Comparative Study of the Influence of Institutional Investors on Corporate Governance and Corporate Value in Japan and France

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The objective of this paper is to examine the influence of institutional investors on corporate governance and the relationship between institutional investors and corporate value in Japan and France. The results suggest that corporate governance was enhanced by institutional investors in both countries. It was also found that institutional investors select investee firms based on ROE and endeavor to improve the corporate value through monitoring in both countries. However, they have to find an effective engagement method of each investee firm by grasping the actual condition of it with a view to enhancing corporate value, since each firm has a different management strategy and operational style.