2009 Fiscal Year Final Research Report
Reconsideration of shareholder primacy paradigm with the trust theory model
| Project/Area Number |
19330021
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| Research Category |
Grant-in-Aid for Scientific Research (B)
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| Allocation Type | Single-year Grants |
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| Section | 一般 |
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| Research Field |
Civil law
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| Research Institution | Kobe University |
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Principal Investigator |
YUKIZAWA Kazuhito Kobe University, 大学院・法学研究科, 教授 (30210587)
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| Co-Investigator(Kenkyū-buntansha) |
KONDO Mitsuo 神戸大学, 大学院・法学研究科, 教授 (40114483)
SHITANI Mazashi 神戸大学, 大学院・法学研究科, 教授 (60206092)
KAWAGUCHI Yasuhiro 同志社大学, 法学部, 教授 (70195064)
ISEDA Mitihito 関西学院大学, 法学部, 教授 (20232366)
YOSHII Atsuko 大阪市立大学, 大学院・法学研究科, 教授 (60268571)
KATO Takahito 東京大学, 大学院・法学政治学研究科, 准教授 (30334296)
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| Project Period (FY) |
2007 – 2009
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| Keywords | 株主主権 / 会社理論 / 信頼理論 / 買収防衛策 / 効率的市場仮説 |
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| Research Abstract |
We firstly explored the utility of the trust theory model based on the empirical analysis in behavioral science as the conceptual instrument for legal study of the corporation law. And with such theoretical findings, we challenged the scholarly common recognition in recent years that the purpose of the corporation as maximization of the enterprise value is equated with maximization of shareholder's value which can be counted as stock market value, and clarified that it is right and accountable attitude to provide the legal framework that could enhance more investment or cooperation by many stakeholders widely committed to the corporation, in understanding that integrity of whose benefits should be the very substance of the enterprise value itself.
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