企業統治、企業再生及びＭ＆Ａに関する経済分析
キーワード：企業統治，Ｍ＆Ａ，買収防衛策，株主提案, 企業再生
1997.04～2018.03.
| 葉 聰 明（イエ ツオンミン） | データ更新日：2023.11.22 |
主な研究テーマ
金融リテラシー，金融教育と財務意思決定に関する実証研究
キーワード：金融リテラシー
2016.09～2021.03.
キーワード：金融リテラシー
2016.09～2021.03.
研究業績
主要原著論文
| 1. | Tsung-ming Yeh, Financial Teaching by Parents and Financial Education at School or Workplace: Evidence from Japan, Financial Services Review, Vol 30, 2023.06, This study investigates the differential roles of financial socialization within the family versus financial education at school or the workplace, using data from a representative sample of 25,000 Japanese individuals. The results indicate that different platforms may play different roles. While the adults’ short-term financial behaviors, which involve regular feedback and immediate consequences for deviation, are primarily related to their parent’s financial advising in childhood, long-term financial behaviors, which require complex planning and decision-making, are primarily related to financial education received at school or the workplace. The results also suggest the benefits of accumulating financial experiences and education in different stages.. |
| 2. | Yeni Januarsi, Tsung-Ming Yeh, Accounting Comparability and Earnings Management Strategies: Evidence from Southeast Asian Countries, Emerging Markets Finance and Trade, 10.1080/1540496X.2022.2075258, 2022.05, [URL], We examined the effect of accounting comparability on the use of accrual earnings management (AEM) and real earnings management (REM) among five members of the Association of Southeast Asian Nations. Analyzing 1,195 listed non-financial companies from 2014 to 2017, we find that more comparable accounting information between firms induces managers to engage in more REM and less AEM, supporting the substitute hypothesis. The results remain similar under the robustness tests. Our results suggest that reporting and legal environment factors may affect cost-benefit considerations versus incentives for using earnings management strategies.. |
| 3. | Tsung-ming Yeh,Yue Ling, Confidence in Financial Literacy, Stock Market Participation, and Retirement Planning, Journal of Family and Economic Issues, https://doi.org/10.1007/s10834-021-09769-1, 2021.05, This study investigated whether overconfidence with respect to one’s financial literacy affects stock market participation and retirement preparation and if so, how. Using an effective sample of 12,653 Japanese individuals, the empirical results confirm that financial literacy plays a positive role, while confidence in financial literacy also matters. For people with relatively low financial literacy, overconfidence can encourage taking financial action, while for people with high financial literacy, underconfidence can deter action. Confidence could have an effect equal to or greater than financial literacy. Moreover, it was also found that the positive effect of overconfidence is weaker for women than for men..  |
| 4. | Tsung-ming Yeh, An empirical study on how financial literacy contributes to preparation for retirement, Journal of Pension Economics and Finance, 10.1017/S1474747220000281, 2020.08, This study provides empirical evidence on the mechanisms through which financial literacy may be associated with saving for retirement, in the three phases of the decision-making process—information perception, information search and evaluation, and decision-making and implementation. The results indicate that financial literacy has significantly positive effects on one’s awareness of post-retirement financial needs, comparing alternatives when purchasing financial products, displaying fewer present-time, and planning for and setting aside funds for retirement. Financial literacy not only directly contributes to planning for future, but also indirectly via a reduction in behavioral biases.. |
