학술논문
스튜어드십 코드와 일본기업의 연구개발투자
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- 영문명
- Stewardship Code and Firm’s R&D Investment in Japan
- 발행기관
- 한일경상학회
- 저자명
- 조유진(Yu-Jin Cho) 이창민(Chang-Min Lee)
- 간행물 정보
- 『한일경상논집』제102권, 11~26쪽, 전체 16쪽
- 주제분류
- 경제경영 > 경영학
- 파일형태
- 발행일자
- 2024.02.28
4,720원
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국문 초록
영문 초록
Purpose: This paper explores the influence of both domestic and international institutional investors, recognized as emerging outside blockholders in Japanese firms, on R&D investment. The study aims to understand how these investors impact R&D spending, a crucial factor for sustainable growth, particularly in the context of the implementation of the Stewardship Code.
Research design, data, and methodology: The analysis employed panel analysis on 105 manufacturing companies listed on Nikkei225 from 2014 to 2020. We used the intensity of R&D as the dependent variable, with institutional investors holding more than 3% of each company’s shares as the independent variable. By classifying institutional investors, we compared the results between domestic and foreign institutional investors.
Results: The analysis revealed that outside blockholders had a significantly positive effect on R&D. However, when institutions were classified, different results emerged. While domestic institutional investors had a significant positive impact on R&D, foreign institutional investors did not yield statistically significant results. Additionally, the financial institution variable, acting as the control variable and related to insider investors, consistently demonstrated a significantly negative effect across all models.
Implications: Despite foreign institutional investors dominating the Japanese stock market, it was found that domestic institutional investors have emerged as significant outside blockholders in each firm. Traditionally criticized as passive investors, domestic institutional investors are shown to influence and promote R&D for long-term growth, in line with the Japanese stewardship code. While foreign investors are often associated with potential decreases in R&D for short-term gains such as ROE and dividends, no significant evidence was found. Moreover, with increasing stake ratios, foreign investors have the potential to positively impact Japanese firms in the future.
목차
1. 서론
2. 일본기업 소유구조와 기업지배구조 개혁
3. 선행연구와 연구가설
4. 연구설계
5. 실증결과
6. 결론
References
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