九州大学 · 経営学
Konari Uchida教授の研究室は、日本の企業ガバナンスと資本市場の動態に焦点を当てた研究を展開しています。特に、企業の負債依存度や支配構造、上場企業のIPO後の資金調達行動、アクティビスト投資家による企業変革の影響、およびオンライン投資家の行動特性について、実証的・統計的アプローチで分析しています。近年では、取締役会の縮小が企業の経営チーム構成や企業パフォーマンスに与える影響にも関心を示しており、経営の透明性と効率性の関係を解明することを目指しています。
Figures are computed from collected data and may differ slightly.
Abstract Japanese data show a negative relation between leverage and the probability of firms' use of stock options. Such a relation is more marked for firms affiliated with specific keiretsu or main banks. This evidence reflects the fact that Japanese companies are more reliant on debt financing and that the agency cost of debt is a central issue in corporate governance. Results show that the frequency of the firms' use of stock options is positively associated with firm size. Finally, independ
We investigate causes and consequences of the emerging shareholder hostility in Japan. Steel Partners, an activist hedge fund based in San Francisco, takes big stakes in more than 30 Japanese firmsand pushes for strategic changes and sometimes tries to gain control of whole businesses. Meanwhile, Murakami Fund, a fresh Japanese activist fund, targets more than 40 firms. Steel Partner's targets typically have more cash but lower market valuations, whereas Murakami Fund is more likely to target ca
After controlling for the effect of parent banks’ (PBs) direct ownership, we find that investment by bank-affiliated venture capitals (BVCs) is positively associated with the probability that investee firms have loan balances with PBs in the year they issue an IPO. However, BVCs typically sell off their holdings of investee firms within 2 years after the IPO. Furthermore, the level of BVC ownership does not have explanatory power regarding whether investee firms have loans from PBs. On the contr
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