Empirical study on the factors that cause abusive exercise of shareholder proposal rights and their impact on corporate value

2022 Fiscal Year Final Research Report

• Project/Area Number: 20K13642
• Research Category: Grant-in-Aid for Early-Career Scientists
• Allocation Type: Multi-year Fund
• Review Section: Basic Section 07100:Accounting-related
• Research Institution: The University of Kitakyushu
• Principal Investigator: Kudari Kiriko 北九州市立大学, 経済学部, 准教授 (60805654)
• Project Period (FY): 2020-04-01 – 2023-03-31
• Keywords: 株主提案権 / コーポレート・ガバナンス

Outline of Final Research Achievements

This study analyzed the right of shareholder proposals from two perspectives: "number" and "content". First, the analysis focusing on the number of shareholder proposals confirmed that firms in which a shareholder submitted multiple shareholder proposals differed from firms in which a shareholder submitted a shareholder proposal in terms of characteristics such as firm size and ownership structure. Second, in an analysis focusing on the content of shareholder proposals, we confirmed that the number of words regarding the reason for the proposal and the percentage of the fegures in words may have an effect on the voting results.

Free Research Field

実証会計学

Academic Significance and Societal Importance of the Research Achievements

本研究は、株主提案権の濫用的行使が生じる要因と企業価値に与える影響を明らかにすることを目的としている。日本の株主提案権は権利行使要件が諸外国に比べてやさしい一方で、可決された議案は法的拘束力を有するという点で特異性を有する。しかしながら、株主提案権に関する実証的証拠の蓄積は少ない。本研究で得られた発見事項は、株主提案権が企業価値の向上に資するツールであるかという学術的問いに示唆を提供する。