Updated on 2022/05/25

写真a

 
SUTO, Megumi
 
Affiliation
Faculty of Commerce
Job title
Professor Emeritus

Education

  •  
    -
    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  

Degree

  • Keio University   Doctor(Economics)

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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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

▼display all

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

  • 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]

  • CSR研究の新たなステージ−ビジネス・モデルと資本コスト

    首藤惠

    証券アナリストジャーナル   50 ( 9 ) 54 - 60  2012

  • 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

  • 企業の社会的責任とコーポレート・ガバナンス(下)-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   63   29 - 49  2008

  • わが国企業のCSRと機関投資家のSRI−事例研究と実態調査

    首藤惠

    証券アナリストジャーナル   Vol.46 ( No.2 ) 82 - 90  2008

  • 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

  • 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

  • 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   57 - 88  1998

  • 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

  • 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   3 - 24  1997

  • 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   97 - 118  1993

  • 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

  • 韓国の銀行自由化と産業組織

    首藤惠

    三田学会雑誌   83   125 - 144  1991.03

  • 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   29 - 54  1991

  • 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   99 - 136  1988.10

  • 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   43 - 58  1985

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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

Misc

  • 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

  • “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

  • 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.

  • 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

     View Summary

    故蠟山昌一名誉教授追悼特集

    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

  • 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

    CiNii

  • 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

  • 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

    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

  • 「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

    CiNii

▼display all

Awards

  • 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

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
    -
     
     

  • 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
     

  • 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

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

Specific Research

  • 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。    

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

 

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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