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Identifier to cite or link to this item: https://hdl.handle.net/10086/13954

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Title
役員持株は企業業績に影響を与えるか？
The Effect of Managerial Ownership on Firm Performance: Case in Japan
ヤクイン モチカブ ワ キギョウ ギョウセキ ニ エイキョウ オ アタエルカ？
Creator
Creator Name
久保, 克行 久保, 克行
Kubo, Katsuyuki Kubo, Katsuyuki
クボ, カツユキ クボ, カツユキ
Affiliation
Affiliation Name
一橋大学
Editor
Contributor Name
Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University
Key Word
managerial ownership
corporate governance
incentive
JEL
G30
J33
Abstract
この論文の目的は、役員が自身所有する当該企業の株式数と企業業績の関係を分析することにある。この論文では､役員による株式保有が企業業績に正の影響を与えていることを、日本の上場企業のデータを用いて実証的に示した。この結果は役員の持株がいわゆるエージェンシー問題に対するひとつの解決となっていることを示唆している。
The effect of managerial ownership on firm performance: case in Japan Although average Japanese director own their companies' stocks of 70 million yen (560,000 us dollar), there has been few studies on the relationship between managerial ownership and firm's performance in Japan. The purpose of this paper is to investigate the effect of managerial ownership on firm performance in Japan. According to agency theory, the company with higher managerial ownership may perform better than those without, as managers may want to maximise their own interest. We estimate the determinants of firm performance using micro data of 208 large listed companies in 1992-1996. We found that there is positive and significant relationship between managerial ownership and firm's profit. These results suggest that managerial ownership may motivate managers to work hard toward firm's performance.
Publisher
Institute of Economic Research, Hitotsubashi University
Issued Date
2001-03
Language
Japanese(jpn)
Resource Type
technical report
Version Type
VoR
Is Part OfRelation -
Related Title
CEI Working Paper Series ; No. 2001-5
Relation
Related Identifier
URI
  http://cei.ier.hit-u.ac.jp/index.html
NCID
AA11590659
Number of Pages
24
Appears in Collections
CEI Working Paper Series
URL
https://hdl.handle.net/10086/13954