Updated on 2024/12/21

写真a

 
HIROTA, Shinichi
 
Affiliation
Faculty of Commerce, School of Commerce
Job title
Professor
Degree
Ph.D (Economics) ( 2013.03 Doshisha University )
M.A. ( 1987.03 Doshisha University )

Education Background

  • 　
    -
    1991

    Doshisha University   Graduate School of Economics   Doctor Course  

  • 　
    -
    1987

    Doshisha University   Graduate School Economics   Master Course  

  • 　
    -
    1985

    Doshisha University   Faculty of Economics  

Professional Memberships

  • 　
    　
    　

    行動経済学会

  • 　
    　
    　

    日本ファイナンス学会

  • 　
    　
    　

    日本経済学会

Research Areas

  • Money and finance

Research Interests

  • Corporate Finance

  • Corporate Governance

  • Experimental Finance

  • Asset Pricing

 

Papers

  • Informed traders, beauty contest and stock price volatility: Evidence from laboratory markets

    Shinichi Hirota, Takao Kusakawa, Tatsuyoshi Saijo, Yasuhiko Tanigawa

    Pacific Economic Review   29 ( 3 ) 354 - 396  2024.08  [Refereed]

    　View Summary

    Abstract

    Whether informed investors (e.g., professionals) trade stocks based on the fundamentals or ride on market sentiment is an empirical question, but few attempts have been made due to the lack of field data. We, therefore, conduct a laboratory experiment and examine if informed investors trade stocks based on their anticipation of less‐informed investors' valuation. In our experimental market, informed traders know the fundamental value of the stock; less‐informed traders do not know the accurate value and their valuation may be biased upwards or downwards. We find that informed traders ride on the (mis)valuations of less‐informed traders, and the speculative trades of the informed traders significantly affect stock prices. Our experimental result explains why stock prices are subject to the mass psychology sentiment even in markets with informed investors.

    DOI

    Scopus

  • Money, Inflation, and Stock Prices

      75 ( 2・3 ) 177 - 202  2023.12

  • Money Supply, Opinion Dispersion, and Stock Prices

    Shinichi Hirota

    Journal of Economic Behavior and Organization   212   1286 - 1310  2023.08  [Refereed]

    DOI

    Scopus

    2
    Citation
    (Scopus)

  • Psychological Motivations for Collectivist Behavior: Comparison between Japan and the U.S.

    Shinichi Hirota, Kiyotaka Nakashima, Yoshiro Tsutsui

    Mind and Society   22 ( 1-2 ) 103 - 128  2023.08  [Refereed]

    Authorship：Corresponding author

    DOI

    Scopus

  • Profitability or Longevity? Cross-Country Variations in Corporate Performance

    Ryoichi Arai, Shinichi Hirota

    Sustainability   15 ( 10 )  2023.05  [Refereed]

    Authorship：Corresponding author

    　View Summary

    The previous literature shows that firms’ purposes and behaviors vary across countries, but few studies have empirically examined whether firm performance varies across countries. This study compares the performance of the world’s largest corporations across 47 countries. Using the data for firms listed in the Fortune Global 500 from 1973 to 2020, we explore whether there are cross-country variations in two dimensions of corporate performance: profitability and longevity. We find significant variations in both profitability and longevity across countries. We also observe that firms in some countries are highly (less) profitable but less (more) likely to survive for a long time. We regress profitability and longevity on country-level institutional factors: financial systems, laws, and national cultures. We find that (i) a market-based (bank-based) financial system is positively (negatively) related to a firm’s profitability, but negatively (positively) related to its longevity; (ii) common law (civil law) is positively (negatively) related to the profitability of a firm, but negatively (positively) related to its longevity; and (iii) high individualism, low uncertainty avoidance, and low long-term orientation are positively related to profitability, but negatively related to longevity. These results suggest that a country’s formal and informal institutions significantly affect a firm’s purpose, behavior, and performance.

    DOI

    Scopus

  • Speculation, money supply and price indeterminacy in financial markets: An experimental study

    Shinichi Hirota, Juergen Huber, Thomas Stöckl, Shyam Sunder

    Journal of Economic Behavior and Organization   200   1275 - 1296  2022.08  [Refereed]

    　View Summary

    To explore how speculative trading influences prices in financial markets, we conduct a laboratory market experiment with speculating investors (who do not collect dividends and trade only for capital gains) and dividend-collecting investors. Moreover, we operate markets at two different levels of money supply. We find that in phases with only speculating investors present (i) price deviations from fundamentals are larger; (ii) prices are more volatile; (iii) mispricing increases with the number of transfers until maturity; and (iv) speculative trading pushes prices upward (downward) when the supply of money is high (low). These results suggest that controlling the money supply can help to stabilize asset prices.

    DOI

    Scopus

    10
    Citation
    (Scopus)

  • Shareholder Primacy or Stakeholder Orientation? Cross-Country Perspective

    Shinichi Hirota

    Securities Analysts Journal   58 ( 11 ) 18 - 29  2020.11

  • Does owners’ purchase price affect rent offered? Experimental evidence

    Shinichi Hirota, Kumi Suzuki-Löffelholz, Daisuke Udagawa

    Journal of Behavioral and Experimental Finance   25  2020.03  [Refereed]

    Authorship：Corresponding author

    　View Summary

    In standard economic theory, rent determines real estate price; however, we hypothesize that in behavioral economics, real estate price affects the rent offered. We conduct laboratory experiments where a real estate market opens before a rental market and examine whether owners’ purchase price influences their rent-offering behavior. We find that the higher the purchase price, the higher the rent offered. We also confirm that higher contracted rents lead to higher prices in subsequent real estate markets. This suggests a positive interaction between real estate prices and rents in the real economy, which can explain the acceleration of price increases often observed in real estate markets.

    DOI

    Scopus

    7
    Citation
    (Scopus)

  • Varieties of CSR: A Cross-Country Comparison

    Shinichi Hirota

    2018 While Paper on CSR (The Tokyo Foundation for Policy Research)     101 - 110  2018

  • How Are Stock Prices Determined?

