Details of a Researcher

写真a

SUTO, Megumi

Affiliation

Faculty of Commerce

Job title

Professor Emeritus

Degree

Doctor(Economics) ( Keio University )

Research Experience

2018.04

-

　

Waseda University
2016.04

-

2018.03

Waseda University Graduate School of Business and Finance
2004.04

-

2014.03

Waseda University Graduate School of Finance, Accounting and Law
2004.04

-

　

- Waseda University , Graduate School of Finance, Accounting & Law, Professor
1993.04

-

2004.03

Chuo University, Faculty of Economics, Professor 1994/10-1995/3 Hitotsubashi University, Visiting Professor
1993.03

-

2004.03

Chuo University Faculty of Economics
1999.04

-

2000.03

Oxford大学 Guest Scholar
1999.04

-

2000.03

Oxford Univeristy Guest Scholar
1998.04

-

1999.03

Osaka University Osaka School of International Public Policy
1998.04

-

1999.03

月 Osaka Univeristy, OSSIP Visiting Professor
1994.10

-

1995.03

Hitotsubashi University Institute of Economic Research
1988.04

-

1993.03

Meikai University Faculty of Economics
1989.07

-

1990.02

The Brookings Institution Guest Scholar
1989.07

-

　

-90/2 The Brookings Institution Guest Scholar
1988.04

-

　

-93 Meikai University, Faculty of Economics, Associate Professor
1985.11

-

1988.03

財団法人日本証券経済研究所主任研究員
1985.11

-

　

Japan Securities Research Insitute, Senior Researcher
1972.04

-

1985.10

財団法人日本証券経済研究所入所研究員
1972.04

-

　

Japan Securities Research Insitute, Researcher

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Education Background

　

-

1976

Keio University Graduate School of Economics
　

-

1976

Keio University Graduate School, Division of Economics Economics
　

-

1970

Keio University Faculty of Economics
　

-

1970

Keio University Faculty of Economics Economics

Committee Memberships

2016.09

-

2017.10

経済産業省持続的成長に向けた長期投資（ESG/無形資産投資）研究会委員
2009.09

-

2011.06

内閣府統計委員会委員
2006.06

-

2011.06

日本投資顧問業協会日本投資顧問業協会理事
2003.07

-

2011.06

財務省独立行政法人評価委員会農林漁業信用基金分科会長
2004.05

-

2011.05

日本金融学会日本金融学会理事
1997.05

-

2009.05

証券経済学会証券経済学会理事
2003.03

-

2009.01

内閣府金融庁金融審議会ディスクロージャーWG専門委員
2001.01

-

2007.12

財務省関税・外国為替等審議会委員
2003.01

-

2003.08

全国証券取引所・日本証券業協会四半期財務情報の作成及び開示に関する検討委員会座長
2001.02

-

2003.02

国土交通省社会資本審議会委員
2001.01

-

2002.12

内閣府金融庁金融審議会委員
2001.09

-

2002.08

総務省郵政事業の公社化に関する研究会委員
2000.06

-

2001.09

財務省財務総合研究所わが国のコーポレートファイナンスとコーポレートガバナンスに関する研究会委員
2000.12

-

2001.06

総務庁郵政研究所金融業の進化と経営組織のあり方に関する調査研究会委員
1995.09

-

1998.03

大蔵省金融制度調査会委員

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Professional Memberships

　

　

　

日本ファイナンス学会
　

　

　

金融学会
　

　

　

日本経済学会
　

　

　

ヨーロッパ・ファイナンス学会
　

　

　

Nippon Finance Association
　

　

　

Society for the Economic Studies of Securities
　

　

　

Japan Society of Monetary Economics
　

　

　

Japanese Economic Association
　

　

　

European Finance Association
　

　

　

International Corporate Governance Society

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Research Areas

Money and finance

Research Interests

金融・証券論
金融システム
企業の社会的責任
CorporateGovernance
Financial systems
CSR
Corporate Governance
Capital Market

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Awards

Best paper award in the category corporate governance

2023.06 CSR, Sustainability, Ethics and Governance 9th International Conference Stakeholder Perceptions of CSR and Organizational Innovation Capability: Role of ESG Rating Agencies as Information Intermediaries

Winner： Megumi Suto, Hitoshi Takehara
最優秀論文賞

2015 Society on Interdisciplinary Business Research Estimating the Hidden Corporate Social Performance of Japanese Firms

Winner： Megumi Suto, Hithoshi Takehara
最優秀論文賞

2013 World Business Institute The Impact of Corporate Social Performance on Financial Performance: Evidence from Japan

Winner： Megumi Suto, Hithoshi Takehara
最優秀論文賞

2004 Centre for Corporate Governance Research, Birmingham University Behavioural Biases of Japanese Istitutional Investors:fund management and corporte governance

Winner： Megumi Suto, Masashi Toshino

Papers

Employee‐oriented corporate social responsibility, innovation, and firm value

Megumi Suto, Hitoshi Takehara

Corporate Social Responsibility and Environmental Management 1 ( 14 ) 2022.01 [Refereed]

Authorship：Lead author

DOI
Impact of corporate social responsibility intensity on firm-specific risk and innovation: evidence from Japan

Megumi Suto, Hitoshi Takehara

Social Responsibility Journal ahead-of-print ( ahead-of-print ) 2021.09 [Refereed]

Authorship：Lead author

　View Summary

<sec>
<title content-type="abstract-subheading">Purpose</title>
The purpose of this paper is to investigate investors’ perception of corporate social responsibility (CSR) and its risk-mitigating effects on firm-level innovation in Japan from 2006 to 2017. The authors examine the influence of CSR intensity on firm-specific risks, focusing on the risk-moderating effect of CSR on innovation.

</sec>
<sec>
<title content-type="abstract-subheading">Design/methodology/approach</title>
The authors conducted a simple slope analysis and panel data regressions with input and output innovation measures and idiosyncratic risk based on an asset-pricing model.

</sec>
<sec>
<title content-type="abstract-subheading">Findings</title>
The results demonstrate that CSR intensity not only reduces firm-specific risk directly but also indirectly by negatively moderating the relationship between firm-level innovation and idiosyncratic risk.

</sec>
<sec>
<title content-type="abstract-subheading">Research limitations/implications</title>
Signaling trust to capital markets, CSR engagements in the manufacturing industry are clearly important for innovative firms with active research and development undertakings.

</sec>
<sec>
<title content-type="abstract-subheading">Practical implications</title>
Corporate managers should further expand their efforts to make non-financial disclosures available, considering the interactions between CSR intensity and research and development financial risk.

</sec>
<sec>
<title content-type="abstract-subheading">Originality/value</title>
In the context of Japanese firms, this study demonstrates the interaction between CSR practices and innovation activities from the perspective of long-term management of corporate sustainability.

</sec>

DOI
Corporate social responsibility intensity, management earnings forecast accuracy, and investor trust: Evidence from Japan

Megumi Suto, Hitoshi Takehara

Corporate Social Responsibility and Environmental Management 1 - 3 2020.08 [Refereed]

Authorship：Lead author

DOI
Conclusion-the future of corporate social responsibility and corporate finance in Japan

Megumi Suto, Hitoshi Takehara

Advances in Japanese Business and Economics 17 217 - 224 2018

　View Summary

The research in this book highlights managers’ incentives for CSR activities to adapt to changing social and environmental surroundings of business and finance using a stakeholder theory approach. In the context of Japanese firms, we conducted consistent analyses to respond to our research questions on the relationships between CSP and corporate finance and governance during the period of transition toward a more market-oriented system amid the globalization of business and finance. We proposed six research questions and found some interesting results that have implications for the future development of the Japan’s CSR and corporate finance in particular and sustainable development of business in general.

