Study on corporate misconduct from the view point of social capital

2014 Fiscal Year Final Research Report

• Project/Area Number: 23653103
• Research Category: Grant-in-Aid for Challenging Exploratory Research
• Allocation Type: Multi-year Fund
• Research Field: Business administration
• Research Institution: Nihon University
• Principal Investigator: INABA Yoji 日本大学, 法学部, 教授 (30366520)
• Co-Investigator(Kenkyū-buntansha): KANAMITSU Jun 京都産業大学, 経営学部, 准教授 (60414075)
• Project Period (FY): 2011-04-28 – 2015-03-31
• Keywords: 社会関係資本 / ソーシャル・キャピタル / 経済政策

Outline of Final Research Achievements

This study tried to identify the impact of social capital on the performance of companies listed on the Section One of Tokyo Stock Exchange focusing on the structure of board of directors from the view point of social capital. We used the % share of the months the director spent with the company out of his/her entire business carrier as a proxy of the company’s openness to the outsiders and the age difference between CEO and other members of the board and the length of time the CEO is in power as proxies for the company’s cohesion among insiders. Ten-year average of ROA, sales growth rate, debt-ratio, value-added ratio, and 5-year average ofβ on stock price are calculated for each company as the performance indices. We found closed companies have lower sales growth, while cohesion among insiders works for the performance of the company. However, since the value added ratio tend to decline in a cohesive company, the improvement of the performance could be achieved by low wages.

Free Research Field

社会関係資本