    Shinichi Hirota

    in T. Saijo (ed.), Human Behavior and Market Design (Frontier of Experimental Science Vol. 2), Tokyo, Keiso Shobo.    2016.06

  • How Corporations Create Social Value? A Study of Incomplete Contracts in Corporate Governance

    Satoshi Kawanishi, Teruyuki Tamura, Shinichi Hirota

    Economics Today   36 ( 4 ) 巻頭1 - 3,1-30  2016.02

    CiNii

  • Price bubbles sans dividend anchors: Evidence from laboratory stock markets

    Shinichi Hirota, Shyam Sunder

    Behavioral Interactions, Markets, and Economic Dynamics: Topics in Behavioral Economics     357 - 395  2015.09

    　View Summary

    We experimentally explore how investor decision horizons influence the formation of stock prices. We find that in long-horizon sessions, where investors collect dividends till maturity, prices converge to the fundamental levels derived from dividends through backward induction. In short-horizon sessions, where investors exit the market by receiving the price (not dividends), prices levels and paths become indeterminate and lose dividend anchors; investors tend to form their expectations of future prices by forward, not backward, induction. These laboratory results suggest that investors' short horizons and the consequent difficulty of backward induction are important contributors to the emergence of price bubbles.

    DOI

    Scopus

    5
    Citation
    (Scopus)

  • Corporate Governance in Modern Wealthy Society

    Shinichi Hirota

    Securities Analysts Journal   50 ( 5 ) 28 - 38  2012.05

    CiNii

  • Corporate Financial Risks and the Role of Main Banks in Japan : Relational Contract Approach

    Shinichi Hirota

    Waseda Commercial Review   ( 431 ) 841 - 882  2012.03

    CiNii

  • Corporate Financing Behavior of Japanese Firms: Pursuing Corporate Perpetuity

    Shinichi Hirota

    in H. Miyajima (ed.), Corporate Govrnance in Japan, Tokyo, Toyo Keizai Shinposha.    2011.06

  • Are Strong Shareholder Rights Desirable? An Incomplete Contract Approach

    Shinichi Hirota

    Contemporary Finance   29   75 - 102  2011  [Refereed]

    DOI CiNii

  • Corporate mission, corporate policies and business outcomes: Evidence from Japan

    Shinichi Hirota, Katsuyuki Kubo, Hideaki Miyajima, Paul Hong, Young Won Park

    Management Decision   48 ( 7 ) 1134 - 1153  2010  [Refereed]

    　View Summary

    Purpose - This study sets out to explore questions such as: "Does mission statement matter? If so, in what ways?" Using data on mission statements of 128 large Japanese firms, the paper aims to show that corporate mission has a significant impact on corporate policies that determine employment, board, and financial structures.
    Design/methodology/approach - The paper provides evidence that strong-mission firms are more likely to retain incumbent employees, promote managers from within firms, and have less debt and a higher percentage of interlocking shareholdings than weak-mission firms.
    Findings - The evidence supports the view that strong-mission firms value their organizational capital and thus tend to adopt policies to preserve it. It also confirms that corporate mission and its embedded policies contribute to better corporate performance. The paper suggests that the effect of explicit corporate mission and its implementation has practical impacts in corporate policies and business outcomes.
    Research limitations/implications - The sample is based on firms from Japan. The criteria used to discriminate between strong mission and weak mission firms need further refinement with more rigorous sub-dimensions. In the Japanese context the percentage of inside directors is an important indication of internally promoted managers one might argue that a measure of external pressures (e.g. law, codes, investors, etc.) might be a better one. The small number of cases and the richness of statements need a richer qualitative analysis in the future.
    Practical implications - The empirical results provide helpful insight on the organizational behavior of Japanese firms during the long economic downturn from the 1990s to 2000s in Japan and an insight on what to do in view of the challenges facing Japanese firms.
    Originality/value - The paper presents a model that clarifies the role of mission statement. The extensive literature review includes a diverse set of papers on the role of mission statement. The empirical results suggest how strong Japanese corporate mission, expressed in mission statements, might have impact on corporate outcomes through the formation and utilization of Monozukuri.

    DOI

    Scopus

    54
    Citation
    (Scopus)

  • What does finance theory have to say about asset price bubbles?

    Shinichi Hirota

    Security analysts journal   47 ( 5 ) 6 - 15  2009.05

    CiNii

  • Stakeholders of the Listed Firms in the U.S. and Japan: An Examination of Corporate Mission Statement

    Shinichi Hirota, Junichi Yamanoi

    in H. Miyajima (ed.), Frontier of Research in Corporate Governance, Tokyo, Nihon Hyoronsha    2008.09

  • Corporate Governance in Japan

    Shinichi Hirota

    in A. Kuroda (ed.), Contemporary Financial System, Tokyo, Kinyu Zaisei Jijo Kenkyukai    2008.02

  • Determination Mechanism of Stock Prices: Evidence from Experiment

    Shinichi Hirota

    in Y. Saijo (ed.), Introduction to Experimental Economics, Tokyo, NTT Publication    2007.11

  • 企業の倒産リスク

    広田真一

    リスク学入門２：経済から見たリスク （橘木俊詔編著）/ 岩波書店    2007.10

  • Managerial control inside the firm

    Shinichi Hirota, Kohei Kawamura

    Journal of the Japanese and International Economies   21 ( 3 ) 324 - 335  2007.09  [Refereed]

    　View Summary

    This paper proposes an implicit control mechanism of managers inside the firm. We argue that the need to motivate workers may make it beneficial for a self-interested, short-sighted manager to pursue the long-term viability of a firm. When the firm is in a stable environment, this implicit control mechanism may not contradict shareholder value maximization. However, when the firm needs restructuring, this mechanism diminishes firm value. We discuss when external governance is desirable, and when it is not. Our model also offers economic explanations for some related issues in managerial behavior, such as restructuring aversion, survival motive, and excessive risk aversion. J. Japanese Int. Economies 21 (3) (2007) 324-335. © 2006 Elsevier Inc. All rights reserved.

    DOI

    Scopus

    8
    Citation
    (Scopus)

  • Price bubbles sans dividend anchors: Evidence from laboratory stock markets

    Shinichi Hirota, Shyam Sunder

    Journal of Economic Dynamics and Control   31 ( 6 ) 1875 - 1909  2007.06  [Refereed]

    Authorship：Corresponding author

    　View Summary

    We experimentally explore how investor decision horizons influence the formation of stock prices. We find that in long-horizon sessions, where investors collect dividends till maturity, prices converge to the fundamental levels derived from dividends through backward induction. In short-horizon sessions, where investors exit the market by receiving the price (not dividends), price levels and paths become indeterminate and lose dividend anchors; investors tend to form their expectations of future prices by forward, not backward, induction. These laboratory results suggest that investors' short horizons and the consequent difficulty of backward induction are important contributors to the emergence of price bubbles. © 2007 Elsevier B.V. All rights reserved.