DOI
Corporate social responsibility awareness and practices of Japanese corporations

Megumi Suto, Hitoshi Takehara

Advances in Japanese Business and Economics 17 15 - 36 2018

　View Summary

As addressed in Chap. 1, this book aims to investigate how Japanese companies’ awareness of social responsibility aligns with actual responsible practices in business and finance since the 2000s, when the financial system shifted from bank centered to more market oriented. Before presenting empirical analyses to explore the related issues, it is necessary to provide our theoretical approach to corporate social responsibility (CSR) and to sketch the context of CSR awareness and practices of Japanese companies.

DOI
Corporate social performance and corporate financial performance

Megumi Suto, Hitoshi Takehara

Advances in Japanese Business and Economics 17 53 - 85 2018

　View Summary

As discussed in Chap. 2, awareness and practices of corporate social responsibility (CSR) have significantly changed since the 2000s by globalization of business and stock ownership structure. Owing to the prolonged economic stagnancy since the beginning of 1990s, revitalization of the Japanese economy became the top agenda for government policy, and the economic responsibility of corporations was interpreted as their primary responsibility. Since the beginning of the 2000s, Japanese corporations seem to have begun to review CSR activities to find a new path to stakeholder relationships in revitalization of business. Interesting research questions are how CSR activities link to economic performance and risk management, and how stakeholder management contribute to performance and risk in the context of Japanese firms in the 2000s.

DOI
Market perceptions of corporate social responsibility and cost of capital

Megumi Suto, Hitoshi Takehara

Advances in Japanese Business and Economics 17 119 - 154 2018

　View Summary

This chapter investigates the influence of market perceptions of corporate social responsibility (CSR) on the cost of capital of Japanese listed firms by examining the relationships between composite corporate social performance (CSP) and the cost of capital in terms of the cost of debt, cost of equity, and weighted average cost of capital (WACC).

DOI
Responsible investment and institutional investors

Megumi Suto, Hitoshi Takehara

Advances in Japanese Business and Economics 17 37 - 52 2018

　View Summary

As discussed in Chapter 1, traditional Japanese corporations have to greater or lesser degrees become familiar with conceptualizing responsible businesses based on ethical self-discipline or guiding management precepts that are passed down in the business over generations, although these concepts of corporate social responsibility (CSR) are likely narrow.

DOI
Corporate social responsibility awareness and management forecast bias

Megumi Suto, Hitoshi Takehara

Advances in Japanese Business and Economics 17 155 - 177 2018

　View Summary

For investors, how to gain accurate and unbiased information about future earnings of an investee company is critical to demand a risk premium that is reflected in the expected rate of return. Management earnings forecasts are a major source of information about future earnings and are posited as especially important in the Japanese disclosure system. However, managers might face incentive bias toward opportunistic decisions on the forecast from a short-term view, as there is a conflict of interest between managers and investors about risk premium. The issue of how to mitigate such incentive bias is a key for disciplined pricing in the market by reducing information asymmetry. Management earnings forecasts definitely influence both the quality and quantity of information about future earnings. Responsible management forecasts are the core of the self-disciplining mechanism to provide more accurate and less biased information in the market.

DOI
Effects of corporate social performance on default risk: Structural model-based analysis on Japanese firms

Megumi Suto, Hitoshi Takehara

Advances in Japanese Business and Economics 17 179 - 199 2018

DOI
Corporate social performance and ownership structure

Megumi Suto, Hitoshi Takehara

Advances in Japanese Business and Economics 17 87 - 117 2018

　View Summary

In the development of global business and increased cross-border investment, it has become important for corporate governance research to explore the effects of changing ownership structures on corporate social performance (CSP) and related issues.

DOI
Relationship between technological innovation, corporate social performance, and corporate financial performance

Megumi Suto, Hitoshi Takehara

Advances in Japanese Business and Economics 17 201 - 215 2018

　View Summary

This chapter investigates the relationship between technological innovation, corporate social performance (CSP), and corporate financial performance (CFP) of Japanese manufacturing firms. Firms that aggressively focus on research and development have to build investors’ trust and manage firm risk, including financial and social risks, since most such firms need to raise capital steadily. To achieve this risk reduction, managers of firms with technological competitiveness use activities related to their CSR as one of the instruments to manage firm risk. Empirical evidence presented in this chapter shows that both firm-level innovation and CSP are negatively associated with firm risk, which is evaluated in the stock market. Furthermore, results from the mediation analysis suggest that corporate social responsibility works as a mediator to explain the negative association between firm-level innovation and firm risk. This finding implies that mangers of firms with aggressive corporate innovative activities should be more conscious of corporate social activities in the long run to maintain the trust of participants in the capital market.

DOI
CSR and cost of capital: evidence from Japan

Suto, Megumi, Hitoshi Takehara

Social Responsibility Journal, 13 ( 4 ) 798 - 816 2017 [Refereed]
Estimating the hidden corporate social performance of Japanese firms

Megumi Suto, Hitoshi Takehara

Social Responsibility Journal 12 ( 2 ) 348 - 362 2016.06 [Refereed]

　View Summary

Purpose: Managers sometimes hide their level of corporate social performance (CSP) from investors, intentionally or unintentionally. The purpose of this study is to estimate such "hidden CSP" of firms. Design/methodology/approach: In this study, it is assumed that Japanese public firms can be classified into two groups based on the difference in corporate social responsibility (CSR) awareness. Thus, the respondents to the CSR questionnaire survey are classified as the CSR-aware group, and the non-respondents are treated as the CSR-unaware group. It is further assumed that a significant relationship exists between CSP and a firm's attributes, including financial performance and stock ownership. Under these assumptions, a model to estimate the CSP of non-respondents is constructed using the relationship between CSP and a firm's observable attributes. Findings: There is a significant latent gap between the CSP of respondents and the hidden CSP of non-respondents because of differences in firm size, foreign dependency of business and reputation and trust in the financial markets, rather than because of differences in financial performance. Insider-oriented ownership structures are negatively associated with CSP. Research limitations/implications: The estimation model developed in this study depends on a set of assumptions. In particular, a stable relationship between CSP and firm-specific variables, i.e. there is no structural change during the observation period, is assumed. Despite these limitations, this study extends the CSR research perspective, as it makes it possible to estimate the hidden CSP of public firms. Practical implications: In practice, the findings of this study surface a part of the missing CSR that investors need and that could alert non-respondent firms to the importance of CSR strategy and related disclosures to adapt to rapidly changing social and environmental business settings. Originality/value: This study is the result of academic interest in examining the missing information related to CSR activities to obtain an overall picture of the CSP distribution of Japanese listed firms as a whole.

DOI
The link between corporate social performance and financial performance: empirical evidence from Japanese firms

Suto, Megumi, Hitoshi Takehara

Int. J. Corporate Strategy and Social Responsibility 1 ( 1 ) 4 - 25 2016 [Refereed]
New Stage of Corporate Social Responsibility : Business case and capital cost

50 ( 9 ) 54 - 60 2012

CiNii
公的年金のガバナンスと責任ある投資

首藤惠

厚生労働科研費・政策科学総合研究事業「公的年金の直面する要検討課題に対する理論・実証研究」平成22年年度報告書 1 - 34 2011 [Refereed]
ファイナンシャル・ゲートキーパーとコーポレート・ガバナンス再考

首藤惠

証券アナリストジャーナル 48 ( 9 ) 50 - 56 2010
Does culture influence asset managers’ views and behavior?

