Empirical Study of Corporate Governance from Diversified Viewpoint

• Project/Area Number: 21330088
• Research Category: Grant-in-Aid for Scientific Research (B)
• Allocation Type: Single-year Grants
• Section: 一般
• Research Field: Business administration
• Research Institution: Hitotsubashi University
• Principal Investigator: HACHIYA Toyohiko 一橋大学, 大学院・商学研究科, 教授 (00251645)
• Research Collaborator: YAMAMOTO Osamu ユニゾン・キャピタル株式会社 ; RAMIREZ Pablo gonzalo 東京工業大学, COE研究員 ; ICHIKAWA Tomoharu 株式会社あおぞら銀行 ; MITSUSADA Yousuke あすかアセットマネジメント株式会社 ; SHIGEMI Yousuke 日本銀行金融研究所 ; IRIE Kazuhiko 三菱商事株式会社 ; MIZUTANI Kensaku GCAサヴィアングループ株式会社 ; YAMADA Michitoshi 旭硝子株式会社 ; YAMADA Takashi 新光投信株式会社
• Project Period (FY): 2009 – 2011
• Project Status: Completed (Fiscal Year 2011)
• Budget Amount: ¥12,350,000 (Direct Cost: ¥9,500,000、Indirect Cost: ¥2,850,000); Fiscal Year 2011: ¥2,990,000 (Direct Cost: ¥2,300,000、Indirect Cost: ¥690,000); Fiscal Year 2010: ¥3,120,000 (Direct Cost: ¥2,400,000、Indirect Cost: ¥720,000); Fiscal Year 2009: ¥6,240,000 (Direct Cost: ¥4,800,000、Indirect Cost: ¥1,440,000)
• Keywords: 経営財務 / コーポレート・ガバナンス / 株主構造 / 自己株式取得 / 金庫株 / 株式所有構造 / エージェンシー・コスト / シグナリング / 支配株主 / 取締役会改革 / エージェンシー対立 / 自己株式 / 株主還元政策 / ブロック・ホールディシグ

Research Abstract

We studied some subjects including the effect of ownership structure on firms' financial behavior ; the effect of board structure on corporate performance ; the effect of block-holding on equity return. Our studies show that internal and external governance mechanisms have statistically significant impact on corporate behavior and performance.

