A New Paradigm in Corporate Finance and Governance Research
| Project/Area Number |
26590052
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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 |
Money/ Finance
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| Research Institution | Waseda University |
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Principal Investigator |
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| Project Period (FY) |
2014-04-01 – 2018-03-31
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| Project Status |
Completed (Fiscal Year 2017)
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| Budget Amount *help |
¥3,380,000 (Direct Cost: ¥2,600,000、Indirect Cost: ¥780,000)
Fiscal Year 2016: ¥1,170,000 (Direct Cost: ¥900,000、Indirect Cost: ¥270,000)
Fiscal Year 2015: ¥650,000 (Direct Cost: ¥500,000、Indirect Cost: ¥150,000)
Fiscal Year 2014: ¥1,560,000 (Direct Cost: ¥1,200,000、Indirect Cost: ¥360,000)
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| Keywords | コーポレートファイナンス / コーポレートガバナンス / ステークホルダー / 株式市場 / 株式市場の非効率性 / 実験研究 / 実証研究 / 理論研究 |
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| Outline of Final Research Achievements |
This research develops a new framework: the stakeholder model. It theoretically, experimentally, and empirically examines corporate finance and governance using an economics approach. The results have the following implications. (1) The stakeholder model is a useful tool to understand the modern corporation in case that stock market is not fully efficient. (2) Stock market often faces inefficiency due to investors’ short trading horizons. (3) The stakeholder model offers novel insights into previously overlooked practices in corporate finance and governance.
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Report
(5 results)
Research Products
(23 results)