    DOI

    Scopus

    44
    Citation
    (Scopus)

  • Is Fundamental Analysis Profitable? Evidence from Experimental Stock Markets

    Shinichi Hirota

    Securities Analysts Journal   45 ( 1 ) 52 - 65  2007.01

    CiNii

  • When Do Stock Prices Have a Life of Their Own? Experimental Evidence

    Shinichi Hirota

    Securities Analysts Journal   44 ( 2 ) 59 - 69  2006.02

    CiNii

  • Control Mechanism in the Japanese Firms: A Role of Mission Statement

    Katsuyuki Kubo, Shinichi Hirota, Hideaki Miyajima

    The Quarterly Review of Corporation Law and Society   ( 4 )  2005.05

  • Is the Shareholder Governance Necessary? An Interview and Theoretical Study

    Kohei Kawamura, Shinichi Hirota

    in H. Itoh (ed.), The Japanese Firm in Transition, Tokyo, Toyo Keizai Shinposha    2002.09

  • The Current and Future development of Japanese Main Bank System: Theory, Questionnaire, and Interview Evidence

    Shinichi Hirota

    Waseda Commercial Review   391 ( 391 ) 69 - 103  2001.12

    CiNii

  • Has the Main Bank Governance Changed? A Comparison between 1990s and the After-Oil-Shock Era

    Shinichi Hirota, Hideaki Miyajima

    Contemporary Finance   10 ( 10 ) 35 - 61  2001.09  [Refereed]

    DOI CiNii

  • Bank-Firm Relationships and Corporate Governance in Japan

    Shinichi Hirota

    Finance, Governance and Economic Performance in Pacific and South East Asia (D. G. Dickinson eds.) / Edward Elgar    2001.03

  • Recent Changes of the Main Bank Relationships in Japan

    Shinichi Hirota, Toshihiro Horiuchi

    Review of Monetary and Financial Studies   ( 17 ) 90 - 98  2001.03  [Refereed]

    CiNii

  • Experimental Economics in Finance: A Study of the Takeover Mechanism

    Shinichi Hirota, Tatsuyoshi Saijo, Yasuyo Hamaguchi, Toshiji Kawagoe

    Financial Review   ( 53 ) 58 - 83  2000.04

  • Is the Bank-Oriented System in Japan Changing? Interview Evidence

    Shinichi Hirota

    Waseda Commercial Review   ( 383 ) 143 - 168  1999.09

  • Are Corporate Financing Decisions Different in Japan? An Empirical Study on Capital Structure

    Shin'Ichi Hirota

    Journal of the Japanese and International Economies   13 ( 3 ) 201 - 229  1999.09  [Refereed]

    　View Summary

    This paper investigates empirically how Japanese firms determine capital structure. I show that a firm's capital structure in Japan can be explained, to some extent, by real factors derived from theories of the capital structure. I also find remarkable results showing that the capital structure of Japanese firms is substantially affected by the institutional and regulatory characteristics of Japanese capital markets. Therefore, I conclude that both real and institutional factors are important determinants of corporate financing decisions in Japan. This result indicates that it is necessary to consider both theories and institutional features in each country to fully understand a firm's capital structure choice. (C) 1999 Academic Press Journal of Economic Literature Classification Numbers: G15, G32, G38.

    DOI

    Scopus

    33
    Citation
    (Scopus)

  • Do banks diversify portfolio risk? a test of the risk-cost hypothesis

    Shin'ichi Hirota, Yoshiro Tsutsui

    Japan and the World Economy   11 ( 1 ) 29 - 39  1999.01  [Refereed]

    　View Summary

    Baltensperger (1972a, b) proposes the risk-cost hypothesis that banks decide the number of loans by considering the costs arising from diversifiable portfolio risk. Thus, the banks do not minimize operation costs, but total costs including risk costs. This paper examines empirically whether the risk-cost hypothesis is valid, using financial panel data from Japanese banks from 1981 to 1994. Estimating the first-order condition of total cost minimization together with an operation cost function, we find that the hypothesis is supported. Dividing the sample into different types of banks, it is found that the hypothesis is valid for city and regional banks, but not for second regional banks. (C) 1999 Elsevier Science B.V.

    DOI

    Scopus

    3
    Citation
    (Scopus)

  • The Main Bank Relationships in Japan: A Descriptive Analysis in 1990s

    Shinichi Hirota

    Kinyu (Japanese Bankers Association Review)   609 ( 609 ) 4 - 12  1997.12

    CiNii

  • Corporate Financing Decisions of Japanese Firms

    Shinichi Hirota

    in S. Itoh (ed.), Japanese Economy and Finance, Kyoto, Koyo Shobo    1997.03

  • The Main Bank Relationships in Japan: 1964-1992

    Shinichi Hirota

    Doshisha Economic Review   48 ( 3 ) 131 - 156  1997.03

  • Two Roles of Debt and Optimal Capital Structure

    Shinichi Hirota, Kazuhito Ikeo

      4 ( 2 ) 57 - 63  1997.02

    CiNii

  • Corporate Governance in Japanese Capital Markets: An Empirical Study

    Shinichi Hirota

    in T. Tachibanaki and Y. Tsutsui (eds.), Japanese Capital Markets, Tokyo, Nihon Hyoronsha    1996.09

  • Main bank relationships and capital structure in Japan

    Atsuo Fukuda, Shin'Ichi Hirota

    Journal of the Japanese and International Economies   10 ( 3 ) 250 - 261  1996.09  [Refereed]

    　View Summary

    In this paper, we argue that the main bank in Japan acts as a quasi-inside monitor of the firm, delegated by other lenders, and that main bank relationships increase the debt capacity of the firm by reducing the agency cost of debt. On the other hand, firms with high debt ratios will strengthen main bank relationships due to the agency problems associated with high leverage. Thus, the debt ratio and main bank relationships are simultaneously determined and have positive effects on each other. The empirical results we obtain support these hypotheses. J. Japan. Int. Econ. September 1996, 10(3), pp. 250-261. Department of Economics, Kyoto Sangyo University, Kamigamo, Kitaku, Kyoto 603, Japan; and Department of Business Administration and Information, Setsunan University, Ikedanakamachi, Neyagawa, Osaka 572, Japan. (C) 1996 Academic Press.

