2011 Fiscal Year Final Research Report
An Empirical Study of The Effectiveness of Minority Shareholder Protection in Corporate Control Transactions in Japan
| Project/Area Number |
21530361
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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 |
Business administration
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| Research Institution | Keio University |
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Principal Investigator |
INOUE Kotaro 慶應義塾大学, 経営管理研究科, 准教授 (90381904)
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| Co-Investigator(Renkei-kenkyūsha) |
KATO Hideaki 名古屋大学, 経済学研究科, 教授 (80177435)
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| Project Period (FY) |
2009 – 2011
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| Keywords | 経営財務 / 法とファイナンス / 少数株主保護 / M & A |
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| Research Abstract |
This study empirically analyzes interests of minority shareholders under corporate control transactions in which conflicts of interests among shareholders are potentially large. Since, legal protections of minority shareholders are relatively weak in Japan compared to the US and the EU, the issues analyzed in this study are quite important for sound development of both equity market and market for corporate control in Japan. My empirical results reveals that large portion of tender offers in Japan have coercive nature. Although new Corporate Law and relevant laws and rules improve protection of minority shareholders, there is still large room for improvements.
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