Research on corporate governance applying behavioral framework

2020 Fiscal Year Final Research Report

• Project/Area Number: 19K13811
• Research Category: Grant-in-Aid for Early-Career Scientists
• Allocation Type: Multi-year Fund
• Review Section: Basic Section 07080:Business administration-related
• Research Institution: Meiji University
• Principal Investigator: Asaoka Daisuke 明治大学, 商学部, 専任准教授 (20824345)
• Project Period (FY): 2019-04-01 – 2021-03-31
• Keywords: コーポレートガバナンス / 認知科学 / 合併と買収 (M&A) / 意思決定

Outline of Final Research Achievements

The research project examined decision-making by boards of directors, and found three key contributions of corporate governance reform from a behavioral perspective: changes in group dynamics through diversity; enhancement of collective intelligence; and the effect of compensation design on motivation. It applied this analysis to case studies of failures in mergers and acquisitions by Japanese firms. Using the behavioral perspective, the research project further reconstructed the triangular relationship among directors, debtholders, and shareholders as a dual layer of behavioral as well as traditional economic perspectives, giving new interpretations to existing laws that define and regulate the relationship.

Free Research Field

コーポレートガバナンス

Academic Significance and Societal Importance of the Research Achievements

我が国のコーポレートガバナンス・コードの2018年及び2021年の改訂や会社法の2019年の改正を通じて、取締役会の構成や報酬制度の見直しが促されることになり、独立社外取締役や女性の増加に見られる多様性や、株主の権利への意識が高まる方向での変化が起こった。それらの改革を認知科学の観点から分析した本研究は、心理的な条件を加えることによって、制度が意図する実効性を確保するための設計に寄与する意義を有する。