    DOI

    Scopus

    26
    Citation
    (Scopus)

  • Corporate Finance and Managerial Efficiency

    Shinichi Hirota, Kazuhito Ikeo

    in H. Itoh (ed.), The Japanese Firm as a System, Tokyo, University of Tokyo Press    1996.06

  • Theories on Corporate Governance and the Japanese Firm

    Shinichi Hirota

    ESP (Economy, Society, Policy)   ( 276 ) 33 - 37  1995.04

  • Implicit Contracts in Japanese Loan Markets

    Shinichi Hirota

    経済学論叢 / 同志社大学   46 ( 2 ) 505 - 529  1995.03

  • Why Does the Main Bank Rescue the Firm? An Event Study Analysis

    Shinichi Hirota, Atsuo Fukuda

    Doshisha Economic Review   46 ( 2 ) 289 - 302  1995.02

  • Interpreting the Loan Rate Variations in Japan: Risk Sharing and the Full-cost Principle

    Shinichi Hirota

    in T. Tachibanaki and K. Matsuura (eds.), Japanese Financial System: Markets and Institutions, Tokyo, Nihon Hyoronsha    1994.10

  • Choice among Equity, Debt, and the Main Bank Borrowing: An Optimal Capital Stricture of Japanese Firms

    Shinichi Hirota, Atsuo Fukuda

    Review of Monetary and Financial Studies   ( 7 ) 42 - 52  1994.07  [Refereed]

  • Corporate Capital Structure and the Main Bank in Japan

    Kazuhito Ikeo, Shinichi Hirota

    in A. Horiuchi and N. Yoshino (eds.), Structural Analyses of the Japanese Financial System, Tokyo, University of Tokyo Press    1992.06

  • Scope Economies in the Japanese Banking Industry

    Shinichi Hirota, Yoshiro Tsutsui

    in A. Horiuchi and N. Yoshino (eds.), Structural Analyses of the Japanese Financial System, Tokyo, University of Tokyo Press    1992.06

  • Corporate Capital Structure and the Role of Banks in Japan

    Kazuhito Ikeo, Shinichi Hirota

    Proceedings of the Annual Meeting of the Society for the Economic Studies of Securities   ( 27 )  1992.05

  • The Relationship between the Size and the Growth in Japanese Financial Industries: Empirical Evidence

    Shinichi Hirota

    Doshisha Economic Review   42 ( 3 ) 67 - 78  1991.03

  • The Determinants of the Profit Rates in the Japanese Banking Industry: Empirical Evidence

    Shinichi Hirota

    Doshisha Economic Review   42 ( 2 ) 63 - 79  1991.02

  • The Risk Sharing Role of the Main Banks in Japan: An Empirical Study

    Shinichi Hirota

    Proceedings of the Annual Meeting of Japan Society of Monetary Economics   ( 71 )  1991.01

  • On the Economic Role of Options

    Yoshio Itaba, Tokujiro Kubo, Atsunobu Sugimoto, Shinichi Hirota

    Doshisha Economic Review   42 ( 1 ) 74 - 90  1990.12

    DOI CiNii

  • The Economic Role and Pricing of Options: Re-examination on the Option Theory under Asymmetric Information

    Shinichi Hirota

    Shoken Keizai   ( 173 ) 79 - 95  1990.10

  • The Risk Sharing Role of the Main Banks in Japan: An Empirical Study

    Shinichi Hirota

    Doshisha Economic Review   41 ( 3 ) 158 - 178  1990.03

    DOI CiNii

  • The Stability of the Main Bank in Japan: A Survey and a Theoretical Analysis

    Shinichi Hirota

    Doshisha Economic Review   41 ( 2 ) 39 - 63  1989.11

    DOI CiNii

  • Theoretical Analysis on the Security Underwriting Syndicate

    Shinichi Hirota

    経済学論叢 / 同志社大学   40 ( 2 ) 274 - 300  1988.11

▼display all

Books and Other Publications

  • Corporate Finance and Governance in Stakeholder Society: Beyond Shareholder Capitalism

    Shinichi Hirota( Part： Sole author)

    Routledge  2015

  • 株主主権を超えて：ステークホルダー型企業の理論と実証

    広田真一( Part： Sole author)

    東洋経済新報社  2012.06

  • 委員会等設置会社ガイドブック

    宍戸善一, 広田真一, 日本取締役協会

    東洋経済新報社  2004.07

  • 企業財務戦略ビックバン

    黒田晃生, 米澤康博, 新保惠志, 広田真一

    東洋経済新報社  1998.06

Research Projects

  • Corporate Governance and Performance around the World: A Stakeholder Approach

    Japan Society for the Promotion of Science  Grants-in-Aid for Scientific Research

    Project Year :

    2017.04
    -
    2023.03
     

    Hirota Shinichi

    　View Summary

    This study shows that a modern corporation’s purpose, behavior, and performance differ from country to country. For example, some countries consider the corporation's role to be "maximizing shareholder profits," while others consider it to be "maximizing the profits and satisfaction of several stakeholders." Therefore, corporate performance differs from country to country as well. It also indicates that these country-specific corporate differences stem from country-specific institutional factors (e.g., laws, national culture, etc.) that reflect the history and society of each country. Furthermore, the study suggests that we need multiple dimensions of corporate performance measures, including not only shareholder interest measures but also other stakeholders' welfare measures and the corporate longevity measures.

  • Corporate Governance and Firm Growth: Understanding the Changing Corporate Governance System in Japan and toward its Reforms

    Japan Society for the Promotion of Science  Grants-in-Aid for Scientific Research

    Project Year :

    2015.04
    -
    2020.03
     

    Miyajima Hideaki

    　View Summary

    This project aimed at comprehensively examining the changing corporate governance system and its impact on corporate behavior and performance in Japan since 1990. Following three tasks were implemented under this research project.
    First, we stylized the changing corporate governance system in Japanese firms, constructing the data base which could capture the commitment of shareholders, the characteristics of board of directors and compensation system as well as the employee participation. Second, we analyze the impact of governance system on the risk taking corporate behaviors, developing the variables concerning the R&D, M&A investment as well as the corporate restructuring. Last, we examine the relation between corporate governance system and performance from international perspective, considering their dynamic process.

