Updated on 2025/07/19

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

  • 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

  • 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

  • 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

  • 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

  • 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

  • Structural Organization and Stock Price Behavior in East and Southeast Asia

    Suto, M

    QRI Research Report   402   11 - 31  1993.10

  • Economic impacts of financial reform on Korean banking industry

      83   125 - 144  1991.03

    CiNii

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Books and Other Publications

  • Stakeholder Engagement and Innovation in Japan

    Megumi Suto, Hitoshi Takehara( Part： Joint author)

    Springer Nature  2025.03 ISBN: 9789819603152

  • 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

  • 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

  • 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

  • Reflection on the new financial system in Japan, Chapter 14, in Designing Financial System in East Asia and Japan

    RoutledgeCurzon  2004

  • 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

  • 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

  • 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

  • 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

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

    Basil Blackwell  1993

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

    Basil Blackwell  1993

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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

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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

  • “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

  • 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

  • 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

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

      ( 43 ) 163 - 168  2008.07

    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

  • 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

    　View Summary

    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.

  • <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

    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

    　View Summary

    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.

  • 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

  • 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

  • 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

  • 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

    CiNii

  • <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

    CiNii

  • 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

▼display all

 

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。