| 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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| 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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