Daniela Beckmann, Lukas Menkhoff, Megumi Suto

Journal of Economic Behavior & Organization 67 ( 3-4 ) 624 - 643 2008.09 [Refereed]

Authorship：Last author

DOI
企業の社会的責任とコーポレート・ガバナンス(上）-非財務情報開示とステークホルダー・コミュニケーション

首藤惠, 竹原均

証券経済研究 62 27 - 46 2008
Corporate social responsibility and corporate governance: an empirical study (2)

The JSRI journal of financial and securities markets 63 ( 63 ) 29 - 49 2008

CiNii
CSR for corporations and SRI for institutional investors in Japan: empirical studies and field survey

Security analysts journal Vol.46 ( No.2 ) 82 - 90 2008

CiNii
ファンド・マネージャーの行動バイアスとインセンティブ構造

首藤惠

日本ファイナンス学会予稿集(2007年度） 15 78 - 87 2007
企業の社会的責任とコーポレート・ガバナンス

首藤惠, 竹原均

Waseda University Institute of Finance Working Paper Series WIF-07-006 1 - 47 2007
企業の社会的責任（CSR)とパフォーマンス：企業収益とリスク

首藤惠, 増子信, 若園智明

Waseda University Institute of Finance Working Paper Series WIF-06-002 1 - 48 2006
企業の社会的責任（CSR)への取り組みとパフォーマンス：企業収益とリスク

首藤惠, 増子信, 若園智明

証券経済研究 ( 56 ) 31 - 51 2006

CiNii
Behavioural Biases of Japanese Institutional Investors: fund management and corporate governance

Megumi Suto, Masashi Toshino

Corporate Governance: An International Review 13 ( 4 ) 466 - 477 2005.07 [Refereed]

Authorship：Lead author

DOI
Can the UK Experience Provide Lessons for the Evolution of SRI in Japan?

Aris Solomon, Jill Solomon, Megumi Suto

Corporate Governance 12 ( 4 ) 552 - 566 2004.10 [Refereed]

Authorship：Last author

DOI
機関投資家の行動バイアス

俊野雅司, 首藤惠

国民経済雑誌、神戸大学第190巻 ( 第1号 ) 15 - 31 2004 [Refereed]
わが国機関投資家のアセット・マネージメントに関するアンケート調査

首藤惠, 俊野雅司

Discussion Paper Series, 中央大学経済研究所 11 ( 1 ) 7 - 18 2004
機関投資家のコーポレート・ガバナンスと社会的責任投資―英国の経験

首藤惠

経済学論纂、中央大学第43巻 ( 第3.4合併号 ) 169 - 196 2003
Capital Structure and Investment Behaviour of Malaysian Firms in the 1990s: a study of corporate governance before the crisis

Megumi Suto

Corporate Governance 11 ( 1 ) 25 - 39 2003.01 [Refereed]

DOI
Japanese Financial System in Transition-Toward a More Market Oriented System

Suto, M

Publications of the European Japan Experts Association, Japan-German Center Berlin 4 43 - 57 2001.08
機関投資家の役割とコーポレイト・ガバナンス−機関投資家によるコーポーレート・ガバナンスに関するアンケート調査結果から

大村敬一, 首藤惠, 増子信

ファイナンス・レビュー、財務総合政策研究所 ( 60号 ) 5 - 42 2001

CiNii
アングロアメリカン型企業統治と機関投資家の役割-米国型と英国型の比較

首藤惠

経済学論纂(中央大学) 41 ( 3/4合併号 ) 2000
New Development in the Japanese Corporate Governance in the 1990s-The Role of Corporate Pension Funds

Suto, M

HWWA Discussion Paper 100 5 - 37 2000
マレーシァの金融発展と貯蓄動員政策

首藤惠

証券経済研究 16 ( 16 ) 57 - 88 1998

CiNii
わが国年金基金のコーポレート・ガバナンス

首藤惠, 鈴木裕

証券アナリストジャーナル 36 ( 8 ) 4 - 19 1998

CiNii
金融自由化と市場利用者のコスト

首藤惠

証券経済研究 6 133 - 144 1997
わが国の投資信託産業-個人資産形成に貢献するための条件

首藤惠

証券経済研究 8 ( 8 ) 3 - 24 1997

CiNii
金融部門の市場開放の経済効果

首藤惠

日本経済研究、日本経済研究センター 31 194 - 222 1996
東アジアおよび東南アジア株式市場の組織と株価変動

首藤惠

QRI調査研究報告書 402 ( 2 ) 8 - 19 1994.03
証券市場の公共性と利用者の利益

首藤惠

証券経済学会年報 29 258 - 267 1994
アジア株式市場のミクロ構造分析:株価変動と市場組織

首藤惠

三田商学研究 37 ( 1 ) 55 - 70 1994
ASEAN資本市場の発展とシンガポールの役割 -インドネシア・マレーシアのケースを中心に-

首藤惠

証券経済 191 61 - 88 1994
Structural Organization and Stock Price Behavior in East and Southeast Asia

Suto, M

QRI Research Report 402 11 - 31 1993.10
株式売買システムと株価変動:日米市場の比較分析

首藤惠

証券経済 185 ( 185 ) 97 - 118 1993

CiNii
日本型証券規制と証券業の行動−制度改革の方向を探る

首藤惠

明海大学経済学論集 4 ( 1 ) 1 - 15 1992
Economic impacts of financial reform on Korean banking industry

83 125 - 144 1991.03

CiNii
金融自由化と証券市場の役割-台湾と韓国の比較

首藤惠

証券経済 176 ( 176 ) 29 - 54 1991

CiNii
韓国と台湾の金融成長と金融自由化

首藤惠

明海大学経済学論集 1 ( 1 ) 1 - 17 1989
急成長するわが国投資信託の急成長

丸純子, 首藤惠

証券研究 84 ( 84 ) 99 - 136 1988.10

CiNii
証券業の競争とエコノミーズ・オブ・スコープ

首藤惠

金融学会報告 65 1986
銀行のScale and Scope Economies

首藤惠

ファイナンス研究 4 ( 4 ) 43 - 58 1985

CiNii

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Books and Other Publications

Corporate Social Responsibility and Corporate Finance in Japan

Megumi SUTO, Hitoshi Takehara

Springer 2018.06
Building New Bridoges between Business and Society, eds.by Lu, Schmidpeter and Capaldi, Zu, pp171-190,Does Foreign Ownership Enhance the Corporate Social Perfprmance of Japanese firms

( Part： Contributor)

Springer 2018.01
首藤惠・監修著『金融サービス業のイノベーションと倫理』

中央経済社 2011
首藤惠編著『金融サービス業のイノベーションと倫理』

中央経済社 2011
首藤惠編『金融サービス業のガバナンス−規律付けメカニズムの再検討』

金融財政事情研究会 2009
『金融サービス業のガバナンス－規律付けメカニズムの再検討』

首藤惠監修

金融財政事情研究会 2009
寺西重郎他編『アジアの経済発展と金融システム』第3章マレーシアの金融発展、第6章マレーシア企業の資金調達とコーポレート・ガバナンス

東洋経済新報社 2008
宮島英昭編『企業統治分析のフロンティア』第9章CSRとコーポレート・ガバナンス

日本評論社 2008
浦田・深川編「アジア共同体の構築２経済共同体への展望」第5章アジア金融システムとコーポレート・ガバナンス改革

岩波書店 2007
International Corporate Governance, ed.by C.Malline, Chapter 10, Will the Japanese corporate governance system survive?,

