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役員賞与とメインバンク, Directors' Bonus and 'Main Bank' Relationship

Author

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  • Abe, Naohito
  • Kubo, Katsuyuki

Abstract

この論文の目的は，安定したメインバンクの存在が，経営者のインセンティブ及び企業の業績に与える影響を分析することにある．過去の研究ではメインバンクと企業業績の変動の関係が肯定・否定両方の立場からなされてきたが，この論文では，メインバンク関係が経営者のリスク，具体的には役員賞与の変動に対して与える影響に着目している．1989-1999年の電気機器産業56社のデータを用いた分析の結果，企業業績の変動などの要因をコントロールした上で，安定したメインバンク企業を持つ企業では経営者の賞与の変動が有意に小さいことが示された．すなわち，メインバンク企業を持つ企業の経営者は，より安定した賞与を得ているといえよう．また，確率的生産可能性フロンティアを用いた分析では，安定したメインバンクを持つ企業の業績は，それ以外の企業と比較してやや低いことが示されている．, Many studies have been done on the effect of 'main bank' relationship on the fluctuation of firms' performance. We analyse the relationship between directors' incentives and the 'main bank' relationship, with particular emphasis on the fluctuation of the directors' bonus. We find that the variance of the directors' bonus is significantly smaller in a firm with stable 'main bank' relationship after controlling the fluctuation of firm's performance, using 56 firm data in 1989-1999. In addition, we employ stochastic production frontier analysis to show that the performance of the firm with stable 'main bank' relationship is lower.

Suggested Citation

  • Abe, Naohito & Kubo, Katsuyuki, 2002. "役員賞与とメインバンク, Directors' Bonus and 'Main Bank' Relationship," Economic Review, Hitotsubashi University, vol. 53(2), pages 151-161, April.
    • Handle: RePEc:hit:ecorev:v:53:y:2002:i:2:p:151-161
    DOI: 10.15057/21342
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