2013 Fiscal Year Final Research Report
Why is corporate governance important? Empirical analyses on management turnover, dividend payments, and restructuring
| Project/Area Number |
23330107
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| Research Category |
Grant-in-Aid for Scientific Research (B)
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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 九州大学, 経済学研究科(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)
MORIYASU Hiroshi 長崎大学, 経済学部, 教授 (10304924)
UMEZAWA Toshihiro 北九州市立大学, 経済学部, 准教授 (60350360)
MATSUMOTO Mamoru 北九州市立大学, 経済学部, 准教授 (50435096)
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| Project Period (FY) |
2011-04-01 – 2014-03-31
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| Keywords | コーポレートガバナンス / 経営者交代 / 配当 / 事業再構築 / 金融危機 / 企業価値 / 企業支配権取引 / ストックオプション |
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| Research Abstract |
For Japanese firms, we find: (a) board independence affects the probability of management turnover and dividend cuts during the global financial crisis; (b) firms adopting stock option plans pay high dividends and have independent boards; (c) listing requirements affect the mode of resolution of financially distressed firms. For Chinese companies, we find: government control has favorite effects on firm performance during the global financial crisis; (b) the existence of non-tradable shares affects function of the market for corporate control; (c) legal environments and political connections affect valuation of firms going public. By using international data, we find: (a) firms are less likely to conduct restructuring in countries with strong legal rights of labor unions; (b) ownership structures affect the degree of dividend smoothing.
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