Integration effect and mechanism for profit sharing of agency theory
| Project/Area Number |
23530440
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| Research Category |
Grant-in-Aid for Scientific Research (C)
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| Allocation Type | Multi-year Fund |
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| Section | 一般 |
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| Research Field |
Business administration
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| Research Institution | Osaka City University |
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Principal Investigator |
MIYAGAWA Hisao 大阪市立大学, 大学院経営学研究科, 准教授 (30584049)
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| Project Period (FY) |
2011 – 2013
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| Project Status |
Completed (Fiscal Year 2013)
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| Budget Amount *help |
¥2,860,000 (Direct Cost: ¥2,200,000、Indirect Cost: ¥660,000)
Fiscal Year 2013: ¥260,000 (Direct Cost: ¥200,000、Indirect Cost: ¥60,000)
Fiscal Year 2012: ¥1,170,000 (Direct Cost: ¥900,000、Indirect Cost: ¥270,000)
Fiscal Year 2011: ¥1,430,000 (Direct Cost: ¥1,100,000、Indirect Cost: ¥330,000)
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| Keywords | コーポレートファイナンス理論 / 所有権理論 / エージェンシー理論 / フリーキャッシュフロー / ぺイアウト政策 / 経営学 / 配当政策 / コーポレートガバナンス / 人的資本 / 取引費用理論 / ペイアウト政策 / コーポレートファイナンス |
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| Research Abstract |
This study demonstrated new hypotheses for the conventional agency theory. According to the agency theory, existing agency cost, between a manager and a stockholder, damages a corporate value. However, we paid our attention to an integration effect brought about by a manager and a stockholder building agency relations. And we took up the reality that we could not explain in the framework of the free cash flow hypothesis and built three hypotheses to explain the background theoretically. The first is a hypothesis of self-control by managers, second is a hypothesis of evaluation for management capability by stockholders, and third is a hypothesis of evaluation for human capital asset by stockholders. As a result, we succeeded to leave the results to summarize a process of an empirical process and the theory construction of three hypotheses built in one book.
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Report
(4 results)
Research Products
(10 results)