Edward Elgar Publishing Limited, UK 2006
Will the Japanese corporate governance system survive?, ed.by C.Malline, International Corporate Governance

Edward Elgar Publishing Limited, UK 2006
石井安憲編『グローバライゼーション下の経済・政策分析』第9章「金融危機後のアジア資本市場の再構築」

有斐閣 2004
若杉敬明監修『株主が目覚める日: コーポレート・ガバナンスが日本を変える』第Vol. 章機関投資家のコーポレート・ガバナンスと企業の社会的責任

商事法務 2004
Designing Financial System in East Asia and Japan, ed.by P.H. Fan, M. Hanazaki, J. Teranishi, Chapter 14 Reflection on the new financial system in Japan

RoutledgeCurzon 2004
『グローバライゼーション下の経済・政策分析』（石井安憲編）第9章「金融危機後のアジア資本市場の再構築」

有斐閣 2004
『株主が目覚める日: コーポレート・ガバナンスが日本を変える』（若杉敬明監修）第Ⅴ章機関投資家のコーポレート・ガバナンスと企業の社会的責任

商事法務 2004
Reflection on the new financial system in Japan, Chapter 14, in Designing Financial System in East Asia and Japan

RoutledgeCurzon 2004
渋谷・首藤・井村共編著『アメリカ型企業ガバナンス』

東京大学出版会 2002
Japanese Economy and Society under Pax-Americana, eds by H.Shibuya, M.maruyama and M,Yasaka, Chapter 9 New Development in the Japanese Corporate Governance in the 1990s-The Role of Corporate Pension Funds

University of Tokyo Press 2002
『アメリカ型企業ガバナンス』渋谷・首藤・井村共編著

東京大学出版会 2002
New Development in the Japanese Corporate Governance in the 1990s-The Role of Corporate Pension Funds, in Japanese Economy and Society under Pax-Americana eds by H.Shibuya, M.maruyama and M,Yasaka

University of Tokyo Press 2002
筒井義郎編『金融分析の最先端』第4章資産運用産業の行動倫理と効率

東洋経済新報社 2000
?見誠良編『アジアの金融危機とシステム改革』第7章マレーシアの金融危機とシステム改革

法政大学出版局 2000
『金融分析の最先端』筒井義郎編第4章資産運用産業の行動倫理と効率

東洋経済新報社 2000
『アジアの金融危機とシステム改革』（つる見誠良編）第7章マレーシアの金融危機とシステム改革

法政大学出版局 2000
蝋山昌一編『投資信託と資産運用』第3章日本の投資信託の構造的問題

日本経済新聞社 1999
『投資信託と資産運用』蝋山昌一編第3章日本の投資信託の構造的問題

日本経済新聞社 1999
証券経営研究会編『金融市場の変貌と証券経営』第2章証券業をめぐる競争構造の変容

日本証券経済研究所 1998
Asian Financial Markets-Structure, Policy Issues and prospect, eds.by L.Menknoff and B. Reszat, (pp.81-102)Japan's Financial Markets: Structure, Policy Issues and Reforms

HWWA Humburg 1998
花輪俊哉編『金融システムの構造変化と日本経済』第6章資産管理産業の台頭とコーポレート・ガバナンス

中央大学出版部 1998
『金融市場の変貌と証券経営』共著(証券経営研究会編) 第2章証券業をめぐる競争構造の変容

日本証券経済研究所 1998
Japan's Financial Markets: Structure, Policy Issues and Prospect, in Asian Financial Markets-Structure, Policy Issues and prospect,eds.by L.Menknoff and B. Reszat

HWWA Humburg 1998
矢内原勝編『発展途上国問題を考える』第11章金融自由化の諸問題

勁草書房 1996
首藤恵・松浦克巳・米沢康弘『日本の企業金融』共著

東洋経済新報社 1996
醍醐聡編)『時価評価と日本経済』共著(第６章時価評価の市場基盤

日本経済新聞社 1996
土屋六郎編『アジア太平洋経済圏の発展』第7章アジアの資本移動と日本の役割

同文館 1996
河合正弘編『アジアの金融・資本市場』１章、２章、４章、７章

日本経済新聞社 1996
『発展途上国問題を考える』共著(天内原勝編)第11章金融自由化の諸問題

勁草書房 1996
『日本の企業金融』共著(首藤恵・松浦克巳・米沢康弘)

東洋経済新報社 1996
『時価評価と日本経済』共著(醍醐聡編)第６章時価評価の市場基盤

日本経済新聞社 1996
蝋山昌一編『証券市場及び証券業の将来像に関する研究会報告書』 5章証券規制と証券業

(財)日本証券経済研究所 1993
浜田文雅編『日本経済分析のフロンティア』8章日本型証券規制と証券業の行動

有斐閣 1993
JAPANESE CAPITAL MARKETS, ed. by Shinji Takagi(共著)(chapter 3 the Securities Industry in Japan)

Basil Blackwell 1993
『証券市場及び証券業の将来像に関する研究会報告書』蝋山昌一編 5章証券規制と証券業

(財)日本証券経済研究所 1993
JAPANESE CAPITAL MARKETS, ed. by Shinji Takagi(共著)(chapter 3 the Securities Industry in Japan)

Basil Blackwell 1993
伊東弘文・徳永正二郎編『アジア・太平洋経済の成長と波動』VI章アジアNIESの金融発展

九州大学出版会 1992
?見誠良編『金融のグローバリゼーション?』６章

法政大学出版会 1987
首藤惠『日本の証券業-組織と競争』

東洋経済新報社 1987
『日本の証券業-組織と競争』

東洋経済新報社 1987
『金融のグローバリゼーション』つる見誠良編６章

法政大学出版会 1987
丸純子・首藤惠・小峰みどり『現代証券市場分析』

東洋経済新報社 1986
首藤恵, 高橋俊治『現代の企業金融と金融システム』

有斐閣 1986
『現代証券市場分析』(共著)

東洋経済新報社 1986

▼display all

Presentations

Employee-Oriented CSR, Innovation, and Firm Value

Megumi Suto

7th International Conference on CSR, Sustainability, Ethics & Governance

Presentation date： 2021.06

Event date：
2021.06

　

　
Employee-Oriented CSR, Innovation, and Firm Value

Megumi Suto

Nippon Finance Association 2021Annual Meeting

Presentation date： 2021.06

Event date：
2021.06

　

　
Innovation, CSR Intensity, and Firm-specific Risk:Evidence from Japan

Megumi Suto

Nippon Finance Association

Presentation date： 2020.06

Event date：
2020.06

　

　
Innovation, CSR Intensity, and Market-based Risk: Evidence from Japan,

SUTO Megumi

5th Annual ICGS (International Corporate Governance Society) Conference

Presentation date： 2019.10
Management Earnings Forecasts and Investor Trust: Signaling Effect of Corporate Social Responsibility

SUTO Megumi

Japan Society of Monetary Economics

Presentation date： 2019.05
企業の社会的責任と企業金融−CSR研究の新潮流−

Megumi SUTO [Invited]

