2013 Fiscal Year Final Research Report

Integration effect and mechanism for profit sharing of agency theory

Research Project

Project/Area Number	23530440
Research Category	Grant-in-Aid for Scientific Research (C)
Allocation Type	Multi-year Fund
Section	一般
Research Field	Business administration
Research Institution	Osaka City University
Principal Investigator	MIYAGAWA Hisao 大阪市立大学, 大学院経営学研究科, 准教授 (30584049)
Project Period (FY)	2011 – 2013
Keywords	コーポレートファイナンス理論 / 所有権理論 / エージェンシー理論 / フリーキャッシュフロー / ぺイアウト政策
Research Abstract	This study demonstrated new hypotheses for the conventional agency theory. According to the agency theory, existing agency cost, between a manager and a stockholder, damages a corporate value. However, we paid our attention to an integration effect brought about by a manager and a stockholder building agency relations. And we took up the reality that we could not explain in the framework of the free cash flow hypothesis and built three hypotheses to explain the background theoretically. The first is a hypothesis of self-control by managers, second is a hypothesis of evaluation for management capability by stockholders, and third is a hypothesis of evaluation for human capital asset by stockholders. As a result, we succeeded to leave the results to summarize a process of an empirical process and the theory construction of three hypotheses built in one book.

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