| Budget Amount *help |
¥3,120,000 (Direct Cost: ¥2,400,000、Indirect Cost: ¥720,000)
Fiscal Year 2015: ¥1,040,000 (Direct Cost: ¥800,000、Indirect Cost: ¥240,000)
Fiscal Year 2014: ¥1,040,000 (Direct Cost: ¥800,000、Indirect Cost: ¥240,000)
Fiscal Year 2013: ¥1,040,000 (Direct Cost: ¥800,000、Indirect Cost: ¥240,000)
|
|---|
| Outline of Final Research Achievements |
This research analyzed how the directors shall behave in the mergers and acquisitions. Directors must confirm both that the M&A increases the firm value and that the value given to the firm's shareholders is fair. If they breach this rule, the directors must be imposed to pay damages. This liability is the most important system to enforce the directors' duties. If the shareholders filed an appraisal right case, the court should review its case as in the directors' civil liability cases. Imposing the liability on the directors who breached its duties and not imposing it on the directors who performed according to its duties make the legal system optimal by giving the directors the correct incentive.
|