経営財務学会東日本部会

Presentation date： 2018.07
Corporate Social Responsibility and Corporate Finance in Japan

Megumi SUTO [Invited]

CSR, the Economy and Financial Marke( 日本政策投資銀行

Presentation date： 2017.11
Management Forecast Bias and Corporate Social Responsibility Awareness: Evidence from Japan

Megumi SUTO

Third Conference of the International Corporate Governance Society ICGＳ

Presentation date： 2017.09
Management Forecast Bias and Corporate Social Responsibility Awareness: Evidence from Japan

Megumi SUTO

日本ファイナンス学会全国大会千葉工業大学

Presentation date： 2017.06
Corporate Social Performance and Market Liquidity Risk: The Case of the Japanese Banking Sector

Megumi SUTO

29th Australasian Finance and Banking Conference UNSW Business School

Presentation date： 2016.12
Corporate Social Responsibility and the Cost of Capital: Evidence from Japanese Firms

Megumi SUTO

3rd International Conference on CSR, Sustainability, Ethics and Governance Cologne Business School

Presentation date： 2016.08
Corporate Social Responsibility and the Cost of Capital: Evidence from Japanese Firms

Megumi SUTO

Asian Finance Association Conference Asian Finance Association C

Presentation date： 2016.06
Corporate Social Responsibility and the Cost of Capital: Evidence from Japanese Firms

Megumi SUTO

日本ファイナンス学会全国大会横浜国立大学

Presentation date： 2016.05
Does Foreign Ownership Enhance the Corporate Social Performance of Japanese Firms

Megumi SUTO

ICGS Conference Copenhagen Business School

Presentation date： 2015.09
Does Foreign Ownership Enhance the Corporate Social Performance of Japanese Firms? Social Performance of Japanese Firms?

Megumi SUTO

Second International Conference on CSR, Sustainability, Ethics & Governance Nanjin University of Finance and Economics

Presentation date： 2015.07
Estimating Hidden Corporate Social Performance of Japanese Firms

Megumi SUTO

SIBR 2015 Kual Lumpur Conference

Presentation date： 2015.02
Estimating Hidden Corporate Social Performance of Japanese Firms

Megumi SUTO

Growth of Firms, Ownership, and Value: East meets West Shidler College of Business

Presentation date： 2014.09
The Impact of Corporate Social Performance on Financial Performance: Evidence from Japan

Megumi SUTO

22nd International Business Research Conference

Presentation date： 2013.09
The Impact of Corporate Social Performance on Financial Performance: Evidence from Japan

Megumi SUTO

日本ファイナンス学会全国大会東京大学

Presentation date： 2013.06
The Impact of Corporate Social Performance on Financial Performance: Evidence from Japan

Megumi SUTO

Seminar at Stirling Management School, University of Stirling University of Stirling

Presentation date： 2013.03
Stock Ownership Structure and Corporate Social Performance: Evidence from Japan

Megumi SUTO

日本ファイナンス学会全国大会

Presentation date： 2012.05
Stock Ownership Structure and Corporate Social Performance:Evidence from Japan

Megumi SUTO

10th International Conference on Corporate Governance, Birmingham University Australian Research Centre for Accounting, Finance and Economics

Presentation date： 2012.02
企業の社会的責任と企業パフォーマンス

Megumi SUTO

証券経済学会全国大会横浜国立大学

Presentation date： 2010.10
証券業の機能と行動倫理−日米の動向を踏まえて

Megumi SUTO

証券経済学会全国大会早稲田大学

Presentation date： 2008.05
企業の社会的責任とコーポレート・ガバナンス−非財務情報開示とステークホルダーコミュニケーション

Megumi SUTO

日本ファイナンス学会全国大会関西大学

Presentation date： 2007.10
Behavioral Biases of Institutional Investors: Japan and Germany vs the US

Megumi SUTO

5th International Conference on Corporate Governance, Birmingham University Birmingham Universit

Presentation date： 2007.07
Behavioral Biases of Institutional Investors: Japan and Germany vs the US

Megumi SUTO

46th Annual Meeting of Southwestern Finance Association, Town & Country Resort and Convention Center SanDiego Southwestern Finance Association

Presentation date： 2007.03
ファンド・マネージャーの行動バイアスとインセンティブ構造

日本ファイナンス学会全国大会（慶應義塾大学）

Presentation date： 2007
Behavioral Biases of Institutional Investors: Japan and Germany vs the US

Megumi SUTO

14th Conference of on the Theories and Practices of Securities Markets, National Sun Yat-Sen University Taiwan National Sun Yat-Sen University

Presentation date： 2006.12
Behavioral Biases of Institutional Investors: Japan and Germany vs the US

Megumi SUTO

日本金融学会全国大会早稲田大学

Presentation date： 2006.04
ファンド・マネージャーの行動バイアスとインセンティブ構造

Megumi SUTO

ファイナンス学会全国大会慶應義塾大学

Presentation date： 2005.06
企業の社会的責任と企業パフォーマンス

Megumi SUTO

ファイナンス学会全国大会横浜国立大学

Presentation date： 2005.06
Behavioural Biases of Japanese Institutional Investors:Fund Management and Corporate Governance

Megumi SUTO

Behavioural Biases of Japanese Institutional Investors:Fund Management and Corporate Governance 愛知学院大学

Presentation date： 2004.09
Behavioural Biases of Japanese Institutional Investors:Fund Management and Corporate Governance

Megumi SUTO

2nd International Conference on Corporate Governance, Birmingham University Birmingham Universit

Presentation date： 2004.06
Can the UK Experience Provide Lessons for the Evolution of SRI in Japan?

6th International Conference on Corporate Governance and Board Leadership, Henley Management College, UK

Presentation date： 2003
Japan’s Financial Institutions and the Yen―What are the obstacles to internationalization?

The Conference on East Asian Monetary andFinancial Cooperation---Concepts, Policy and the Role of the Yen, Hamburg Institute of International Economics

Presentation date： 2002
Capital Structure and Investment Behavior of Malaysian Firms

Second International Convention of Asian Scholars(ISAS), Berlin University of Liberty

Presentation date： 2001
The Japanese Financial System in Transition: Toward a More Market Oriented System

Conference on the Impact of Reform on Japan, European Japan Expert Association, Japanese-German Center, Berlin

Presentation date： 2001
Toward a New Architecture for the Japanese Financial System:

Hitotsubashi University and International Monetary Fund Conference on Designing Financial Systems in East Asia and Japan, 一橋大学

Presentation date： 2001
Capital Structure and Investment Behavior of Malaysian Firms in 1990s―A Study of Corporate Governance before the Crisis

Developments in Corporate Governance, International Conference for the BAA SIG on Corporate Governance, Cardiff University

Presentation date： 2001
New Development in the Japanese Corporate Governance in the 1990s―

Kyoto International Conference on Pax-Americana and American &Japanese Economy and Society, 東京大学社会科学研究所

Presentation date： 2000

▼display all

Research Projects

長期持続的成長の視点からのCSR活動と研究開発投資の相互関連に関する分析

文部科学省科学研究費助成事業（学術研究助成基金助成金）基盤C

Project Year :

2020.04

-

2022.03

首藤惠
企業のCSR活動とリスク特性：ステークホルダー・マネジメントと金融パフォーマンス(文部科学省研究所助成基盤C)

Project Year :

2014

-

　
Research project on policies for ESG investment of Japanese pension funds

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

Project Year :