Research Products

• [Journal Article] 自己株式取得の動機と株式所有構造 (2012)
  • Author(s): 蜂谷豊彦・縢敏
  • Journal Title: 証券経済研究 Volume: (未定(掲載確定))
  • Peer Reviewed
• [Journal Article] 企業はどういう動機で金庫株消却を行うか-企業行動に関する実証分析- (2011)
  • Author(s): 光定洋介・蜂谷豊彦
  • Journal Title: 経営財務研究日本経営財務研究学会 Volume: 第30巻 Pages: 61-82
  • Peer Reviewed
• [Journal Article] 自己株式取得の動機と株式所有構造-過小評価シグナリング動機からみた株主の影響- (2011)
  • Author(s): 蜂谷豊彦・滕敏
  • Journal Title: 証券経済研究 Volume: 第76号 Pages: 129-146
  • NAID: 40019147217
  • Peer Reviewed
• [Journal Article] Ownership Structure, Managerial Decision, and Stock Repurchase in Japan (2011)
  • Author(s): Teng, Min, and Toyohiko Hachiya
  • Journal Title: Middle Eastern Finance and Economics Volume: Issue 12 Pages: 25-41
  • Peer Reviewed
• [Journal Article] The Impact of Regulatory Reform on Stock Repurchases : Evidence from Japan (2011)
  • Author(s): Teng, Min, and Toyohiko Hachiya
  • Journal Title: Journal of Applied Finance & Banking Volume: Vol.1 No.3 Pages: 159-187
  • Peer Reviewed
• [Journal Article] 株主の圧力と経営者の判断 (2011)
  • Author(s): 蜂谷豊彦・滕敏
  • Journal Title: 日本企業研究のフロンティア7 Volume: 第5章 Pages: 49-61
• [Journal Article] 企業はどういう動機で金庫株消却を行うか-企業行動に関する実証分析- (2011)
  • Author(s): 光定洋介・蜂谷豊彦
  • Journal Title: 経営財務研究 Volume: 30 Pages: 61-82
  • Peer Reviewed
• [Journal Article] Ownership Structure, Managerial Decision, and Stock Eepurchase in Japan (2011)
  • Author(s): M.Teng, T.Hachiya
  • Journal Title: Middle Eastern Finance and Economics Volume: 12 Pages: 25-41
  • Peer Reviewed
• [Journal Article] The Impact of Regulatory Reform on Stock Repurchases : Evidence from Japan (2011)
  • Author(s): M.Teng, T.Hachiya
  • Journal Title: Journal of Applied Finance & Banking Volume: 1 Pages: 159-187
  • Peer Reviewed
• [Journal Article] 株主の圧力と経営者の判断 : 自己株式取得の視点から (2011)
  • Author(s): 蜂谷豊彦・縢敏
  • Journal Title: 日本企業研究のフロンティア7 Volume: 7 Pages: 49-62
• [Journal Article] 取締役会改革と企業価値の変化 (2010)
  • Author(s): 入江和彦・蜂谷豊彦
  • Journal Title: 現代ファイナンス Volume: No.28 Pages: 45-67
  • NAID: 130007528326
  • Peer Reviewed
• [Journal Article] 株式所有構造と株式リターン-大口株主による所有の影響- (2010)
  • Author(s): 山田隆・蜂谷豊彦
  • Journal Title: 証券経済研究 Volume: 72号 Pages: 141-153
  • NAID: 120006929964
  • Peer Reviewed
• [Journal Article] 株式所有構造と株式リターン (2010)
  • Author(s): 山田隆・蜂谷豊彦
  • Journal Title: 証券経済研究 Volume: 72 Pages: 141-153
  • Peer Reviewed
• [Journal Article] 投資家はなぜ消却を求めるか:金庫株消却からみるエージェンシー・コスト (2009)
  • Author(s): 光定洋介・蜂谷豊彦
  • Journal Title: 証券アナリストジャーナル Volume: 第47巻第5号 Pages: 89-102
  • NAID: 40016656193
  • Peer Reviewed
• [Journal Article] 内部資本市場の効率性からみたM & Aのパフォーマンス (2009)
  • Author(s): 山田方敏・蜂谷豊彦
  • Journal Title: 管理会計学 Volume: 第18巻第1号 Pages: 33-48
  • Peer Reviewed
• [Journal Article] Assessing the intangible sources of profitability in Japan (2009)
  • Author(s): Ramirez, G. Pablo, and Toyohiko Hachiya
  • Journal Title: International Journal of Business Performance Management Volume: Vol.11 No.4 Pages: 259-276
  • URL: http://hermes-ir.lib.hit-u.ac.jp/ir/index.html
  • Peer Reviewed
• [Journal Article] 投資家はなぜ消却を求めるか : 金庫株消却からみるエージェンシーコスト (2009)
  • Author(s): 光定洋介・蜂谷豊彦
  • Journal Title: 証券アナリストジャーナル 47-5 Pages: 89-102
  • NAID: 40016656193
  • Peer Reviewed
• [Journal Article] 内部資本市場の効率性からみたM&Aのパフォーマンス (2009)
  • Author(s): 山田方敏・蜂谷豊彦
  • Journal Title: 管理会計学 18-1 Pages: 33-48
  • Peer Reviewed
• [Journal Article] Assessing the intangible sources of profitability in Japan (2009)
  • Author(s): Ramirez, P., T.Hachiya
  • Journal Title: International Journal of Business Performance Management 11-4 Pages: 259-276
  • Peer Reviewed
• [Presentation] Regulatory Reform and Corporate Financial Behaviour : Evidence from Lifting the Ban on Treasury Stocks in Japan (2010)
  • Author(s): 縢敏・蜂谷豊彦
  • Organizer: the Twenty Second Asian-Pacific Conference on Internmational Accounting Issues
  • Place of Presentation: Gold Coast, Australia
  • Year and Date: 2010-11-06
• [Presentation] Agency Problems and Stock Repurchases : Evidence from Japan (2010)
  • Author(s): 滕敏・蜂谷豊彦
  • Organizer: 日本ファイナンス学会第18回大会
  • Place of Presentation: 上智大学
  • Year and Date: 2010-05-23
• [Presentation] Agency Problems and Stock Repurchases : Evidence from Japan (2010)
  • Author(s): 縢敏・蜂谷豊彦
  • Organizer: 日本ファイ'ナシス学会第18回大会
  • Place of Presentation: 上智大学(東京)
  • Year and Date: 2010-05-23
• [Presentation] Regulatory Reform and Corporate Financial Behavior : Evidence from Lifting the Ban on Treasury Stocks in Japan (2010)
  • Author(s): Teng, Min, and Toyohiko Hachiya
  • Organizer: Twenty Second Asian-Pacific Conference on International Accounting Issues
  • Place of Presentation: Gold Coast, Australia
• [Presentation] Ownership structure and incentives to stock repurchase (2009)
  • Author(s): 滕敏・蜂谷豊彦
  • Organizer: 日本経営財務研究学会第33回全国大会
  • Place of Presentation: 山口大学
  • Year and Date: 2009-09-25
• [Presentation] Stock Repurchase as a Leverage Adjustment Device (2009)
  • Author(s): Teng, M., T.Hachiya
  • Organizer: Asian Financial Association 2009 International Conferences
  • Place of Presentation: UQ Business School Queensland, Australia
  • Year and Date: 2009-07-01
• [Presentation] Stock Repurchase as a Leverage Adjustment Device (2007)
  • Author(s): Teng, Min, and Toyohiko Hachiya
  • Organizer: Asian Financial Association 2009 International Conferences
  • Place of Presentation: UQ Business School, Brisbane, Australia