Managerial Ability in Japanese Firms

2022 Fiscal Year Final Research Report

• Project/Area Number: 19K13848
• Research Category: Grant-in-Aid for Early-Career Scientists
• Allocation Type: Multi-year Fund
• Review Section: Basic Section 07100:Accounting-related
• Research Institution: Hitotsubashi University
• Principal Investigator: KOCHIYAMA Takuma 一橋大学, 大学院経営管理研究科, 准教授 (70733301)
• Project Period (FY): 2019-04-01 – 2023-03-31
• Keywords: 経営者能力 / 経営者予想 / コーポレートガバナンス / 財務政策 / 取締役会

Outline of Final Research Achievements

The purpose of this study was to quantitatively measure managerial ability in Japanese firms and to examine its determinants and economic consequences. I found that managerial ability in Japanese firms, at least in terms of efficiency, can be measured by managerial ability scores obtained from data envelopment analysis and regression analysis, and that measured managerial ability is related to managers’ forecasting ability, such as the accuracy of earnings forecasts and the predictive ability of dividend policy for future earnings. Moreover, I focus on Japanese corporate governance reforms that aim to improve the efficiency of corporate management and decision making, and show that such institutional reforms can produce unintended consequences that are incompatible with the original objectives.

Free Research Field

会計学

Academic Significance and Societal Importance of the Research Achievements

経営者能力に関する研究は主として米国を中心に蓄積されてきたため，日本企業における測定方法や経営者能力がもたらす影響については未解明な側面が多く残されていた。こうしたなか，本研究は，業績予想や配当政策など日本企業に特徴的な実務に注目し，経営者能力の影響や役割について他国では検証し難い実証的証拠を提示している。また，本研究の成果は制度改革に対する企業経営者の反応を解明したという点で政策的示唆を持つほか，援用した経営者能力スコアが株主をはじめとする利害関係者にとって企業経営者を評価するうえでの有用なツールのひとつとなり得ることを提示している。