2011

-

2013

KEIICHI Fukuyama, KAWANA Takeshi, MIYAI Hiroshi, TANIMOTO Naoka, SUTOU Megumi, SHIRASU Youko

　View Summary

In Japan, ESG investment of pension funds grows only sluggishly and the national opinion on this investment is comparable by a third respectively among "positive", "negative" and "no-idea". However, the fact that CSR activities are ordinarily conducted by many Japanese companies and high consciousness of the Japanese people concerning environmental and social problems indicate that ESG investment may possibly expand greatly. As Japan faces problem of population aging and fertility decline, to awake and cultivate national sentiment is necessary.
The role of the soft-law, the application of "Comply or explain" and the importance of independence are pointed out as legal and practical issues. In the quantitative analysis, it is confirmed in Japanese stock market that the CSR activities have certain influence on equity performance.
公的年金の直面するよう検討課題に対する理論的・実証的研究（厚生労働省科学研究費）

共同研究

Project Year :

2011

-

2012
金融サービス・イノベーション・マネジメント研究（文部科学省受託研究）

Project Year :

2008

-

2010
わが国証券市場の機能と投資家の行動バイアス：アンケート調査と実験の融合による研究

共同研究

Project Year :

2005

-

2007
日英のコーポレート・ガバナンスと機関投資家

国際共同研究

Project Year :

2005

-

　
Comparative Analysis of Institutional Investors in the UK and Japan

International Joint Research Projects

Project Year :

2005

-

　
ファンド・マネージャーの行動バイアス日本・ドイツ・US

国際共同研究

Project Year :

2003

-

2005
Behavioral Biases of Fund management: Japan, Germany and US

International Joint Research Projects

Project Year :

2003

-

2005
アジアの金融制度構築

共同研究

Project Year :

2000

-

2005
Financial Architecture in Asia

Cooperative Research

Project Year :

2000

-

2005
International Comparative Study on the Economic Stabilization-and Crisis Management Functions of Welfare State System : Focusing on the Financial Guarantee Activities of Public Sectors

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

Project Year :

1997

-

1998

IMURA Shinya, ITO Osamu, FUKUMITSU Hiroshi, SHIBUYA Hiroshi, SUTO Megumi

　View Summary

This project has been carrying on the study about the trends of the risk sharing between public and private sectors in the fields such as housing, education, community development, and deposit insurance system, as well as traditional area of welfare state system such as social welfare, pension, and medicare plans upon the understanding that welfare state system should be thought as the economic and crisis management system which can not be accomplished only through the market mechanisum, focusing on the area where ways of intervening of the public sector tend to take indirect forms such as financial guarantee activities for the private sectors since 1970s.
Our project has not reached the common conclusion because each field has the different trends. But for example in the housing finance sectors, we can see the trends that public sectors' coverage in the each market tend to be higher comparing to former direct intevention for income redistribution from the public sectors to individual economic entities by the public sectors in this filed, as well as the high regulated and publicly intervened sectors in the newly industrialized countries in Asia.
Comparative Study on Financial and Capital Markets in Japan and the United States, From Viewpoints of Implication of Crisis Management and Capital Formation Promotion Policies to the Welfare State

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

Project Year :

1994

-

1996

NAKAHAMA Takashi, TATEIWA Toshikazu, SHIBUYA Hiroshi, HOJO Hiroo, SUTO Megumi, IMURA Shinya, D'ARISTA Jane W, LIEBMAN Lance, BLUME Marshall E, AKIYAMA Yoshinori

　View Summary

This project have been carrying on the comparison of financial and capital markets and their influences on the welfare state system in Japan and the United States. Our standpoints are based on the following understanding about the recent trends of welfare state system and its circumstance in both countries. Those are ; (1) since 1980s, financial liberalization, securitization, and globalization in financial markets has produced the new developments of the market economy accompanied with problems such as the increasing risks in the financial markets and the lack or contortion of capital formation. (2) these trends have also been accompanied with the problems include the structural changes of the welfare state systems which include the permeation of market mechanism not only in the traditional fields of income redistribution systems such as pension and the health insurance systems, but also the filed of housing, community development, agriculture, and the financial crisis management systems.
Mainly through two international conferences held in 1994 and 1996, and through the books and discussion papers series of Otaru University, with cooperation of many scholars and researchers in Japan and the United States, our project have gotten the following common knowledge ; (1) the welfare state system should include the broader fields such as housing, community development, agriculture, and other areas related to social capital formation, as well as the traditional welfare system such as pension and health care systems, because some income-and resource reallocation by the public sectors could be recognized, (2) and in the period of apparent low growth and increasing fiscal deficit since 1980s, on one side, the traditional welfare state system accounted by special funds of public sectors where relatively apparent relations between cost-bearer and benefit-receiver exists has been forced to be restraint, but on the other side, in the broader welfare state system, however there have been existing the apparent evolution of the public sectors' intervention from the direct forms (direct subsidies, and direct loans) to indirect forms (financial guarantees, shift of responsibility of the policy from the central government to local governments, and even to private non-profit organizations, and privatization of government agencies, we saw also some adverse trends such as radical expansion of indirect public sectors' activities, and sudden fiscal burdens as the result of economic and financial risks. So we should conclude that at least at this time, welfare state system exists between the reverse pressures of easing fiscal burdens and avoiding the competitions with private entities, and growing needs of expanding the public sectors roles.
Development of Capital Markets in Malaysia
Comparative Studies of Corporate Governance Systems
Institutional Investors and Corporate Governane
Corporate Social Responsibility and Corporate Governance

▼display all

Misc

Introduction: Corporate social responsibility and Japanese corporations

Megumi Suto, Hitoshi Takehara

Advances in Japanese Business and Economics 17 1 - 13 2018

Other

　View Summary

Corporate social responsibility (CSR) is globally recognized as one of the core components of corporate strategy for ensuring the long-term value and sustainable growth of a firm. In the rapid globalization of business and finance since the 1980s, business corporations have had unprecedented influence on the societies and communities in which they operate, natural environment preservation, and resource allocation. Alongside financial liberalization and globalization since the 1990s, the linkage between the financial market’s perception of CSP and corporate financing has been attracting interest among researchers. In corporate financing, however, investors and financial institutions might not have a shared comprehensive understanding of CSR with their investees and borrowers, and there could be a perception gap of CSR between investors and financial institutions.

