2015 Fiscal Year Final Research Report
Empirical analyses on why Japanese firms hesitate to take risk
Project/Area Number |
25590067
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Research Category |
Grant-in-Aid for Challenging Exploratory Research
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Allocation Type | Multi-year Fund |
Research Field |
Money/ Finance
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Research Institution | Kyushu University |
Principal Investigator |
Uchida Konari 九州大学, 経済学研究科(研究院), 教授 (80305820)
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Project Period (FY) |
2013-04-01 – 2016-03-31
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Keywords | リスクテイキング / コーポレートガバナンス / 文化 |
Outline of Final Research Achievements |
Our survey reveals that Japanese managers tend to view employees as an important stakeholder rather than institutional investors and foreign shareholders. They think that firms can take risky behaviors to the degree that the behaviors do not damage financial soundness and employees' jobs securities. Our international research suggests that uncertainty avoidance and individualism affect corporate risk-taking behaviors. We also find that firms with high institutional and foreign ownership tend to follow good governance practices in various dimensions, including stock option adoptions, to meet those shareholders' demands. Accordingly, Japanese stock options do not have strong effects to induce managerial risk taking, differently from US ones.
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Free Research Field |
コーポレートファイナンス
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