Corporate governance and financial activities: Evidence from listed companies in Japan

2014 Fiscal Year Final Research Report

• Project/Area Number: 24330116
• Research Category: Grant-in-Aid for Scientific Research (B)
• Allocation Type: Partial Multi-year Fund
• Section: 一般
• Research Field: Business administration
• Research Institution: Hitotsubashi University
• Principal Investigator: HACHIYA Toyohiko 一橋大学, 大学院商学研究科, 教授 (00251645)
• Co-Investigator(Renkei-kenkyūsha): YAMADA Takashi 名古屋商科大学, 商学部, 教授 (10705958)
• Research Collaborator: ISHIDA Sohei 一橋大学, 大学院商学研究科, 特別研究員(DC1) ; YASUMOTO Masahiko 一橋大学, 大学院商学研究科 ; TENG Min Huazhong University of Science and Technology, Department of Finance, Assistant Professor ; RAMIREZ Pablo 前東京工業大学, COE研究員
• Project Period (FY): 2012-04-01 – 2015-03-31
• Keywords: コーポレート･ガバナンス / エージェンシー・コスト / 情報の非対称性 / 自己株式の取得 / 配当政策 / 企業の合併・買収 / コスト行動

Outline of Final Research Achievements

Through most of the post-war period, Japan relied for corporate governance primarily on the main bank system, stable shareholders, long-term employment, and cross-shareholding. Recently Japanese corporate governance practices are in transition. The change of governance practices have the impact on financial activities in Japanese firms. This study sheds light on the change of the relationship between corporate governance and financial activities.

Free Research Field

経営学