2010 Fiscal Year Final Research Report
Empirical Analyses on the evolution of corporate governance
| Project/Area Number |
20530280
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| Research Category |
Grant-in-Aid for Scientific Research (C)
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| Allocation Type | Single-year Grants |
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| Section | 一般 |
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| Research Field |
Public finance/Monetary economics
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| Research Institution | Kyushu University |
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Principal Investigator |
UCHIDA Konari Kyushu University, 経済学研究院, 准教授 (80305820)
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| Co-Investigator(Kenkyū-buntansha) |
GOTO Naohisa 北九州市立大学, 経済学部, 教授 (20275118)
MATSUMOTO Mamoru 北九州市立大学, 経済学部, 准教授 (50435096)
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| Project Period (FY) |
2008 – 2010
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| Keywords | コーポレート・ガバナンス / 債権放棄 / 取締役会 / 社外取締役 / 私的負債リストラクチャリング / 財務破綻 / 銀行 |
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| Research Abstract |
Japanese board downsizing did not contribute to increased shareholder value. On the other hand, companies that appoint outside directors for the first time experience an increase in shareholder value. IPO companies have high percentage ownerships by foreigners when they adopt good governance practices. The impact of corporate governance mechanisms on shareholder value weakens for nonfinancial regulated firms. Debt forgiveness and debt-for-equity swaps provided banks intend to prevent borrowing firms from being delisted ; those restructuring measures do not improve the borrowers' long-term performance.
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