  • A New Paradigm in Corporate Finance and Governance Research

    Japan Society for the Promotion of Science  Grants-in-Aid for Scientific Research

    Project Year :

    2014.04
    -
    2018.03
     

    Hirota Shinichi

    　View Summary

    This research develops a new framework: the stakeholder model. It theoretically, experimentally, and empirically examines corporate finance and governance using an economics approach. The results have the following implications. (1) The stakeholder model is a useful tool to understand the modern corporation in case that stock market is not fully efficient. (2) Stock market often faces inefficiency due to investors’ short trading horizons. (3) The stakeholder model offers novel insights into previously overlooked practices in corporate finance and governance.

  • Redesigning the Diversified Corporate Governance in Japan: Understanding their Characteristics and Performance

    Japan Society for the Promotion of Science  Grants-in-Aid for Scientific Research

    Project Year :

    2010.04
    -
    2015.03
     

    MIYAJIMA Hideaki, HIROTA Shinichi, KUBO Katsuyuki, ARIKAWA Yasuhiro, AOKI Hidetaka, SAITO Takuji, NITTA Keisuke, NAKAMURA Masao, KAWAMURA Kohei, USHIJIMA Tatsuo, KAWANISHI Takuya, HODA Takaaki, KATAKURA Yoko, OGAWA Ryo, FRANKS Julian, MAYER Colin, JACKSON Gregory, YAFEH Yishay, I MAD' EDDINE Gael, RAU Rague

    　View Summary

    This project aimed at a comprehensively analysis on the changing corporate governance in Japan by constructing new theoretical and empirical framework. The first task was to understand the trajectories of corporate governance in Japan after the long stagnation and Lehman crisis. The second task was to examine the relationship between the corporate governance arrangement and corporate performance.We examined the determinants of ownership and board structures and their impact on corporate performance. We also clarified the relationship between corporate governance arrangement, business portfolio and organizations. Furthermore, we tested the influence of corporate governance arrangement on corporate policies such as R&D, financial decision and employment adjustment. Our five years intensive efforts resulted in 2 books in Japanese and 1 book in English, 49 papers including peer reviewed English academic journal articles and 38 conference presentations including international conference

  • Analysis and Design of Market Institutions

    Japan Society for the Promotion of Science  Grants-in-Aid for Scientific Research

    Project Year :

    2007.07
    -
    2013.03
     

    SAIJO Tatsuyoshi, NISHIMURA Naoko, HIROTA Shinichi, TARUI Nori, SHICHIJO Tatsuhiro, KUSAKAWA Takao, SHEN Junyi

    　View Summary

    The market unit clarifies that markets does not always function as the theory describes through experiments. For example, the emission trading market does not achieve efficiency if there are uncertainty and time lag of investment. In the rice market in Japan, the quantities traded decline over time due the design failure. Furthermore, the unit finds a mechanism of bubble with noise traders. On the other hand, the unit designs new mechanisms that attain efficiency with a public good such as market itself

  • Changing Corporate Governance and its Impact on Performance in Japan : Complimentarity among Organization, Ownership and Competition

    Japan Society for the Promotion of Science  Grants-in-Aid for Scientific Research

    Project Year :

    2007
    -
    2009
     

    MIYAJIMA Hideaki, HIROTA Shinichi, KUBO Katsuyuki, ARIKAWA Yasuhiro, AOKI Hidetaka, SAITO Takuji

    　View Summary

    This project aimed at comprehensively analyzing the changing corporate governance and its impact on corporate behavior and performance. We mainly focused on : 1) the relationship between internal-external governance and organizational architectures, 2) the ownership structure post the dissolving cross-shareholding and the listed subsidiaries issues, and 3) the relationship between corporate governance and capital choice, labor adjustment and R&D expenditures. By these analyses, we could highlight the recent crucial changes of corporate governance in Japan and their impact of organizational choice, and innovation. Our three years intensive efforts resulted in 4 books, 50 papers including refereed academic journal articles and 21 conference presentations

  • Analysis of portfolio selection and saving behavior by means of questionnaire survey and economic experiment

    Japan Society for the Promotion of Science  Grants-in-Aid for Scientific Research

    Project Year :

    2005
    -
    2008
     

    TSUTSUI Yoshiro, IKEDA Shinsuke, OHTAKE Fumio, HIRUMA Fumihiko, HIROTA Shinichi, IZAWA Hiroshi, HORI Keiichi

  • Behavioral Biases among Institutional Investors and Price Mechanism of Japanese Securities Market : Fusion of Survey and Experimental Study Approaches

    Japan Society for the Promotion of Science  Grants-in-Aid for Scientific Research

    Project Year :

    2005
    -
    2007
     

    UNO Jun, SUTO Megumi, TANIGAWA Yasuhiko, HIROTA Shinichi, SUSAI Masayuki, MORIYASU Hiroshi

    　View Summary

    Behavioral Biases and Incentive Structure of Japanese Institutional Investors investigated relation of both explicit and implicit incentives with behavioral biases based upon the survey data of questionnaire conducted in 2005 and 2003. Longer working and research hours a week mitigates the fund managers' behavioral biases. However, we did not find the fact which indicates the Japanese fund management companies have appropriate internal incentive structure for fund managers.Risk Consistency and Professional Fund Managers` Investment Behavior : Questionnaire-based Analysis on Japanese Market investigated risk consistency, herding behavior and disposition effect in Japanese fund managers. They found that 'risk inconsistent' fund managers have a tendency to show disposition behavior.More Evidence of Home Bias used field surveys to show that Japanese institutional investors held relatively optimistic views for their domestic stock market than for the foreign stock market. Their one-year expected returns for the Nikkei Stock Average were on average much higher than those for the Dow Jones Industrial Average. Such home bias seems to be consistent with a cognitive bias hypothesis. Older and more experienced investors tended to show stronger home bias in the 2005 survey.When does a noise trader affects stock prices? An experimental study creates laboratory stock market in which informed traders and noise traders co-exist. Their laboratory results suggest that stock prices are vulnerable to noisy information in the financial market.Index Fund and Liquidity : Empirical and Experimental Examination examines the pattern of pricing before/after two important changes of the passive investment guideline and the timing of benchmark index revisions. The changes affect a behavior of hedge fund who provides liquidity at the events. An experimental study shows that profitability of hedged fund strategy is reduced after an index fund behavior becomes less predictable, market liquidity is lowered and it results in higher cost of rebalancing for index funds

