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Identifier to cite or link to this item: https://hdl.handle.net/10086/15261

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Title
The Analysis of a Deviation of Investment and Corporate Governance.
Creator
Creator Name
Hisa, Shoichi Hisa, Shoichi
比佐, 章一 比佐, 章一
ヒサ, ショウイチ ヒサ, ショウイチ
Affiliation
Affiliation Name
Hitotsubashi University
Editor
Contributor Name
社会科学における統計分析拠点構築 = Research Unit for Statistical Analysis in Social Sciences
Key Word
Reputation
Strategic Communication
Investment
JEL
D82
D83
E22
G32
Abstract
Investment of firms is affected by not only fundamentals factors, but liquidity constraint, ownership or corporate structure. Information structure between manager and owner is a significant factor to decide the level of investment, and deviation of investment from optimal condition. The reputation model between manager and owner suggest that the separate of ownership and management may induce the deviation of investment, and indicate that governance structure is important to reduce it. In this paper we estimate the deviation of investment using investment function, and investigate the relation of the derivation and ownership structure or corporate finance using data of Japanese listed firms. In empirical test the following results is induced. (i) The concentration of ownership reduces the deviation of investment. (ii) The deviation becomes smaller when main shareholder is government or individual. (iii) On the contrary it becomes larger when main shareholder is bank or foreign institution. These results suggested that the asymmetry of information between owner and manager bring the instability of investment, and bank system is not well functioned to solve the principal-agent problem to reduce the instability.
Publisher
Institute of Economic Research, Hitotsubashi University
Issued Date
2008-03
Language
English(eng)
Resource Type
technical report
Version Type
VoR
Is Part OfRelation -
Related Title
Hi-Stat Discussion paper series, No. 242
Relation
Related Identifier
URI
  http://21coe.ier.hit-u.ac.jp/english/index.html
Sponsorship
21世紀COEプログラム = 21st-Century COE Program
Appears in Collections
Hi-Stat Discussion paper series
URL
https://hdl.handle.net/10086/15261