DOI
新たな時代における日本のコーポレートガバナンスと資本市場の機能

首藤惠

月刊監査役 = Journal for audit & supervisory board members ( 670 ) 76 - 86 2017.07

CiNii
ESG投資ブームは企業の成長に結びつくか

首藤惠

MARR : Mergers & acquisitions research report ( 269 ) 34 - 37 2017.03

CiNii
解題 (特集 ESG投資)

首藤惠

証券アナリストジャーナル 54 ( 7 ) 2 - 4 2016.07

CiNii
“Corporate social performance and foreign ownership: Evidence from Japanese firms

Suto,M, Takehara,H

Waseda University Institute of Finance, Working Paper Series WIF-14-003 1 - 41 2014.12
解題 (特集スチュワードシップ・コード)

首藤惠

証券アナリストジャーナル 52 ( 8 ) 2 - 5 2014.08

CiNii
Overview

51 ( 8 ) 2 - 5 2013.08

CiNii
Impact of Corporate Social Performance on Financial Performance：Evidence from Japan

Suto, M, Takehara,H

Waseda University Institute of Finance Working Paper Series WIF-13-003 1 - 33 2013.05
日本企業の社会的パフォーマンスと金融的パフォーマンス : 企業の社会的責任と証券市場

首藤惠

証券レビュー 53 ( 2 ) 55 - 91 2013.02

CiNii
Stock ownership structure and corporate social performance: Evidence from Japan

Suto, M, H. Takehara

Proceedings of 10th International Conference on Corporate Governance:“Corporate Governance and Universal Acceptance: Taking Stock of Progress and Indicators of Future Trends” 2012
書評筒井義郎・平山健二郎著『日本の株価--投資家行動と国際連関』

首藤惠

金融経済研究 ( 30 ) 85 - 87 2010.04

CiNii
金融サービス業のガバナンスを考える[含質疑応答]

首藤惠

証券レビュ- 50 ( 2 ) 54 - 91 2010.02

CiNii
基調報告 SRI・PRIに関する調査研究結果について (平成19年度年金シニアプランフォーラム年金基金とSRI・PRI)

首藤惠

年金と経済 27 ( 2 ) 46 - 56 2008.07

CiNii
Corporate social responsibility and corporate governance: an empirical study of Japanese companies

( 43 ) 163 - 168 2008.07

CiNii
金融・企業部門におけるガバナンスの問題 : アジア金融危機の以前と以後 (危機10周年のアジア経済)

首藤惠

国際問題 = International affairs ( 563 ) 27 - 38 2007.07

CiNii
金融危機後のアジア金融市場 (特集アジア危機から10年を迎えて)

首藤惠

ESP economy,society,policy ( 500 ) 18 - 21 2007.05

CiNii
証券アナリスト読書室 1大崎貞和著「解説金融商品取引法」 2イギリス資本市場研究会編「イギリスの金融規制--市場と情報の観点から」

首藤惠

証券アナリストジャーナル 44 ( 11 ) 118 - 120 2006.11

CiNii
講演企業の社会的責任(CSR)と機関投資家のコーポレート・ガバナンス

首藤惠

証券レビュ- 46 ( 1 ) 58 - 92 2006.01

CiNii
Behavioural biases of institutional investors under pressure from customer: Japan and Germany vs the US

Suto,M, L. Menkhoff, Beckmann, D

Waseda University Institute of Finance Working Paper Series WIF-05-006 1 - 28 2005.11
書評『個人投資家と証券市場のあり方』日本証券業協会編/個人投資家について考える研究会著エンド・ユーザーの立場で市場改革を問う

首藤惠

金融財政事情 56 ( 41 ) 66 - 66 2005.10

CiNii
証券アナリスト読書室神田秀樹責任編集 (財)資本市場研究会編「投資サービス法への構想」

首藤惠

証券アナリストジャーナル 43 ( 7 ) 89 - 91 2005.07

CiNii
証券市場の複層化と投資家のリスク・テイキング:担い手の役割と利用者の責任 (〔証券経済学会〕第61回全国大会) -- (共通論題「日本の金融再生と証券市場」)

首藤惠

証券経済学会年報 ( 40 ) 178 - 182 2005.07

CiNii
Behavioural biases of Japanese institutional investors: Fund management and corporate governance

Megumi Suto, Masashi Toshino

Corporate Governance: An International Review 13 ( 4 ) 466 - 477 2005

　View Summary

This study examines the behavioural biases of Japanese institutional investors and discusses implications for their role in corporate governance, based on the findings of a questionnaire survey of fund managers carried out in 2003. Statistical analysis of the survey results reveals a short-term bias in fund managers' investment time horizons, herding and self-marketing to improve the appearance of portfolio performance under the pressure either of customers or of institutional restraints. We conclude that institutional investors' behaviour contradicts their role as shareholders. © Blackwell Publishing Ltd 2005.

DOI
Cognitive Biases of Japanese Institutional Investors: Consistency with Behavioral Finance

Toshino, M, M. Suto

ICFAI Journd of Behavioral Finance WIF-04-005 1 - 16 2004.10
Can the UK experience provide lessons for the evolution of SRI in Japan?

A Solomon, J Solomon, M Suto

CORPORATE GOVERNANCE-AN INTERNATIONAL REVIEW 12 ( 4 ) 552 - 566 2004.10

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In this paper we review the growth of socially responsible investment (SRI) in the UK and in Japan. We consider the various factors which have given rise to the growth of SRI in both countries. As SRI is currently more mature in the UK than in Japan, we consider ways in which the UK experience may provide some lessons for the growth of SRI in Japan. Significantly, we consider that the use of corporate governance mechanisms such as engagement and dialogue by large shareholders, to solve social, ethical and environmental (SEE) problems in companies, is a realistic route for the development of SRI in Japan. However, these mechanisms need to be designed so that they may operate more efficiently. Pension funds and other investment institutions need to appreciate the value of engagement over screening as an SRI stra-tegy. Further, the disclosure of SRI strategies by pension funds in Japan may contribute to enhancing consciousness about the responsibility of shareholders for the SEE outcomes of corporate activities that they invest in indirectly. We acknowledge, however, that this suggestion may be difficult to implement in the near future.
英国における社会的責任投資の展開:日本への示唆 (特集 SRI(社会的責任投資))

首藤惠

証券アナリストジャーナル 42 ( 9 ) 20 - 32 2004.09

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機関投資家のコーポレート・ガバナンスと社会的責任投資--英国を中心に (〔証券経済学会〕第59回全国大会)

首藤惠

証券経済学会年報 ( 39 ) 84 - 87 2004.05

CiNii
蠟山先生と私の資本市場研究

首藤惠

国際公共政策研究 8 ( 2 ) 173 - 176 2004.03

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故蠟山昌一名誉教授追悼特集

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講演四半期情報開示と資本市場

首藤惠

証券レビュ- 43 ( 12 ) 1 - 34 2003.12

CiNii
解題 (特集個人投資家と投信)

首藤惠

証券アナリストジャーナル 41 ( 7 ) 2 - 5 2003.07

CiNii
証券アナリスト読書室アーサー・レビット著小川敏子訳「ウォール街の大罪投資家を欺くものは許せない!」

首藤惠

証券アナリストジャーナル 41 ( 6 ) 50 - 52 2003.06

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証券アナリスト読書室寺西重郎著「日本の経済システム」

首藤惠

証券アナリストジャーナル 41 ( 5 ) 90 - 92 2003.05

CiNii
<Articles> Asian capital markets after the financial crisis in 1997

Suto Megumi

The annual bulletin of the Institute for Economic Studies ( 16 ) 5 - 20 2003.04

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資本市場再生の条件--個人への情報発信と個人からの情報発信 (特集資本市場再生と企業経営改革)

首藤恵

証券アナリストジャーナル 41 ( 1 ) 58 - 64 2003.01

CiNii
Capital structure and investment behaviour of Malaysian firms in the 1990s: a study of corporate governance before the crisis

