Corporate Pension Liabilitiesand Financial Behaviors

• Project/Area Number: 23653096
• Research Category: Grant-in-Aid for Challenging Exploratory Research
• Allocation Type: Multi-year Fund
• Research Field: Business administration
• Research Institution: Kyushu University
• Principal Investigator: UCHIDA Konari 九州大学, 経済学研究院, 准教授 (80305820)
• Project Period (FY): 2011 – 2012
• Project Status: Completed (Fiscal Year 2012)
• Budget Amount: ¥3,380,000 (Direct Cost: ¥2,600,000、Indirect Cost: ¥780,000); Fiscal Year 2012: ¥1,300,000 (Direct Cost: ¥1,000,000、Indirect Cost: ¥300,000); Fiscal Year 2011: ¥2,080,000 (Direct Cost: ¥1,600,000、Indirect Cost: ¥480,000)
• Keywords: 年金債務 / リスク / 投資決定 / 企業価値 / ストックオプション / 年金資産 / 退職給付債務 / ベータ

Research Abstract

Our preliminary results, which are obtainedfrom updated data, suggest that pension liabilities are negatively associated with firm value and the probability that the firm acquires another company. In Japan, risk class of individual firms’ pension assets is not disclosed. We attempt to estimate it and find no significant relationship between the firm’s stock risk and the risk of pension assets and liabilities.Although previous US research suggests that stock option grants induce managerial risk-taking behaviors, our data do not support the effect.

Research Products

• [Presentation] How do stock options create shareholder value?Evidence from Japan (2013)
  • Author(s): 内田交謹
  • Place of Presentation: 東京経済大学現代ファイナンスセンター・セミナー
  • Year and Date: 2013-01-25
• [Presentation] How do stock options create shareholder value? Evidence from Japan (2013)
  • Author(s): 内田交謹
  • Organizer: 東京経済大学現代ファイナンスセンター・セミナー
  • Place of Presentation: 東京経済大学
• [Presentation] Do stock option grants induce managerial risk taking? Evidence from Japan (2012)
  • Author(s): Konari Uchidaand Hiroshi Moriyasu
  • Organizer: 29th GdRE Annual International Symposium on Money, Banking and Finance
  • Place of Presentation: Nantes (France)
  • Year and Date: 2012-07-29
• [Presentation] Do stock option grants induce managerial risk taking? Evidence from Japan (2012)
  • Author(s): Konari Uchida and Hiroshi Moriyasu
  • Organizer: International Finance and Banking Society 2012 Conference
  • Place of Presentation: Valencia (Spain)
  • Year and Date: 2012-07-19
• [Presentation] Do stock option grants induce managerial risk taking?Evidence from Japan (2012)
  • Author(s): Konari Uchida and Hiroshi Moriyasu
  • Organizer: 2012 Asian Finance Association and Taiwan Finance Association Joint Conference
  • Place of Presentation: Taipei (Taiwan)
  • Year and Date: 2012-07-08
• [Presentation] Do stock option grants induce managerial risk taking? Evidence from Japan (2012)
  • Author(s): Konari Uchida
  • Organizer: 2012 Asian Finance Association and Taiwan Finance Association Joint Conference
  • Place of Presentation: Grand Hotel, Taipei, Taiwan
• [Presentation] Do stock option grants induce managerial risk taking? Evidence from Japan (2012)
  • Author(s): Konari Uchida
  • Organizer: 29th GdRE Annual International Symposium on Money, Banking and Finance
  • Place of Presentation: University Nantes
• [Presentation] Do stock option grants induce managerial risk taking? Evidence from Japan (2012)
  • Author(s): Konari Uchida
  • Organizer: International Finance and Banking Society 2012 Conference
  • Place of Presentation: Fundacion Universidad Empresa