| Project/Area Number |
23330107
|
|---|
| Research Category |
Grant-in-Aid for Scientific Research (B)
|
| Allocation Type | Single-year Grants |
|---|
| Section | 一般 |
|---|
| Research Field |
Public finance/Monetary economics
|
|---|
| Research Institution | Kyushu University |
|---|
Principal Investigator |
UCHIDA Konari 九州大学, 経済学研究科(研究院), 准教授 (80305820)
|
|---|
| Co-Investigator(Kenkyū-buntansha) |
GOTO Naohisa 北九州市立大学, 経済学部, 教授 (20275118)
MORIYASU Hiroshi 長崎大学, 経済学部, 教授 (10304924)
UMEZAWA Toshihiro 北九州市立大学, 経済学部, 准教授 (60350360)
MATSUMOTO Mamoru 北九州市立大学, 経済学部, 准教授 (50435096)
|
|---|
| Project Period (FY) |
2011-04-01 – 2014-03-31
|
| Project Status |
Completed (Fiscal Year 2013)
|
| Budget Amount *help |
¥19,760,000 (Direct Cost: ¥15,200,000、Indirect Cost: ¥4,560,000)
Fiscal Year 2013: ¥3,640,000 (Direct Cost: ¥2,800,000、Indirect Cost: ¥840,000)
Fiscal Year 2012: ¥7,800,000 (Direct Cost: ¥6,000,000、Indirect Cost: ¥1,800,000)
Fiscal Year 2011: ¥8,320,000 (Direct Cost: ¥6,400,000、Indirect Cost: ¥1,920,000)
|
|---|
| Keywords | コーポレートガバナンス / 経営者交代 / 配当 / 事業再構築 / 金融危機 / 企業価値 / 企業支配権取引 / ストックオプション / コーポレート・ガバナンス / リストラクチャリング / 新規株式公開 / ベンチャーキャピタル / 第三セクター / 配当政策 / IPO / 会計政策 / 投資家保護法制 / 取締役会 |
|---|
| Research Abstract |
For Japanese firms, we find: (a) board independence affects the probability of management turnover and dividend cuts during the global financial crisis; (b) firms adopting stock option plans pay high dividends and have independent boards; (c) listing requirements affect the mode of resolution of financially distressed firms. For Chinese companies, we find: government control has favorite effects on firm performance during the global financial crisis; (b) the existence of non-tradable shares affects function of the market for corporate control; (c) legal environments and political connections affect valuation of firms going public. By using international data, we find: (a) firms are less likely to conduct restructuring in countries with strong legal rights of labor unions; (b) ownership structures affect the degree of dividend smoothing.
|
