| Project/Area Number |
18K12819
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| Research Category |
Grant-in-Aid for Early-Career Scientists
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| Allocation Type | Multi-year Fund |
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| Review Section |
Basic Section 07060:Money and finance-related
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| Research Institution | University of Tsukuba |
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Principal Investigator |
Orihara Masanori 筑波大学, システム情報系社会工学域, 助教 (90738717)
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| Project Period (FY) |
2018-04-01 – 2022-03-31
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| Project Status |
Completed (Fiscal Year 2021)
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| Budget Amount *help |
¥4,160,000 (Direct Cost: ¥3,200,000、Indirect Cost: ¥960,000)
Fiscal Year 2020: ¥390,000 (Direct Cost: ¥300,000、Indirect Cost: ¥90,000)
Fiscal Year 2019: ¥260,000 (Direct Cost: ¥200,000、Indirect Cost: ¥60,000)
Fiscal Year 2018: ¥3,510,000 (Direct Cost: ¥2,700,000、Indirect Cost: ¥810,000)
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| Keywords | 社外取締役 / 企業統治 / COVID-19 / 同族企業 / 配当課税 / 銀行 / 世界金融危機 / 現金保有 / 日本企業 / コロナ禍 / 機関投資家 / 企業価値 / 情報開示 / 文化 / 準自然実験 |
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| Outline of Final Research Achievements |
Former Prime Minister Abe formed his policies based on finance theories. In other words, he aimed to boost firm value through corporate governance reforms. Corporate governance is the conflict of interests between shareholders and management or a mechanism to mitigate such conflicts. We paid particular attention to the introduction of the Corporate Governance Code in 2015. It recommends the appointment of at least two outside directors.
We have obtained two seemingly conflicting findings. First, outside directors appointed in response to the introduction of the Code reduced firm value. Second, compliance with the Code prevented a decline in firm value during COVID-19. We conclude that the effects of corporate governance policies differ depending on whether the perspective is short-, medium-, or long-term, or whether it is in normal times or in crises.
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| Academic Significance and Societal Importance of the Research Achievements |
企業統治に関する他国での学術研究の多くは、企業統治政策が企業価値向上に成功したことを示している。本研究では、日本企業の分析を通じて既存研究へ疑問を提起した。また、コロナ禍においてはその効果が異なることも明らかにした。
本研究の社会的意義は、日本企業のあり方を大きく変えた公共政策の評価を行ったことにある。その評価は時間的視野など複数の要因によって異なることが明らかになった。継続的な研究の必要性を示唆する結果である。
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