| Budget Amount *help |
¥3,510,000 (Direct Cost: ¥2,700,000、Indirect Cost: ¥810,000)
Fiscal Year 2011: ¥910,000 (Direct Cost: ¥700,000、Indirect Cost: ¥210,000)
Fiscal Year 2010: ¥1,170,000 (Direct Cost: ¥900,000、Indirect Cost: ¥270,000)
Fiscal Year 2009: ¥1,430,000 (Direct Cost: ¥1,100,000、Indirect Cost: ¥330,000)
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| Research Abstract |
The objective of this research is to examine empirically the tradeoff between the human capital investments and managerial monitoring by shareholders in business corporations. The empirical results based on the large-scale dataset show :(1) the firms in which human capital is important use earnings management in order to reduce tax payments and(2) the firms in which human capital is important on average set the amount of dividends at a relatively high level, preserving a relatively large amount of internal cash. In addition, the empirical results from the analysis of takeover defenses indicate that there may be managerial entrenchments in the motives of human capital investments.
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