日本企業のインベスター・リレーションズ活動 : 所有構造と資金調達経路の影響
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概要
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This study examines how several factors, including ownership structure and corporate finance affect the quality of IR activities of large Japanese firms. In ownership structure, the effects of foreign ownership, managerial ownership, and stable ownership were examined. In addition, relationships between foreign stock listings, bank borrowing, and the quality of IR activities were investigated. In terms of measure of the quality of IR, this study used both subjective evaluation by IR manager of each sample firm and the third party evaluation. It was found that the firms with high subjective evaluation of their own IR activities were more likely to have higher foreign ownership. Also, higher managerial ownership was associated with higher subjective evaluation. These findings suggest that market investors and managerial ownership function to narrow the agency gap. Asset size was also found to be associated with higher subjective evaluation. This result suggests that larger firms are more likely to emphasize IR, because they can afford to do so or they are more concerned about their reputation than smaller firms due to their higher visibility. Lastly, higher subjective evaluation was related to higher ROE. This is consistent with the view that firms that emphasize the interests of shareholder tend to disclose more information. As for the third party evaluation, higher bank borrowing was found to be associated with lower evaluation. However, no other relationships were found. Overall, while the results based on the subjective evaluation support the hypotheses on ownership structure, other results using the third party evaluation did not support the hypotheses. The different results may be explained by the difference in perception between insiders and outsiders of the sample firms. This indicates that further study is needed to investigate how the quality of IR should be evaluated.
- 日本経営学会の論文
- 2000-05-30
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関連論文
- 日本企業のインベスター・リレーションズ活動 : 所有構造と資金調達経路の影響
- Foreign Capital Market Exposure and Information Disclosure Impacts on Strategic Investments and Performance of Japanese Firms