Impact of Adopted Corporate Pension Plans on Firm Value

2022 Fiscal Year Final Research Report

• Project/Area Number: 19K01918
• Research Category: Grant-in-Aid for Scientific Research (C)
• Allocation Type: Multi-year Fund
• Section: 一般
• Review Section: Basic Section 07080:Business administration-related
• Research Institution: Prefectural University of Hiroshima
• Principal Investigator: Murakami Keiko 県立広島大学, 経営情報学部, 教授 (90325142)
• Project Period (FY): 2019-04-01 – 2023-03-31
• Keywords: 企業年金 / 退職給付制度 / 企業型確定拠出年金 / 企業価値

Outline of Final Research Achievements

This study confirms that large firms tend to adopt multiple pension plans, while unlisted small and medium-sized firms tend to adopt only lump-sum payment plans. These results suggest further polarization among firms in the adoption of retirement benefit plans in Japan. This study also indicates that easily graspable indicators, such as firm size and unfunded retirement benefit ratio, may have an impact on the adoption of each retirement benefit system. Furthermore, although the results are based on a regional analysis focusing exclusively on defined contribution pension plans, this study confirms that there is no clear relationship between having only a defined contribution pension plan and firm value.

Free Research Field

企業年金

Academic Significance and Societal Importance of the Research Achievements

確定拠出年金のみに着目した地域別分析に留まるが、選択している企業年金と企業価値との間に明確な関係性は確認できなかったことは、企業年金の選択肢が増える中、各企業が企業年金制度の導入・移行に関する戦略を考える際や、企業年金の選択と運営を含めたリスク管理のあり方を考察する上で参考になると考えられる。