| 研究課題/領域番号 |
18K01676
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| 研究機関 | 一橋大学 |
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研究代表者 |
文 敏鳴 一橋大学, 大学院経営管理研究科, 教授 (30792931)
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| 研究期間 (年度) |
2018-04-01 – 2021-03-31
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| キーワード | Non-executive ownership / debt pricing |
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| 研究実績の概要 |
For year 2018-2019, the project has successfully established three major hypotheses to be tested in the paper. The hypotheses are: (H1) There exists a negative association between non-executive ownership and the cost of debt due to the risk-reduction function of the non-executive employees’ incentives. (H2)The reduction impact of non-executive ownership on loan spread is due to its attenuating effects of the managerial risk-taking incentives. (H3) The reduction impact of non-executive ownership on loan spread is due to the improvement of information disclosure and quality. In addition, the project has applied multivariate regression models and the following models to ease the endogeneity concern such as (1) the lagged variables regression and (2) instrumental variables (IV) regressions.
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| 現在までの達成度 (区分) |
現在までの達成度 (区分)
2: おおむね順調に進展している
理由
Some preliminary results have been summarized from the analyses. One draft of the paper has been finished. The project is progressing rather smoothly. The draft of the paper has been presented in 2018 Annual Meeting of Financial Management Association (FMA) in San Diego, USA. I was also invited to give a talk at Department of Quantitative Finance, National Tsing-Hua University, Taiwan.
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| 今後の研究の推進方策 |
I plan to deliver several talks in academic institutions and also in academic conferences to receive more feedback from the conference participants and the audiences to revise the paper. The project at this point plans collect more data for additional analyses, such as considering industry effects and testing for the model efficiency. I expect the project will continue to make progress.
I plan to present the paper in international conferences and in international institutes.
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