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A long-term contract with a possibility of dismissal

Research Project

Project/Area Number 18K12813
Research Category

Grant-in-Aid for Early-Career Scientists

Allocation TypeMulti-year Fund
Review Section Basic Section 07060:Money and finance-related
Research InstitutionKobe University

Principal Investigator

Sato Meg  神戸大学, 経済経営研究所, ジュニアリサーチフェロー (20813471)

Project Period (FY) 2018-04-01 – 2022-03-31
Project Status Completed (Fiscal Year 2021)
Budget Amount *help
¥3,250,000 (Direct Cost: ¥2,500,000、Indirect Cost: ¥750,000)
Fiscal Year 2020: ¥1,040,000 (Direct Cost: ¥800,000、Indirect Cost: ¥240,000)
Fiscal Year 2019: ¥1,170,000 (Direct Cost: ¥900,000、Indirect Cost: ¥270,000)
Fiscal Year 2018: ¥1,040,000 (Direct Cost: ¥800,000、Indirect Cost: ¥240,000)
KeywordsFixed Pay / Incentive Pay / Dismissal / Wage Contract / Dismissal contract / Long-term contract / Diversion cost / Long term with firing / Sessional workers / Stock-vesting options / Short-term contract / 短期契約 / 長期契約(解雇なし) / 長期契約(解雇あり) / Verifiable output / Non-verifiable output / 契約理論 / 報酬契約 / 創業者 / 株価連動型報酬 / マルチ・タスク / 経営者報酬 / ストック・オプション / 契約の期間
Outline of Final Research Achievements

This article develops a multitask agency model in which the agent has to make investments for producing both contractible output and non-contractible intermediate input in a dynamic framework when the principal can fire the agent under a certain contract. The model predicts that if the diversion cost for the principal is sufficiently small, the principal prefers the long-term wage contract without firing rather than the short-term wage contract or the long-term wage contract with firing. However, if the diversion cost for the principal becomes larger, the principal may be more likely to prefer the short-term wage contract or the long-term wage contract with firing. Furthermore, if the agent's bargaining power increases, the more likely the long-term wage contracts are chosen.

Academic Significance and Societal Importance of the Research Achievements

日本における働き方改革は欧米に比べあまり機能していない。そこで本研究では、どのような状況で経営者のみならず、現行の従業員をクビにし、どのような契約形態が望ましいかを現実に近いマルチ・タスクのエージェントを用いて分析した。従業員と雇用者、両方にとって非効率が生じるような状況が是正されるような点に意義があると考える。また、日本を代表する企業(オリンパス、シャープ、東芝、神戸製鋼など)で相次いで生じた会計不祥事やガバナンスの欠如の問題を防ぎ日本企業の信用を回復するためにはどのような経営者報酬システムが社会的に見て望ましいのか、という問題に論理的な筋道を与えることができるという事が挙げられる。

Report

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

    (7 results)

All 2022 2021 2020 2019 2018

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

  • [Journal Article] A long-term contract with a possibility of dismissal for a multitasking agent2022

    • Author(s)
      Meg Adachi-Sato
    • Journal Title

      RIEB Discussion Paper Series

      Volume: 2022-23 Pages: 1-29

    • Related Report
      2021 Annual Research Report
  • [Journal Article] “Bank Risk-Taking, Corporate Cash Holdings and Investment: Evidence from the Global Financial Crisis of 2007-2009.”2021

    • Author(s)
      Meg Adachi-Sato and Chaiporn Vithessonthi
    • Journal Title

      Global Finance Journal, forthcoming

      Volume: forthcoming

    • Related Report
      2020 Research-status Report
    • Peer Reviewed / Open Access / Int'l Joint Research
  • [Journal Article] Corporate Debt Maturity and Future Firm Performance Volatility2019

    • Author(s)
      Meg Adachi-Sato and Chaiporn Vithessonthi
    • Journal Title

      International Review of Economics and Finance

      Volume: 60 Pages: 216-237

    • Related Report
      2018 Research-status Report
    • Peer Reviewed / Int'l Joint Research
  • [Journal Article] Stock Vesting Conditions, Control Benefits and Managerial Replacement2018

    • Author(s)
      Meg Adachi-Sato
    • Journal Title

      Canadian Journal of Economics

      Volume: 51 Pages: 275-313

    • Related Report
      2018 Research-status Report
    • Peer Reviewed
  • [Presentation] Long-term contract with a sudden firing2020

    • Author(s)
      Meg Adachi-Sato
    • Organizer
      Finance brownbag at RMIT
    • Related Report
      2020 Research-status Report
    • Int'l Joint Research
  • [Presentation] Contract duration and firing possibility2019

    • Author(s)
      Meg Adachi-Sato
    • Organizer
      FIRN Conference
    • Related Report
      2019 Research-status Report
    • Int'l Joint Research
  • [Presentation] Contract duration and firing possibility2019

    • Author(s)
      Meg Sato
    • Organizer
      brownbag seminars
    • Related Report
      2019 Research-status Report

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Published: 2018-04-23   Modified: 2023-01-30  

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