Empirical Research on Corporate Governance: Law and Institutions, Culture, and Organizational Characteristics(Fostering Joint International Research)

2017 Fiscal Year Final Research Report

• Project/Area Number: 15KK0124
• Research Category: Fund for the Promotion of Joint International Research (Fostering Joint International Research)
• Allocation Type: Multi-year Fund
• Research Field: Money/ Finance
• Research Institution: Kyushu University
• Principal Investigator: Uchida Konari 九州大学, 経済学研究院, 教授 (80305820)
• Research Collaborator: Coles Jeffrey L. University of Utah, David Eccles School of Business, Professor
• Project Period (FY): 2016 – 2017
• Keywords: コーポレートガバナンス / 取締役会 / 経営者交代 / 経営者報酬

Outline of Final Research Achievements

i) Found a robust evidence that the frequency of management turnover and performance of Japanese companies are positively associated with the proportion of insider directors younger than the top manager. The result is consistent with the view that Japanese corporate boards serve as an internal labor market of future managers.
ii) Constructed a database of Japanese performance-vesting director equity compensations that use trust scheme. The data enable to examine the effect of performance-vesting equity compensations on shareholder value by investigating the change in trust bank ownership surrounding the grant of the compensations.
iii) Constructed a database of US peer-based relative performance evaluation. The data enable to examine how oligopoly in the product market and cross-share ownership affect grants of such compensations.

Free Research Field

コーポレートファイナンス