A New Paradigm in Corporate Finance and Governance Research

2017 Fiscal Year Final Research Report

• Project/Area Number: 26590052
• Research Category: Grant-in-Aid for Challenging Exploratory Research
• Allocation Type: Multi-year Fund
• Research Field: Money/ Finance
• Research Institution: Waseda University
• Principal Investigator: Hirota Shinichi 早稲田大学, 商学学術院, 教授 (40238415)
• Project Period (FY): 2014-04-01 – 2018-03-31
• Keywords: コーポレートファイナンス / コーポレートガバナンス / ステークホルダー / 株式市場

Outline of Final Research Achievements

This research develops a new framework: the stakeholder model. It theoretically, experimentally, and empirically examines corporate finance and governance using an economics approach. The results have the following implications. (1) The stakeholder model is a useful tool to understand the modern corporation in case that stock market is not fully efficient. (2) Stock market often faces inefficiency due to investors’ short trading horizons. (3) The stakeholder model offers novel insights into previously overlooked practices in corporate finance and governance.

Free Research Field

コーポレートファイナンス・ガバナンス、実験経済学