Reexamination of deterrence of corporate misconduct by shareholder derivative suits

Research Project

Project/Area Number	25780060
Research Category	Grant-in-Aid for Young Scientists (B)
Allocation Type	Multi-year Fund
Research Field	Civil law
Research Institution	The University of Tokyo
Principal Investigator	KATO Takahito 東京大学, 法学(政治学)研究科(研究院), 准教授 (30334296)
Project Period (FY)	2013-04-01 – 2016-03-31
Project Status	Completed (Fiscal Year 2015)
Budget Amount *help	¥3,120,000 (Direct Cost: ¥2,400,000、Indirect Cost: ¥720,000) Fiscal Year 2015: ¥780,000 (Direct Cost: ¥600,000、Indirect Cost: ¥180,000) Fiscal Year 2014: ¥1,040,000 (Direct Cost: ¥800,000、Indirect Cost: ¥240,000) Fiscal Year 2013: ¥1,300,000 (Direct Cost: ¥1,000,000、Indirect Cost: ¥300,000)
Keywords	会社法 / 金融商品取引法 / 株主代表訴訟 / コーポレート・ガバナンス
Outline of Final Research Achievements	I researched an significance of shareholder derivative suits in corporate groups and civil liabilities of listed companies which disclosed fraudulent information. I made it clear that each of them was an important mechanism to deter corporate misconduct. But they have some problems about when directors or corporations are made liable and how their liabilities are enforced. I clarified many points we had to keep in mind when we were dealing with those problems. For example, I succeed in the attempts to clarify a condition for multiple derivative suits and a way to calculate an amount of damage the listed companies which disclosed fraudulent information have to be liable for.