| Budget Amount *help |
¥4,420,000 (Direct Cost: ¥3,400,000、Indirect Cost: ¥1,020,000)
Fiscal Year 2014: ¥1,560,000 (Direct Cost: ¥1,200,000、Indirect Cost: ¥360,000)
Fiscal Year 2013: ¥910,000 (Direct Cost: ¥700,000、Indirect Cost: ¥210,000)
Fiscal Year 2012: ¥1,040,000 (Direct Cost: ¥800,000、Indirect Cost: ¥240,000)
Fiscal Year 2011: ¥910,000 (Direct Cost: ¥700,000、Indirect Cost: ¥210,000)
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| Outline of Final Research Achievements |
This research project aims to empirically test if the faithful managements of listed companies and the faithful financial reporting of their outcome yield the improvement of their enterprise value.
Within the project period, we conduct several empirical researches. Our empirical results showed that the firms with more active shareholders meetings, lower carbon emissions, and higher employee costs enjoy higher enterprise value. Even though these activities may reduce the earnings of current and/or near-future years, an implication of our results is that the shareholders focuses not on short-term earnings but on medium- and long-term earnings. We also suggested that information on these activities should be disclosed through the IR (Integrated Reporting).
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