| Project/Area Number |
23653103
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| Research Category |
Grant-in-Aid for Challenging Exploratory Research
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| Allocation Type | Multi-year Fund |
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| Research Field |
Business administration
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| Research Institution | Nihon University |
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Principal Investigator |
INABA Yoji 日本大学, 法学部, 教授 (30366520)
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| Co-Investigator(Kenkyū-buntansha) |
KANAMITSU Jun 京都産業大学, 経営学部, 准教授 (60414075)
北見 幸一 北海道大学, その他の研究科, 准教授 (90455626)
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| Project Period (FY) |
2011-04-28 – 2015-03-31
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| Project Status |
Completed (Fiscal Year 2014)
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| Budget Amount *help |
¥3,380,000 (Direct Cost: ¥2,600,000、Indirect Cost: ¥780,000)
Fiscal Year 2013: ¥650,000 (Direct Cost: ¥500,000、Indirect Cost: ¥150,000)
Fiscal Year 2012: ¥650,000 (Direct Cost: ¥500,000、Indirect Cost: ¥150,000)
Fiscal Year 2011: ¥2,080,000 (Direct Cost: ¥1,600,000、Indirect Cost: ¥480,000)
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| Keywords | 社会関係資本 / ソーシャル・キャピタル / 経済政策 / 企業不祥事 / 企業統治 |
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| Outline of Final Research Achievements |
This study tried to identify the impact of social capital on the performance of companies listed on the Section One of Tokyo Stock Exchange focusing on the structure of board of directors from the view point of social capital. We used the % share of the months the director spent with the company out of his/her entire business carrier as a proxy of the company’s openness to the outsiders and the age difference between CEO and other members of the board and the length of time the CEO is in power as proxies for the company’s cohesion among insiders. Ten-year average of ROA, sales growth rate, debt-ratio, value-added ratio, and 5-year average ofβ on stock price are calculated for each company as the performance indices. We found closed companies have lower sales growth, while cohesion among insiders works for the performance of the company. However, since the value added ratio tend to decline in a cohesive company, the improvement of the performance could be achieved by low wages.
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