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わが国の企業統治における機関投資家の役割 －新たなコーポレートガバナンスの構築は可能なのか－
https://doi.org/10.18999/ecos.53.2.39
https://doi.org/10.18999/ecos.53.2.392d216780-3aee-471c-8a15-19d83b3bef11
| 名前 / ファイル | ライセンス | アクション |
|---|---|---|
ecos_53_2_39.pdf (1.5 MB)
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| Item type | 紀要論文 / Departmental Bulletin Paper(1) | |||||
|---|---|---|---|---|---|---|
| 公開日 | 2008-09-11 | |||||
| タイトル | ||||||
| タイトル | わが国の企業統治における機関投資家の役割 －新たなコーポレートガバナンスの構築は可能なのか－ | |||||
| 言語 | ja | |||||
| その他のタイトル | ||||||
| その他のタイトル | Do Institutional Investors Discipline Corporate managers in Japan? - Future Prospect of New Style Corporate Governance - | |||||
| 言語 | en | |||||
| 著者 |
浅井, 義裕
× 浅井, 義裕× ASAI, Yoshihiro |
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| アクセス権 | ||||||
| アクセス権 | open access | |||||
| アクセス権URI | http://purl.org/coar/access_right/c_abf2 | |||||
| 抄録 | ||||||
| 内容記述タイプ | Abstract | |||||
| 内容記述 | Japan experienced a prolonged banking crisis in the 1990s. In the period after financial deregulation, it is widely recognized that the Main Bank’s influence on their customers weakened and firms lost fear of the disciplinary stick wielded by the Main Bank. This led to overinvestment on part of firms and consequently the event of ‘burst bubble’ in early 1990s. Alternative corporate governance system such as provided by institutional investors and the associated discipline is desperately needed. In this paper, I attempt to examine the effect of alternative or complementary corporate governance systems in Japan. Using an event study framework, this study examines the impact of shareholder proposals. This study finds that large institutional investor’s shareholder proposals have significant positive impacts, although small investor’s shareholder proposals have no significance. These opposite results suggest that institutional investors have incentives and skills to discipline corporate managers at their cost, while small investors have incentives and skills to discipline corporate managers at their cost, while small investors do not have them because their stakes are relatively smaller. This empirical result is consistent with Shleifer and Vishny(1986)’s model’s implication and institutional investors are expected to actively perform their roles in Japanese corporate governance in future. | |||||
| 言語 | en | |||||
| 出版者 | ||||||
| 出版者 | 名古屋大学大学院経済学研究科 | |||||
| 言語 | ja | |||||
| 言語 | ||||||
| 言語 | jpn | |||||
| 資源タイプ | ||||||
| 資源 | http://purl.org/coar/resource_type/c_6501 | |||||
| タイプ | departmental bulletin paper | |||||
| 出版タイプ | ||||||
| 出版タイプ | VoR | |||||
| 出版タイプResource | http://purl.org/coar/version/c_970fb48d4fbd8a85 | |||||
| ID登録 | ||||||
| ID登録 | 10.18999/ecos.53.2.39 | |||||
| ID登録タイプ | JaLC | |||||
| ISSN（print） | ||||||
| 収録物識別子タイプ | PISSN | |||||
| 収録物識別子 | 0022-9725 | |||||
| 書誌情報 |
ja : 経済科学 巻 53, 号 2, p. 39-52, 発行日 2005-09-30 |
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| フォーマット | ||||||
| 値 | application/pdf | |||||
| 著者版フラグ | ||||||
| 値 | publisher | |||||
| URI | ||||||
| 識別子 | http://hdl.handle.net/2237/10504 | |||||
| 識別子タイプ | HDL | |||||