M Suto

CORPORATE GOVERNANCE-AN INTERNATIONAL REVIEW 11 ( 1 ) 25 - 39 2003.01

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This is an empirical study analysing the corporate finance and governance structure in Malaysia before and after the financial crisis of 1997, utilising the agency cost approach. The contribution of this paper is to link the corporate governance mechanism with the role of banks and corporate ownership structure peculiar to Malaysia, taking into account the institutional framework and historical background of the Malaysian financial system, such as government protection for the banking sector and the social dispersion of corporate ownership related to the Malay First policy.
Based on data for 375 non-financial KLSE (Kuala Lumpur Stock Exchange) listed companies during fiscal years 1995-99, our analysis is organised into three parts. Characteristics of corporate finance in Malaysia in the 1990s using aggregated time-series data are outlined, followed by an examination of the determinants of capital structure via cross-sectional regressions in terms of dependency on banks and ethnic ownership structure, controlling ownership concentration, availability of internal funds, corporate size, industry effects, etc. We then estimate simple investment functions with panel data in order to examine the effects of debt financing on corporate investments before the crisis.
Empirical results show the following. Firstly, the commitment of banks to finance corporate debt as well as lending obviously increased debt ratios. Secondly, increasing ownership by native Malays, both the direct and indirect holding of corporate shares, played no significant role in disciplining corporate management. However, ownership concentration mitigated conflict between managers and owners. Foreign ownership also contributed to a reduction in the agency cost of equity financing in financial liberalisation. Finally, high dependency on debt led to excessive corporate investment before the crisis. These results imply that the concentration of risks on the banking sector and social policy advocating the dispersion of corporate ownership weakened the corporate governance mechanism, thereby exacerbating the distress of Malaysia's corporate sector during the financial crisis.
個人の資産選択と企業年金 : 制度リスクと年金運営リスク

首藤惠

Mizuho pension report = みずほ年金レポート ( 41 ) 13 - 22 2002.10

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証券化と個人の資産選択 (〔証券経済学会〕第55回全国大会) -- (共通論題「資産流動化・証券化商品の拡大と証券市場の課題」)

首藤恵

証券経済学会年報 ( 37 ) 101 - 104 2002.05

CiNii
Japanese Financial System in Transition-Toward a More Market Oriented System

Megumi Suto

Publications of the European Japan Experts Association, Japan-German Center Berlin volume 4 2002
Japan's Financial Institutions and The Yen---What are the obstacles to internationalization No.26

Megumi Suto

The Institute of Economic Research, Chuo University, Tokyo, Japan 2002
Corporate Governace of Japanese Institutional Investors-Major Results of Questionnaires Concerning Corporate Governance by Institutional Inverstors"(共著)K.Omura, M.Sato and M.Masuko, Discussion Paper Series

Omura, K, M.Suto, M. Masuko

Policy Research Institute, Ministry of Finance , Japan 02A-28 ( 4 ) 42 2002
機関投資家のコーポレート・ガバナンスとリスク再配分機能 (「コーポレート・ガバナンス」特集)

首藤恵

フィナンシャル・レビュー ( 60 ) 65 - 89 2001.12

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マレーシアの金融危機と民間債券市場--制度構築の視点から

首藤恵

証券経済研究 ( 29 ) 61 - 78 2001.01

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Toward a New Architecture for the Japanese Financial System: Participation Costs, Intermediated Ownership and Wealth Distribution", (共著)Y.Kitamura, M.Suto and J.Teranishi, CEI Working Paper Series

Megumi Suto

Center for Economic Institutions, Institute of Economic Research, Hitotsu-bashi University No.2001-25 2001
解題 (特集確定拠出型年金)

首藤恵

証券アナリストジャ-ナル 38 ( 5 ) 1 - 3 2000.05

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個人投資家をめぐる問題--個人金融サービスとトラスト (特集証券市場の長期展望)

首藤恵

証券アナリストジャ-ナル 38 ( 1 ) 54 - 63 2000.01

CiNii
New Development in the Japanese Corporate Governance in the 1990s-The Role of Corporate Pension Funds, Hamburg Institute of International Economics, Germany (単著)

Megumi Suto

HWWA Discussion Paper No.100, (5-37) 2000
忽那憲治著『中小企業金融とベンチャ-・ファイナンス』

首藤恵

証券経済研究 ( 13 ) 141 - 145 1998.05

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コメント (共通論題:証券取引システムの変貌--自動化・電子化・市場間競争)

首藤恵

証券経済学会年報 ( 33 ) 79 - 83 1998.05

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深尾光洋,森田泰子著「企業ガバナンス構造の国際比較」

首藤恵

証券アナリストジャ-ナル 35 ( 10 ) 90 - 92 1997.10

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証券会社は変革のリスクとコストを負担せよ (銀行・証券襲いかかる金融革命<特集>) -- (苦闘する資本市場)

首藤恵

エコノミスト 72 ( 49 ) p164 - 167 1994.11

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<Book review>Institute for economic research, Osaka City University, ed., securities markets in Asia, Tokyo University Press, 1993 (The commemoration number of Prof. H. Hamada)

Suto Megumi

The quarterly journal of economic studies 17 ( 2 ) 122 - 126 1994.06

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Structural Organization and Stock Price Behavior in East and Southeast Asia, in The Asian Financial and Capital Markets -- Growth and Interrelationship -- A Report of the Study Group of the Asian Financial System

Megumi Suto

Quick総合研究所 1993
市場を甘く見るべきではない--構造問題を棚上げした政府の株価対策 (決定版資産デフレの検証) -- (90年代の株価と証券経営)

首藤恵

エコノミスト 70 ( 47 ) p76 - 78,87 1992.11

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「アメリカの証券業--変貌過程と規制緩和」佐賀卓雄

首藤恵

証券経済 ( 177 ) p157 - 165 1991.09

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金融業における顧客関係の形成と変質--産業組織分析への一つの視点 (志村嘉一先生追悼号) -- (第1部証券市場の理論)

首藤恵

証券研究 ( 80 ) p49 - 61 1987.02

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証券委託売買業の規制と非価格競争

首藤恵

計測室テクニカル・ペ-パ- ( 54 ) p35 - 54 1981.08

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Overseas Activities

企業の社会的パフォーマンスと経済的パフォーマンス：日英の比較

2013.02

-

2013.03

イギリス University of Stirling

Internal Special Research Projects

機関投資家のコーポレート・ガバナンスの国際比較研究－ファンド・マネージメントとガバナンス行動

2004

　View Summary

2003年末に、日独米英4カ国のファンド･マネージャーの行動に関するアンケート調査を実施した。本研究は、このサーベイデータを用いて各国機関投資家のファンド･マネージメント行動の違いを検証し、検証結果をコーポレート･ガバナンスの視点から分析するこことを目的とする国際共同研究である。ドイツ・ハノーバー大学のKukas Mekhoff教授との国際共同研究プロジェクトの一環として進めている。当初、4カ国を対象に比較研究を行う目的であったが、英国のサーベー･データが不十分であるために、日･独･米3カ国に絞って、投資視野、herding, 顧客からのプレッシャーへの弱さ、情報の依存効果など、機関投資家行動の違いに関するノンパラメトリック検定を行った。　暫定的な結果によると、日本の機関投資家は独米に比べて、herding、投資視野の短期性、顧客からのプレッシャー感応性の面で際立っており、企業評価がゆがめられている可能性が示唆されるという、暫定的な結果が得られている。2005年3月のハノーバー大学およびハンブルグ国際経済研究所（HWWA)への出張において、この結果を検討しさらに分析を精緻化して、論文にまとめる手順について意見交換を行うと同時に、ファンド･マネージメントの背景となる各国の機関投資家のガバナンス行動をとりまく制度的環境の違いを明らかにするために、英国およびドイツにおいてコーポレート･ガバナンスに関連する資料収集を行った。研究成果は、統計分析にかけたのち、英文でまとめた。