology

Principal Investigator

Nagata Kyoko  東京工業大学, 工学院, 准教授 (10345366)

Project Period (FY) 2017-04-01 – 2023-03-31
Project Status Completed (Fiscal Year 2022)
Budget Amount *help
¥4,550,000 (Direct Cost: ¥3,500,000、Indirect Cost: ¥1,050,000)
Fiscal Year 2019: ¥910,000 (Direct Cost: ¥700,000、Indirect Cost: ¥210,000)
Fiscal Year 2018: ¥1,820,000 (Direct Cost: ¥1,400,000、Indirect Cost: ¥420,000)
Fiscal Year 2017: ¥1,820,000 (Direct Cost: ¥1,400,000、Indirect Cost: ¥420,000)
Keywordsコーポレートガバナンス / CGコード / CSR / ガバナンス・コード / 経営者の属性 / ガバナンスコード / コーポレートガバナンス・コード / ディスクロージャー
Outline of Final Research Achievements

This study found that Japanese firms' CSR has a smaller positive effect on firm value compared to the middle-income countries in Asia, but also found that only Japanese corporate governance code revisions significantly contribute to the positive relationship between CSR and firm value. In addition, this study revealed that foreign shareholders matter to the value creation of CSR in Japan and the middle-income Asian countries.

Academic Significance and Societal Importance of the Research Achievements

コーポレートガバナンスをめぐる研究は世界各国で進められているが,データ制約により,実際にガバナンスがどのように企業行動を変化させ,その結果として価値の向上につながるのか,具体的な経路や因果関係に関する実証的な証拠は限定的である。本研究は,コーポレートガバナンス・コードの導入を準実験の機会として使用することで,データ制約を克服し,世界各国で研究が進められているコーポレートガバナンスが企業価値に与える影響の解明に直接的に貢献するとともに, わが国経済の持続的な成長の実現に向けた施策に対するインプリケーションを有する。

Report

(7 results)
  • 2022 Annual Research Report   Final Research Report ( PDF )
  • 2021 Research-status Report
  • 2020 Research-status Report
  • 2019 Research-status Report
  • 2018 Research-status Report
  • 2017 Research-status Report
  • Research Products

    (9 results)

All 2022 2021 2019 2017 Other

All Int'l Joint Research (3 results) Journal Article (2 results) (of which Int'l Joint Research: 1 results,  Peer Reviewed: 1 results) Presentation (4 results) (of which Int'l Joint Research: 2 results,  Invited: 1 results)

  • [Int'l Joint Research] Universiti Sains Malaysia/Universiti Utara Malaysia(マレーシア)

    • Related Report
      2020 Research-status Report
  • [Int'l Joint Research] University of Sydney(オーストラリア)

    • Related Report
      2019 Research-status Report
  • [Int'l Joint Research] University of Hawaii(米国)

    • Related Report
      2018 Research-status Report
  • [Journal Article] IFRS適用をめぐる財務諸表作成者側の視点2022

    • Author(s)
      永田 京子
    • Journal Title

      會計

      Volume: 201

    • Related Report
      2022 Annual Research Report
  • [Journal Article] Corporate Social Responsibility, Firm Value and Corporate Governance Code Revisions: The Asian Evidence2021

    • Author(s)
      Chai‐Aun Ooi, Chee‐Wooi Hooy, Kyoko Nagata
    • Journal Title

      Asian Economic Journal

      Volume: 35 Issue: 1 Pages: 27-56

    • DOI

      10.1111/asej.12227

    • Related Report
      2020 Research-status Report
    • Peer Reviewed / Int'l Joint Research
  • [Presentation] IFRS適用をめぐる財務諸表作成者側の視点2022

    • Author(s)
      永田京子
    • Organizer
      日本会計研究学会関東部会
    • Related Report
      2021 Research-status Report
    • Invited
  • [Presentation] A good way to attract individual retail investors?: Field evidence on shareholder perks program in Japan2022

    • Author(s)
      Taeko Yastake, Kyoko Nagata
    • Organizer
      JFA-PBFJ Special Issue Conference
    • Related Report
      2021 Research-status Report
    • Int'l Joint Research
  • [Presentation] Voluntary adoption of IFRS: What motivates Japanese firms to voluntarily adopt IFRS?2019

    • Author(s)
      Gray, S.J., K.Nagata, M. Nakamura, C. Ozu
    • Organizer
      8th International Workshop on Accounting & Regulation
    • Related Report
      2019 Research-status Report
    • Int'l Joint Research
  • [Presentation] IPOにおける発行市場の株価形成と初値2017

    • Author(s)
      松尾 法哉, 永田 京子
    • Organizer
      日本経営財務研究学会
    • Related Report
      2017 Research-status Report

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Published: 2017-04-28   Modified: 2024-01-30  

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