| 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 / corporate governance / loan spread / risk reduction / debt pricing |
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| 研究実績の概要 |
The project has been progressing well. As planned, the data collection from a variety of databases has been done. For example, loan data from DealScan and non-executive ownership data from Retirement Summary Reports. As a result, most variables have been constructed and consequently analyses could be conducted in an effective way. Based on the analyses, the results have been summarized and a paper draft was completed to be presented in the academic conferences. The paper was selected as the semi-finalist for best paper awards.
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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
All the analyses are completed and well-established results have been organized.
The analysis results do show that non-executive ownership can significantly reduce the cost of debt financing. In addition, non-executive ownership can serve as alternative governance mechanism to further reduce the cost of debt. Based on these significant results, a complete paper draft has been submitted to the Journal of Corporate Finance for review. The paper has received a revision-and-resubmit decision.
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| 今後の研究の推進方策 |
The paper currently is under revision by following all the comments provided by the reviewers and journal editor. The referees and editor have provided valuable comments on enhancing the models identification. For example, the referees suggest that the inclusion of non-executive stock options holding can further expand the scope of this research. Currently, data collection on stock options is done and the variables related to this are under construction. Once the revision is finished, the revised paper will be re-submitted to the Journal of Corporate Finance for its second review.
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| 次年度使用額が生じた理由 |
The incurring amount is planned to purchase a laptop with the amount of \160,000 to enhance the data processing. Insufficient amount will be using the budget amount from the following year.
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