The governance role of shareholders in director elections: A multilevel study of shareholder dissent in Japan

2020 Fiscal Year Final Research Report

• Project/Area Number: 17K13782
• Research Category: Grant-in-Aid for Young Scientists (B)
• Allocation Type: Multi-year Fund
• Research Field: Management
• Research Institution: Kyushu University
• Principal Investigator: UCHIDA Daisuke 九州大学, 経済学研究院, 准教授 (10754806)
• Project Period (FY): 2017-04-01 – 2021-03-31
• Keywords: コーポレート・ガバナンス / 株主 / 取締役選任

Outline of Final Research Achievements

The aim of this research is to empirically examine the role of shareholders in the context of shareholder votes on director elections. The primary findings of this research are threefold. First, in the context of shareholder votes on director election in Japanese firms, shareholders follow the principle of agency theory. Second, such a tendency of shareholders can change in response to the change in institutional environments. Thirds, the influence of institutional environments on shareholders and their tendency to vote varies depending on their attributes.

Free Research Field

経営学

Academic Significance and Societal Importance of the Research Achievements

本研究は，基本的であるが重要な関与の手段の一つである，株主の取締役選任議案への議決権行使をマルチレベルから実証的に検証したという点で，その学術的意義は小さくない．また，コーポレート・ガバナンス改革が進展する中で，制度の変容が株主の議決権行使に影響を与えるだけでなく，その影響は株主の属性ごとに異なることも明らかにしたという観点から，本研究の社会的意義が認められる．