The Role of Disclosure in Shareholder Voting

2023 Fiscal Year Final Research Report

• Project/Area Number: 22K20143
• Research Category: Grant-in-Aid for Research Activity Start-up
• Allocation Type: Multi-year Fund
• Review Section: 0107:Economics, business administration, and related fields
• Research Institution: Tokyo University of Science
• Principal Investigator: Iwata Kiyonori 東京理科大学, 経営学部経営学科, 助教 (20963573)
• Project Period (FY): 2022-08-31 – 2024-03-31
• Keywords: 議決権行使 / ディスクロージャー / コーポレートガバナンス

Outline of Final Research Achievements

The achievements of the research are as follows. First, I conducted empirical analysis on the effect of shareholder proposals for payout policy in Japan. For this paper, I gave presentations in refereed international conference. Now I prepare for the submission of this article to peer-reviewed international academic journals. Second, my joint work on the effect of stock liquidity on cash holdings in Japan has been published as a pre-registered report in Pacific-Basin Finance Journal (the peer-reviewed international journal). Third, I have written the draft of a new research idea on the determinants and consequences of general reserve accumulation in Japanese firms, which is a matter to be resolved in shareholders' meeting under Japanese Companies Act.

Free Research Field

財務会計

Academic Significance and Societal Importance of the Research Achievements

本研究の目的は，上場企業によるディスクロージャーと株主総会での議決権行使を通じた株主のガバナンスとの関係について明らかにすることにある。株主の議決権行使がもたらす企業行動への含意については，近年のガバナンス改革を経て関心が高まっている反面，株式売買の行動等に比べ経験的証拠の蓄積が乏しい。特に，議決権行使を「情報開示」という枠組みから分析した研究は極めて少ない。