Research Programs: Integrated Research

Frontiers in Corporate Governance Analysis

Project Leader/Sub-Leader


MIYAJIMA Hideaki (Faculty Fellow)



The challenge for Japan's corporate governance reform is to realize technological innovation and economic dynamism by increasing the emphasis of the role of the stock market without falling into the trap of short-term profit-driven myopia, and to create a framework for companies to internalize critical social values and sustainability. From this perspective, this project addresses the following three tasks.
1. Extending our previous research results from "the corporate governance research team," we empirically analyze the impact of changing governance trajectories on corporate behaviors, focusing on R&D, human resource investment, M&A. corporate restructuring, and financial policy.
2. Considering the recent changes in the capital market (increasing influence of institutional investors and rising concerns of final investors) on the sustainable growth of society, we examine their possible impact on myopic management, wealth transfers from insiders (employee) to outsiders (shareholders) and CSR activities.
3. Based on such empirical analysis, we address the institutional design of Ver2.0 of the Japanese Model, from the redefinition of corporate purpose, the improvement of the arrangement of board structure, the compensation system, relevant ownership, new measurements of corporate performance and regulation on the internal and external market for corporate control.

January 11, 2022 - June 30, 2024

(During the research project period, the research activity period is set from January 11, 2022 to December 31, 2023, and the data usage reporting period is set from January 1, 2023 to June 30, 2024.)

Major Research Results


RIETI Discussion Papers

RIETI Policy Discussion Papers


RIETI Discussion Papers