  • The Formation and Maintenance of Cooperation under the Open Economy

    Japan Society for the Promotion of Science  Grants-in-Aid for Scientific Research

    Project Year :

    2004
    -
    2005
     

    FUNAKI Yukihiko, HIROTA Shin'ichi

    　View Summary

    In this project, we conducted both theoretical research and experimental research in cooperation with 21-COE GLOPE project.1) For experimental research, we conducted 12 experiments: 2/12/2004, 3/2/2005, 29/7/2005, 2/12/2005(twice), 2/2/2006(twice), 3/2/2006(3 times), 17/2/2006(in China, twice). A part of the results of these experiments were reported at Beijing Conference of 21-COE GLOPE. It was also published by an academic journal, The Waseda Journal of Political Science and Economics. Among these results, the data about the behavior of the subjects concerning to the formation and maintenance of the cooperation, the relationship between the political decision system and cooperation are quite interesting. Then we are now preparing a paper which will be submitted to some international academic journal.2) For theoretical research, Funaki published a paper of cooperative games, which considers a property of some stable solutions such as the core and the kernel.3) Both Funaki and Hirota attended several international conferences, workshops and seminars, then presented the papers and discussed them with many participants. We also held national and international seminars in Waseda university several times, and we invited two distinguished professors, S.Sunder (Yale Univ. Experimental Economics) and G. Owen (Naval Graduate School, Game Theory). The discussions with them were extremely helpful with our research project.4) In the national and international seminars, we invited more than 20 researchers and the results and models in 1) are reflected in these discussions

  • 日本の資本市場における株式持ち合いの影響-実験経済学による検証-

    日本学術振興会  科学研究費助成事業

    Project Year :

    1997
    -
    1998
     

    広田 真一

    　View Summary

    本年度の研究実績の概要は、以下の通りである。まず、昨年度の実験の結果を1998年6月に日本経済学会(青山学院大学)で報告した。その際には、論文に対して、討論者やフロアから様々なコメントを得ることができた。また、多数の聴講者を前に、経済学の金融分野において実験を行うことの意義を知らせることができた。さらに、この論文は、7月に大阪大学社会経済研究所のワークショップで、また9月には立命館大学で行われた第1回実験経済学コンファレンスでも報告された。さて、今年度のテークオーバー実験であるが、これは4つのグループに関して行われた。その実験結果のデータを整理した結果、次のような結論得られた。1. テークオーバーにおいて、フリーライダー問題は深刻である。そのために社会的に価値のあるテークオーバーの約80%が実現されない。2. テークオーバーの担い手が、元々株式をもっている場合には、このフリーライダー問題は大幅に軽減される。また、そのときには、bid prieとテークオーバーの成功確率の間に正の関係が見られる。このケースは、株式持ち合いの効果を知る上で重要なインプリケーションをもつ。これらの結果をまとめた論文、″}The Free-rider Problem in Corporate Takeovers:Evidence from LaboratoryMarkets″は、3月3日〜5日にかけて大阪大学社会経済研究所で行われる国際コンファレンス NewDevelopment in Experimental Economicsで報告される

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Misc

  • 大学院時代から35年間の思い出

    広田真一

    池尾和人と語る（塩入篤・向井基信編、池尾愛子監修）／文藝春秋企画出版部    2022.06

    Other  

  • Look at the Varieties of Capitalism and Firms

    Shinichi Hirota

    The Nikkei newspaper    2019.12

    Article, review, commentary, editorial, etc. (trade magazine, newspaper, online media)  

  • Good Management and Good Governance All over the World

    Shinichi Hirota

       2019

    Article, review, commentary, editorial, etc. (trade magazine, newspaper, online media)  

  • Varieties of CSR: A Cross-Country Comparison

    Shinichi Hirota

    Web Page of the Tokyo Foundation For Policy Research. https://www.tkfd.or.jp/en/research/detail.php?id=701    2019

    Article, review, commentary, editorial, etc. (trade magazine, newspaper, online media)  

  • FACULTY NEWS : Upon the Retirement of Professor Fumihiko HIRUMA

    Shinichi Hirota

    Waseda Commercial Review   449 ( 449 ) 97 - 104  2017.06

    Book review, literature introduction, etc.  

    CiNii

  • Book Review: Firm Commitment by Colin Mayer (Oxford University Press)

    Shinichi Hirota

    British Journal of Industrial Relations   53 ( 4 ) 33 - 37  2015

    Book review, literature introduction, etc.  

  • Corporate Governance of Modern Corporation

    Shinichi Hirota

    Web Page of RIETI (The Research Institute of Economy, Trade and Industry)    2012

    Article, review, commentary, editorial, etc. (trade magazine, newspaper, online media)  

  • A Book Review of A New Paradigm of Japanese Corporate Governance., by Tadao Kagono, Nobuyuki Isagawa, and Norihisa Yoshimura (Tokyo, Yuhikaku, 2010)

    Shinichi Hirota

    Accounting   62 ( 10 ) 141 - 141  2010.10

    Book review, literature introduction, etc.  

  • A Book Review of Corporate Profitability in Japan and the U.S., by Hiroyuki Itami (eds.) (Tokyo, Yuhikaku, 2006)

    Shinichi Hirota

    Shosai no Mado   ( 568 ) 58 - 62  2007.10

    Book review, literature introduction, etc.  

    CiNii

  • Corporate Governance or Corporate Culture?

    Shinichi Hirota

    Web Page of RIETI (The Research Institute of Economy, Trade and Industry). http://www.rieti.go.jp/en/projects/cgp/columns/05.html    2007

    Article, review, commentary, editorial, etc. (trade magazine, newspaper, online media)  

  • Is the Conducting of Experiments Possible to Stock Markets?

