2015 Fiscal Year Final Research Report
The effect of corporate governance on employment adjustment and dividend cut
| Project/Area Number |
23530384
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| Research Category |
Grant-in-Aid for Scientific Research (C)
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| Allocation Type | Multi-year Fund |
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| Section | 一般 |
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| Research Field |
Public finance/Monetary economics
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| Research Institution | Waseda University |
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Principal Investigator |
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| Project Period (FY) |
2011-04-28 – 2015-03-31
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| Keywords | コーポレート・ガバナンス / 雇用調整 / 配当 / 利害関係者 |
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| Outline of Final Research Achievements |
It is often argued that large Japanese firms tend to emphasize the interest of employees rather than that of shareholders. At the same time, it is considered that top managers become to emphasize the interest of shareholders. To investigate this topic, , we examined firms' employment reduction and dividend cut behavior, using panel data of listed companies. We find that there is a change in firm behavior in 2000s, compared with 1990s’. Since 2000, firms have been more likely to reduce employees. This result is consistent with the idea that Japanese firms become to emphasize the interest of shareholders.
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| Free Research Field |
企業金融論 労使関係論
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