A study of ESG investment with Institutional Investors' Engagement

2015 Fiscal Year Final Research Report

• Project/Area Number: 25380482
• Research Category: Grant-in-Aid for Scientific Research (C)
• Allocation Type: Multi-year Fund
• Section: 一般
• Research Field: Management
• Research Institution: Meiji University
• Principal Investigator: Miwa Yumiko 明治大学, 商学部, 教授 (10287881)
• Project Period (FY): 2013-04-01 – 2016-03-31
• Keywords: ESG投資 / エンゲージメメント / 機関投資家 / スチュワードシップ・コード / コーポレートガバナンス・コード

Outline of Final Research Achievements

I conducted interviews with Japanese and non-Japanese institutional investors regarding their ESG engagements, summarizing the case studies and comparing the differences in behaviors of institutional investors in Japan and other countries. First of all overseas institutional investors take into account efficiency and results, and are not engaged in all corporations, but are selective in their engagement. In Japan, certain funds of asset management companies focus on engagement, and these funds engage with all companies in which they have a stake. When comparing the domestic and overseas market, I found that Japanese and non-Japanese institutional investors differ in their engagement set-ups and in how they determine themes. Their perception of joint engagement and their understanding of the success factors in engagement were also found to be different.

Free Research Field

金融、経営学