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

本文的目的是考察日本和法国机构投资者对公司治理的影响以及机构投资者与公司价值的关系。结果表明，两国的机构投资者都加强了公司治理。研究还发现，两国机构投资者都是根据净资产收益率（ROE）来选择被投资企业，并通过监控努力提高企业价值。但是，由于每个公司的管理策略和运营方式不同，他们必须通过掌握每个公司的实际情况，找到一个有效的参与方式，以提高公司价值。

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.