安倍经济学下的企业治理改革:两个准则带来了什么?

作者 宫岛英昭(教职研究员)、斋藤卓尔(庆应义塾大学)
发表日期/编号 2019年10月 19-P-026
研究课题 企业治理分析的新领域
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概要

Corporate governance reform has been one of the central issues in the "third arrow" of the Abe administration's economic revival program. The Japanese Stewardship Code was introduced in 2014, followed by the Corporate Governance Code in 2015. This study quantifies how the reform changed the corporate governance of Japanese firms. First, we examine the changes in institutional ownership, cross-holdings and board structure following the reforms. Then, we study whether changes in ownership structure and board structure affect firm behavior and performance. We find that the introduction of the Stewardship Code is associated with more institutional ownership especially in mid-sized firms. Firms with few outside directors increased the number of outside directors to follow the Corporate Governance Code. However, the increase in institutional ownership and outside directors did not promote risk taking behavior or improve firm performance.