2012 Fiscal Year Final Research Report
Corporate Pension Liabilitiesand Financial Behaviors
| Project/Area Number |
23653096
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| Research Category |
Grant-in-Aid for Challenging Exploratory Research
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| Allocation Type | Multi-year Fund |
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| Research Field |
Business administration
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| Research Institution | Kyushu University |
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Principal Investigator |
UCHIDA Konari 九州大学, 経済学研究院, 准教授 (80305820)
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| Project Period (FY) |
2011 – 2012
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| Keywords | 年金債務 / リスク / 投資決定 / 企業価値 / ストックオプション |
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| Research Abstract |
Our preliminary results, which are obtainedfrom updated data, suggest that pension liabilities are negatively associated with firm value and the probability that the firm acquires another company. In Japan, risk class of individual firms’ pension assets is not disclosed. We attempt to estimate it and find no significant relationship between the firm’s stock risk and the risk of pension assets and liabilities.Although previous US research suggests that stock option grants induce managerial risk-taking behaviors, our data do not support the effect.
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