Maximization of Shareholder Value and the transformation of corporate governance

2020 Fiscal Year Final Research Report

• Project/Area Number: 19K13772
• Research Category: Grant-in-Aid for Early-Career Scientists
• Allocation Type: Multi-year Fund
• Review Section: Basic Section 07080:Business administration-related
• Research Institution: Gifu University
• Principal Investigator: Shibata Tsutomu 岐阜大学, 地域科学部, 准教授 (80632033)
• Project Period (FY): 2019-04-01 – 2021-03-31
• Keywords: コーポレート・ガバナンス / 株主価値 / 企業法制の規制緩和

Outline of Final Research Achievements

The purpose of this study was to identify the factors behind the increase in dividends and share buybacks in U.S. and Japanese companies in recent years. Through our research, we found that deregulation in the U.S. and Japan has promoted corporate selection and concentration, and in the process has created an economic structure in which stock prices are important. And based on the analysis that the power of management has been strengthened, it has become clear that a shift in management-led business strategies has been a factor in the recent management emphasis on shareholder allocation.

Free Research Field

経営学

Academic Significance and Societal Importance of the Research Achievements

本研究の学術的成果は、従来の研究で論じられた株主支配の復権論と異なり現代資本主義における経営者の権限拡大を理論的、実証的に明らかにした点にある。近年進みつつある企業経営におけるステークホルダー主義への転換が実効性をともなうものとするためには経営者権限のコントロールが必要であることを明らかにした点に社会的意義をもつ。