    Shinichi Hirota

    Keizai Seminar   ( 623 ) 38 - 42  2007.01

    Article, review, commentary, editorial, etc. (trade magazine, newspaper, online media)  

    CiNii

  • Emergence of Bubbles: Insights from Stock Market Experiments

    Shinichi Hirota

    The Nikkei newspaper    2006.11

    Article, review, commentary, editorial, etc. (trade magazine, newspaper, online media)  

  • 書評：高月昭年著 「笛吹く政府、踊れぬ国民：職人不在の日本経済」

    広田真一

    金融ジャーナル   ( 2009/9 ) 30 - 30  2003.09

  • Who Owns the firm in Japan?

    Shinichi Hirota

    Keizai Seminar   2003年2月号 ( 577 ) 18 - 22  2003.02

    Article, review, commentary, editorial, etc. (trade magazine, newspaper, online media)  

    CiNii

  • Do Banks Diversify Portfolio Risk?: A Test of the Risk Cost Hypothesis〔含 討論〕 (〔1997年度金融学会春季〕大会・自由論題要旨(1))

    広田 真一, 筒井 義郎

    金融経済研究     96 - 99  2001.02

    CiNii

  • Considering the Society through Experimental Economics

    Shinichi Hirota

    Keizai Seminar   2000年4月号 ( 543 ) 16 - 19  2000.04

    Article, review, commentary, editorial, etc. (trade magazine, newspaper, online media)  

    CiNii

  • A Book Review of Irrational Exuberance by Robert J. Shiller (Princeton University Press, 2000)

    Shinichi Hirota

    Economics and Policy   ( 2000年秋 ) 182 - 183  2000

    Book review, literature introduction, etc.  

  • Do School Ties Affect the Decision of Employment? Evidence from Job Markets in Japan

    Shinichi Hirota, Koji Kawano

    Keizai Seminar   1999年1月号 ( 528 ) 59 - 63  1999.01

    Article, review, commentary, editorial, etc. (trade magazine, newspaper, online media)  

    CiNii

  • Is the Japanese Main Bank System Changing?

    Shinichi Hirota

    Keizai Seminar   1998年2月号 ( 517 ) 20 - 24  1998.02

    Article, review, commentary, editorial, etc. (trade magazine, newspaper, online media)  

    CiNii

  • A Book Review of Japan’s Financial System: Markets, Banks, and Their Stability, by Shiro Yabushita (Tokyo, University of Tokyo Press, 1995)

    Shinichi Hirota

    Review of Monetary and Financial Studies   ( 11/12 ) 225 - 226  1997.03

    Book review, literature introduction, etc.  

  • A Book Review of Banks and Financial System in Japan, by Yoshiaki Shikano (Tokyo, Toyo Keizai Shinposha, 1994)

    Shinichi Hirota

    Shoken Keizai   ( 192 ) 167 - 172  1995.06

    Book review, literature introduction, etc.  

    CiNii

  • Introduction to Finance

    Shinichi Hirota

    Keizai Seminar   ( 472 ) p31 - 36  1994.05

    Article, review, commentary, editorial, etc. (other)  

    CiNii

  • メインバンクとは何か : その調査と分析

    堀内 俊洋, 広田 真一

    Discussion paper series   13   1 - 24  1994.04

    CiNii

  • Banks and Financial Intermediaries

    Shinichi Hirota

    in R. Tachi (ed.), Dictionary of Banking and Finance, Tokyo, Toyo Keizai Shinposha    1994.03

    Article, review, commentary, editorial, etc. (other)  

  • Information Asymmetries and Financial Intermediation

    Shinichi Hirota, Kazuhito Ikeo

    in R. Tachi (ed.), Dictionary of Banking and Finance, Tokyo, Toyo Keizai Shinposha    1994.03

    Article, review, commentary, editorial, etc. (other)  

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Syllabus

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Sub-affiliation

  • Faculty of Commerce   Graduate School of Commerce

Research Institute

  • 2019
    -
    　

    Research Institute of Business Administration   Concurrent Researcher

Internal Special Research Projects

  • 日本の大企業の経営理念は変化しているか？ 1980年代後半から現在までの30年間の実証分析

    2018  

    　View Summary

    本研究では、日本の大企業の経営理念が1980年代から現在までの約30年間で変化したかどうかを実証的に分析した。分析に当たっては、1986年、1992年、1998年、2004年、2017年の5時点のデータを用いた。　その結果、1986年から2004年にかけては、経営理念の内容に顕著な変化が認められた（「株主」「顧客」が含まれる確率が上昇していた）。しかし、2004年と2017年の間では、経営理念に各ステークホルダーが含まれている確率にはほとんど変化がなかった。また、外国人持ち株比率は、経営理念に「株主」のみならず「従業員」「顧客」が含まれる確率にも正の影響を与えることが明らかになった。

  • コーポレートガバナンスに関する日本企業の意識変化

    2017  

    　View Summary

    　本研究では、コーポレートガバナンスに関する日本の大企業の経営陣の意識が、近年どのように変化したかを、日本企業の経営幹部へのアンケート調査の結果を用いて分析した。経営陣の意識としては、（１）従業員に対する意識、（２）株主に対する意識、（３）業績悪化時の対応、（４）通常時の対応、（５）誰が経営者の首をきるのか、（６）株価に対する一般的な考え方、（７）利益の機能、（８）アメリカ型ガバナンスへのスタンス、（９）会社はだれのものか、の9つを取り上げた。分析の結果、日本の大企業の経営陣のコーポレートガバナンスに関する意識は、意外なことに、近年10年間でほとんど変化していないことがわかった。

  • 現代の企業のファイナンスとガバナンス：株主・取締役構成と企業パフォーマンスの実証分析

    2016  

    　View Summary

    当初は、株主・取締役構成が企業の長期パフォーマンスに与える影響を分析する予定であったが、世界の大企業の長期財務データを掲載した資料が得られたため、当初の研究内容を若干変更し、各国の法・文化・制度が企業の長期パフォーマンスに与える影響に関する実証分析を行った。特に、企業の長期パフォーマンスの尺度として、「利潤率」と「継続性」をとり、それらと各国の金融システム、法制度、国民性の関係について回帰分析を行った。その結果、上記の各国の制度的な要因が、企業の長期パフォーマンスに有意な影響を与えていることが明らかになった。この研究の分析結果は2017年1月に一橋大学の金融研究セミナーで報告された。

