2012 Fiscal Year Final Research Report
German corporate system and capital market under the influence ofGlobalization
| Project/Area Number |
21530363
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| Research Category |
Grant-in-Aid for Scientific Research (C)
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| Allocation Type | Single-year Grants |
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| Section | 一般 |
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| Research Field |
Business administration
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| Research Institution | Meiji University |
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Principal Investigator |
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| Co-Investigator(Kenkyū-buntansha) |
MATSUDA Takeshi 駒澤大学, 経済学部, 准教授 (70453561)
SHIMIZU Kazuyuki 明治大学, 経営学部, 専任講師 (80515081)
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| Project Period (FY) |
2009 – 2012
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| Keywords | 企業統治(コーポレートガバナンス) / 資本市場 / 機関投資家 / 共進化(co-evolution) / 共同決定 / 株主重視経営 |
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| Research Abstract |
This study examined the evolutional pattern in German business system and corporate governance in recent years, being based on the survey of capital market and co-determination. We demonstrate that the presence of foreign institutional investors have increased in German capital markets more and more since the 1990s. but since2008, ”the shareholder-value management” (maximization of the stock value by the corporate restructuring) have depreciated and the German traditional corporate system has been revaluated under the financial, economical crisis due to “Lehman shock “,Although the business leaders have criticized the German co-determination system and emphasized that the German co-determination system needs to be modernized, the Germanco-determination system has re-evaluated today. In this study, we disclosed that German corporate governance system have adapted environmental changes and have undergonethe co-evolution of instituition.
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