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Institutional Investors in Japan's Corporate Governance

Research Project

Project/Area Number 25380397
Research Category

Grant-in-Aid for Scientific Research (C)

Allocation TypeMulti-year Fund
Section一般
Research Field Money/ Finance
Research InstitutionAkita International University

Principal Investigator

Yeh Tsung-ming  国際教養大学, 国際教養学部, 教授 (20404858)

Project Period (FY) 2013-04-01 – 2017-03-31
Project Status Completed (Fiscal Year 2016)
Budget Amount *help
¥4,030,000 (Direct Cost: ¥3,100,000、Indirect Cost: ¥930,000)
Fiscal Year 2016: ¥650,000 (Direct Cost: ¥500,000、Indirect Cost: ¥150,000)
Fiscal Year 2015: ¥1,170,000 (Direct Cost: ¥900,000、Indirect Cost: ¥270,000)
Fiscal Year 2014: ¥1,170,000 (Direct Cost: ¥900,000、Indirect Cost: ¥270,000)
Fiscal Year 2013: ¥1,040,000 (Direct Cost: ¥800,000、Indirect Cost: ¥240,000)
Keywords企業統治 / 株主提案 / 買収防衛策 / ファンド / 地方銀行 / リスクマネジメント / 企業買収 / 倒産リスク / 企業価値 / エントレンチメント仮説 / 買収ファンド / 銀行 / 利害衝突 / 金融危機 / 社外取締役 / 金融機関
Outline of Final Research Achievements

This research project conducts several empirical studies on the roles played by institutional investors in Japan’s corporate governance. The results indicate that institutional investors can contribute to the enhancement of firm value by either taking over inefficient companies, or by intervention via the legally binding shareholder proposals. In contrast, it is found that stock market reacts negatively to companies adopting anti-takeover provisions that deter such intervention by outside shareholders. However, such shareholder intervention is constrained for banks which are highly regulated and thus protected by the government. The empirical results, instead, show that board-level governance such as risk-management is important in disciplining bank behaviors.

Report

(5 results)
  • 2016 Annual Research Report   Final Research Report ( PDF )
  • 2015 Research-status Report
  • 2014 Research-status Report
  • 2013 Research-status Report
  • Research Products

    (12 results)

All 2017 2016 2015 2014 2013

All Journal Article (6 results) (of which Peer Reviewed: 6 results,  Acknowledgement Compliant: 3 results) Presentation (6 results) (of which Int'l Joint Research: 2 results,  Invited: 1 results)

  • [Journal Article] Governance, risk-taking and default risk during the financial crisis: the evidence of Japanese regional banks2017

    • Author(s)
      Yeh, Tsung-ming
    • Journal Title

      Corporate Governance: The international journal of business in society

      Volume: 17(2) Issue: 2 Pages: 212-229

    • DOI

      10.1108/cg-02-2016-0027

    • Related Report
      2016 Annual Research Report
    • Peer Reviewed
  • [Journal Article] Determinants and Consequences of Shareholder Proposals: the Cases of Board Election, Charter Amendment, and Profit Disposal2017

    • Author(s)
      Yeh, Tsung-ming
    • Journal Title

      Journal of Corporate Finance

      Volume: 45 Pages: 245-261

    • DOI

      10.1016/j.jcorpfin.2017.05.004

    • Related Report
      2016 Annual Research Report
    • Peer Reviewed / Acknowledgement Compliant
  • [Journal Article] Large Shareholders, Shareholder Proposals, and Firm Performance: Evidence from Japan2014

    • Author(s)
      Yeh,Tsung-ming
    • Journal Title

      Corporate Governance: International Review

      Volume: 22-4 Pages: 312-329

    • Related Report
      2014 Research-status Report
    • Peer Reviewed / Acknowledgement Compliant
  • [Journal Article] The effects of anti-takeover measures on Japanese corporations2014

    • Author(s)
      Yeh,Tsung-ming
    • Journal Title

      Review of Quantitative Finance and Accounting

      Volume: 42-4 Pages: 757-780

    • Related Report
      2014 Research-status Report
    • Peer Reviewed / Acknowledgement Compliant
  • [Journal Article] Large Shareholders, Shareholder Proposals, and Firm Performance: Evidence from Japan2014

    • Author(s)
      Tsung-ming Yeh
    • Journal Title

      Corporate Governance: International Review

      Volume: Forthcoming

    • Related Report
      2013 Research-status Report
    • Peer Reviewed
  • [Journal Article] The effects of anti-takeover measures on Japanese corporations2013

    • Author(s)
      葉聰明
    • Journal Title

      Review of Quantitative Finance and Accounting

      Volume: 42 (4) Issue: 4 Pages: 757-780

    • DOI

      10.1007/s11156-013-0361-0

    • Related Report
      2013 Research-status Report
    • Peer Reviewed
  • [Presentation] What are the Roles of Shareholder Proposals in Japanese Corporate Governance?2016

    • Author(s)
      Yeh, Tsung-ming
    • Organizer
      2016 Association of Japanese Business Studies Conference
    • Place of Presentation
      New Orleans, USA
    • Year and Date
      2016-06-25
    • Related Report
      2016 Annual Research Report
    • Int'l Joint Research
  • [Presentation] What are the Roles of Shareholders Proposals in Japanese Corporate Governance?2015

    • Author(s)
      Tsung-ming Yeh
    • Organizer
      日本経営財務学会
    • Place of Presentation
      九州大学
    • Year and Date
      2015-10-04
    • Related Report
      2015 Research-status Report
  • [Presentation] The Motives and Consequences of Shareholders Proposals in Japan2015

    • Author(s)
      Tsung-ming Yeh
    • Organizer
      International Corporate Governance Society Conference
    • Place of Presentation
      Copenhagen Business School
    • Year and Date
      2015-09-18
    • Related Report
      2015 Research-status Report
    • Int'l Joint Research
  • [Presentation] Corporate Governance and Performance of Financial Institutions during the 2007-2008 Credit Crisis2014

    • Author(s)
      Yeh,Tsung-ming
    • Organizer
      The 22nd Annual Conference on Pacific Basin Finance, Economics,Accounting, and Management
    • Place of Presentation
      Aichi University
    • Year and Date
      2014-09-04 – 2014-09-05
    • Related Report
      2014 Research-status Report
  • [Presentation] Corporate Governance in Taiwan and Japan2014

    • Author(s)
      Tsung-ming Yeh
    • Organizer
      愛知大学国際問題研究所第四回講演会
    • Place of Presentation
      愛知大学
    • Related Report
      2013 Research-status Report
    • Invited
  • [Presentation] Large Shareholders, Shareholder Proposals, and Firm Performance: Evidence from Japan2013

    • Author(s)
      Tsung-ming Yeh
    • Organizer
      The 21th Annual Conference on PBFEAM
    • Place of Presentation
      Park Hyatt Melbourne.
    • Related Report
      2013 Research-status Report

URL: 

Published: 2014-07-25   Modified: 2019-07-29  

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