  • 現代の企業のファイナンスとガバナンス：ステークホルダー型モデルによる理論的・実証的分析

    2015  

    　View Summary

    　本研究では、現代の先進国の企業のファイナンスとガバナンスを、経済学の標準的なパラダイム（株主主権モデル）ではなく、新たなパラダイム（ステークホルダー型モデル）の見地から、理論的・実証的に考察した。　まず、理論的な分析の結論として、株主利益最大化を目標とする標準的な株式会社が、ステークホルダーに対して十分な社会的価値を創造できなくなる可能性が示された。もう１つの理論的研究においては、企業が長期的な成長とステークホルダーの利益を犠牲にして、短期的に株価最大化を目指す可能性を考察した。実証研究としては、世界の大企業の利益率と存続可能性の国際比較を行い、その第１次の分析結果を国際会議で発表した。

  • 現代の企業のファイナンスとガバナンス：ステークホルダー型モデルによる研究の国際発信

    2014  

    　View Summary

    本研究の目的は、現代の先進国の企業のファイナンスとガバナンスに関する研究成果を国際的に発信することであった。そして、本研究は、当初の研究目的を達成することができた。本研究の遂行者は、2012年に日本語の本（「株主主権を超えて：ステークホルダー型企業の理論と実証」東洋経済新報社、2012年）を出版したが、本研究においては、この日本語の書籍を英語に翻訳し、国際的な読者を想定して様々な編集を行った後に、英語の書籍として出版した（出版時期は2015年３月、出版社はイギリスのRoutledge社である）。

  • 現代の企業のファイナンスとガバナンス：ステークホルダー型モデルからの考察

    2013  

    　View Summary

    本研究の目的は、現代の先進国の企業のファイナンスとガバナンスを、経済学の標準的なパラダイム（株主主権型モデル）ではなく、新たなパラダイム（ステークホルダー型モデル）の見地から分析・考察し、その研究成果を国際的に発信することであった。より具体的には、2012年に出版した著書「株主主権を超えて：ステークホルダー型企業の理論と実証」（東洋経済新報社）の内容を英語で執筆し、それを一冊の英語の著作として出版するというものである。出版社はイギリスのRoutledge社であり、Routledge社との出版契約では、本のタイトルは“Corporate Finance and Governance in Stakeholder Society”、原稿の締め切りの時期は2014年3月末となっている。　そして、本研究期間においては、この本の全10章のうち6章までの英語での執筆を修了することができた。すなわち、原稿の執筆は順調に進んだことになる。それが可能になったのは、本助成によって日本語の本の１つの章の英語への元翻訳を翻訳業者に依頼できたことが大きい。日本人の研究者が、英語で書籍・論文を英語で執筆するに当たっては、通常、（１）章、節、パラグラフの構成が英語のスタイルになっているか、（２）執筆された英文が「日本語英語」になっていないか、などに注意しなければならない。その意味で、翻訳業者に元翻訳を依頼できたことは、この２つの問題点の解決に大きく寄与した。実際に、翻訳業者の元翻訳を著者の立場から何度か校正し、それをもとにしてその章の原稿を作成することができた。ただし、助成額は申請時の30万円でなく27万円であったため、当初第6章の元翻訳を依頼するはずであったがそれを第3章の元翻訳の依頼に変更した。　この後、残りの４つの章、前書き、後書きの英語での執筆を行い、来年度中には英語での原稿が完成する予定である。そして、その後、参考文献、脚注等の整理を行い、著者校正を経たのちに、英語の著作が出版される。

  • インターナショナル・ガバナンスの研究－コーポレート・ガバナンスの日英比較－

    1999  

    　View Summary

    　本研究では、「現在の日本企業の弱さは何から生じたのか、それは諸外国と比べて何が異なっているのか」という問題意識から、コーポレートガバナンスの日英比較を行うことを試みた。　まず、日本のガバナンスの実証研究として、"Does Financial Market Competition Destroy Lending Relationships? Evidence from the Main Bank Relations in Japan" と "Main Bank Relationships, Intercorporate Shareholdings, and Corporate Governance in Japan: Evidence from 1960s-1990s" 「銀行介入型ガバナンスの機能は変化したか？石油ショック時から90年代までの比較」という３つの研究論文を作成した。１つ目の論文は、金融の自由化・国際化が、日本のガバナンスを支える銀行・企業関係に与える影響を分析したのものであり、1999年度日本経済学会春期大会で報告した。２つ目の論文は、日本のメインバンク制、株式持ち合いが、企業経営の効率性に与える影響を考察したものであり、1999年度日本ファイナンス学会で報告した。３つ目の論文は、日本独特のガバナンスメカニズムであるContingent Governance の機能の変化を検討したものであり、1999年度日本金融学会秋期大会で報告した。　その一方で、1999年夏にバーミンガム大学のDickinson 氏が来日し、イギリス企業のデータ収集の相談を行った。そして、1999年度いっぱいは、イギリス企業のデータベースの作成にあてられた。このデータを用いて、現在イギリスのコーポレートガバナンスの実証研究を行っている最中である。

  • 日本の企業金融とコーポレート・ガバナンス：高度成長期から現在まで

    1998  

    　View Summary

    　本研究では、日本の企業金融、特に銀行・企業関係が、企業のパフォーマンスにいかなる影響を与えるのかを実証的に考察した。そのため、日本の大企業のデータを高度成長期から現在にわたって（1960年代～1990年代まで）収集し、それをもとに実証分析を行ったところ、次のような結論が得られた。まず第１に、企業と銀行の融資関係が強くなるにつれて企業の生産性は上昇する。第２に、企業と銀行の持株関係は、逆に企業の生産性を弱める効果をもつ。　近年の研究では、テークオーバーのほとんど起こらない日本の金融市場においては、企業と銀行の関係はコーポレートガバナンスのメカニズムとして重要であるとの認識が高まっている。こうした中で、本研究の上記の結論は、過去30年間の日本の金融市場においては、銀行融資のみが企業をモニターし規律づける役割をもっていたことを示唆している。　これらの研究の成果は、1998年7月19-22日に東京で行われた国際コンファレンス NPA/APFA FIRST JOINT INTERNATIONAL CONFERENCE で報告された。そして、その後、データを拡充してさらに充実した考察を行っている。

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