日本企業の取締役会と企業価値
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概要
- 論文の詳細を見る
The purpose of this paper is to analyze how Japanese corporate governance reform and ownership structure affect firm value. In this paper, I present several hypotheses concerning Japanese boards of directors and firm value: (1) companies, which adopt US-style corporate governance system such as a executive corporate officer system and a committee-style corporate governance system, are higher valued than companies which don't adopt it; (2) board size (the number of board members) has a negative association with firm value, as measured by Tobin's Q; (3) proportion of outside directors has a positive association with firm value; (4) proportion of affiliated outside directors (persons who are likely to have business relationships with the company), who are sometimes called 'gray' directors, has a negative association with firm value; and (5) proportion of board members, who make day-to-day operational decisions and work as executive officer, has a negative association with firm value. I estimate ordinary least squares regressions to test these hypotheses, using a cross-sectional data composed of companies listed on the first section of Tokyo Stock Exchange. Although a part of regression coefficient estimates isn't statistically significant, empirical results almost support them. In addition, the result reveals that companies, which adopt US-style corporate governance system, have more outside directors and smaller board size than companies that don't adopt it. These results suggest that companies, which reform their corporate governance actively, are higher valued. Recently unloading of cross-shareholdings has been getting brisk while ownership of shares by foreign shareholders has been going up. I also examine how cross-shareholdings and foreign ownership affect Japanese firm value. I find from the empirical evidence that cross-shareholdings affect firm value negatively, and that there is a positive association between percentage ownership of shares by foreign shareholders and firm value.
- 日本経営学会の論文
- 2006-04-20