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An Analysis of Corporate Governance and the role of Board of Directors

公司治理与董事会作用分析

基本信息

批准号：
21730252
负责人：
SAKAWA Hideaki
金额：
$ 2.25万
依托单位：
Nagoya City University
依托单位国家：
日本
项目类别：
Grant-in-Aid for Young Scientists (B)
财政年份：
2009
资助国家：
日本
起止时间：
2009 至 2011
项目状态：
已结题

来源：
https://kaken.nii.ac.jp/grant/KAKENHI-PROJECT-21730252/
关键词：
企業統治取締役会の機能金融論経済政策

项目摘要

This research project investigates Japanese corporate governance mechanisms, especially focusing on the role of board of directors. The motivation of this research is to reveal what the recent corporate governance changes in Japan like 'remarkable increase of foreign shareholdings', and 'the role of independent directors'. In addition, this research also tries to reveal the change of market liquidity by the change of listing standards which also reformed with the corporate governance reforms. The results of this research are summarized as following points. First, Japanese corporate boards would be well performed in the banking industry especially post the restructuring of their board systems. Second, the incentive of Japanese executive are also desirably designed in a firm which introduced new corporate governance systems. Finally, market liquidity has also been increased by the reform of listing standards. These empirical results imply that recent reforms of corporate governance and listing standard are at least effective for firms which would try to restructure and reform.

本研究项目考察了日本公司治理机制，特别关注董事会的作用。本研究的动机是揭示近年来日本公司治理的变化，如“外资持股显著增加”和“独立董事的作用”。此外，本研究还试图揭示上市标准的变化对市场流动性的影响，上市标准的变化也随着公司治理改革而发生变化。本研究的结果可归纳为以下几点。首先，日本公司董事会将在银行业表现良好，特别是在其董事会制度重组之后。其次，在引进新公司治理体系的企业中，日本高管的激励机制也被合理设计。最后，上市标准的改革也增加了市场流动性。这些实证结果表明，最近的公司治理和上市标准改革至少对试图重组和改革的公司有效。