2011 Fiscal Year Final Research Report
Empirical examinations on the relationship between the human capital investments and monitoring by shareholders in business corporations
| Project/Area Number |
21530292
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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 | Hitotsubashi University |
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Principal Investigator |
ITO Akitoshi 一橋大学, 大学院・国際企業戦略研究科, 教授 (80307371)
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| Project Period (FY) |
2009 – 2011
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| Keywords | コーポレート・ファイナンス / 人的資本 / コーポレート・ガバナンス / 買収防衛策 / 利益調整 / 配当政策 |
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| Research Abstract |
The objective of this research is to examine empirically the tradeoff between the human capital investments and managerial monitoring by shareholders in business corporations. The empirical results based on the large-scale dataset show :(1) the firms in which human capital is important use earnings management in order to reduce tax payments and(2) the firms in which human capital is important on average set the amount of dividends at a relatively high level, preserving a relatively large amount of internal cash. In addition, the empirical results from the analysis of takeover defenses indicate that there may be managerial entrenchments in the motives of human capital investments.
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