The Japanese Stewardship Code: Compliance and Outcomes
| Project/Area Number |
17K04041
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| Research Category |
Grant-in-Aid for Scientific Research (C)
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| Allocation Type | Multi-year Fund |
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| Section | 一般 |
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| Research Field |
Accounting
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| Research Institution | Hitotsubashi University |
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Principal Investigator |
Routledge James 一橋大学, 大学院経営管理研究科, 教授 (50771268)
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| Project Period (FY) |
2017-04-01 – 2020-03-31
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| Project Status |
Completed (Fiscal Year 2019)
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| Budget Amount *help |
¥4,160,000 (Direct Cost: ¥3,200,000、Indirect Cost: ¥960,000)
Fiscal Year 2019: ¥650,000 (Direct Cost: ¥500,000、Indirect Cost: ¥150,000)
Fiscal Year 2018: ¥1,430,000 (Direct Cost: ¥1,100,000、Indirect Cost: ¥330,000)
Fiscal Year 2017: ¥2,080,000 (Direct Cost: ¥1,600,000、Indirect Cost: ¥480,000)
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| Keywords | Stewardship / Institutional investors / Governance / Stewardship Code / Institutional Investors / Compliance / Accounting / Monitoring |
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| Outline of Final Research Achievements |
The aims of this research have been achieved. First, the research has documented compliance by investor companies with the ‘Principles of Responsible Investing (the Code) issued in 2015 by the Financial Services Agency (FSA). Data from Code disclosures for 2015 to 2017 have been obtained. Detailed information from Code disclosures has been used to develop a disclosure score index. This part of the study provides valuable information on institutional investors’ response to the Code’s implementation and the nature and extent of their compliance.
Second, the study has assessed if the Code has influenced Institutional investor stewardship. Analysis conducted has examined the association between investor Code compliance and investee company outcomes, using measures of reported earnings quality and audit fees. The results show that Code compliance by institutional investors is positively related to investee company outcomes.
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| Academic Significance and Societal Importance of the Research Achievements |
The study shows the Code’s beneficial effect on the governance role of institutional investors. Dissemination of findings through publications and presentations has supplied data about the Code’s regulatory approach. This is important because of limited prior analysis of stewardship regulation.
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Report
(4 results)
Research Products
(3 results)