| 5. | Tsung-ming Yeh, Determinants and consequences of shareholder proposals: The cases of board election, charter amendment, and profit disposal, JOURNAL OF CORPORATE FINANCE, 10.1016/j.jcorpfin.2017.05.004, 45, 245-261, 2017.08, [URL], By investigating shareholder proposals in Japan during 2004-2013, this study aims to address the question whether exercising legally powerful shareholder rights has an impact on the management. Compared with their counterparts in the United States, Japanese shareholders are entitled to more statutory rights, including binding shareholder resolutions on issues relating to board election, charter amendment, and profit disposal. The empirical tests reveal several important results. First, different types of shareholder proposals are triggered by varying firm characteristics. Second, resolutions on the board election and charter amendments relating to corporate governance receive higher votes than those for profit disposal. Voting outcome is also positively associated with foreign shareholding, duration of the general meeting, and the firm's history of receiving proposals. Moreover, resolutions initiated by large shareholders have positive impacts on the target firms, which reported positive announcement-associated abnormal returns. Improvements in the operating performance are observed for firms passing board election resolutions and firms receiving charter amendment proposals from large shareholders. The management also increased share buyback and dividend payout in response to demands by large shareholders, although there was no significant change in the post-resolution operating performance. Overall, the results indicate that statutorily powerful shareholder rights, when exercised by large shareholders, can have a positive impact. (C) 2017 Elsevier B.V. All rights reserved.. |
| 6. | Tsung-ming Yeh, Do Private Equity Funds Increase Firm Value? Evidence from Japanese Leveraged Buyouts, Journal of Applied Corporate Finance, 10.1111/j.1745-6622.2012.00405.x, 24, 4, 2012.12, [URL], Abstract The author summarizes the findings of his recent study of 62 buyouts of listed Japanese companies by both Japanese and “foreign” private equity funds that were transacted between 2000 and 2007. Roughly half of the author's sample of transactions were accomplished by means of takeover bids by PE funds, and such deals were transacted at prices that represented a premium (of roughly 12%) to current market values. Most of the other PE transactions were privately negotiated deals in which the purchase prices involved discounts (of about 15% on average) to current value. For both sets of deals, however, the announcements of such buyouts were associated, on average, with a significantly positive stock market reaction. By the cutoff date of the study (May 2010), 30 of the 62 acquired firms had realized “exits.” Those companies (though not the others) experienced significant average improvements in operating performance; and the extent of such improvements were roughly consistent with the size of the positive market reaction to the buyout announcements. The test results suggest that the value increases can be attributed to the more efficient use of assets and reduction of operating costs. Meanwhile, there was no evidence suggesting that the acquired firms cut back on their research and development, capital investments, or employee wages and growth. What's more, examination of the operating performance of the 30 companies after their exits showed no deterioration in profitability or investment spending.. |
主要学会発表等
学会活動
所属学会名
経営行動科学学会
日本国際ビジネス研究学会
Asian Finance Association
Taiwan Finance Association
国際ビジネス研究学会
経営行動科学学会会員
日本ファイナンス学会
日本経営財務研究学会
学会大会・会議・シンポジウム等における役割
2022.03.14～2022.03.15, JFA－PBFJ Special Issue Conference, Program Co-chair.
2019.12.16～2019.12.18, The 3２nd Australasian Finance and Banking Conference (AFBC), その他.
2020.08.29～2020.08.29, 日本経営財務研究学会西日本部会研究会, その他.
学会誌・雑誌・著書の編集への参加状況
2022.12～2023.11, 日本経営財務, 国内, 編集委員.
2018.12～2019.03, 企業統治と会社法の経済学（上場企業における株主提案に関する経済分析）, 国内, 著者.
2011.04～2012.03, 経営行動科学ハンドブック, 国内, 編集委員.
2008.04, 経営行動科学, 国内, 編集委員.
学術論文等の審査
| 年度 | 外国語雑誌査読論文数 | 日本語雑誌査読論文数 | 国際会議録査読論文数 | 国内会議録査読論文数 | 合計 |
|---|---|---|---|---|---|
| 2021年度 | 4 | 10 | 14 | ||
| 2020年度 | 3 | 2 | 0 | 7 | 12 |
| 2018年度 | 3 | 0 | 1 | 0 | 4 |
その他の研究活動
海外渡航状況, 海外での教育研究歴
University of Illinois Urbana-Champaign, UnitedStatesofAmerica, 2019.05～2019.05.
台湾師範大学, Taiwan, 2019.05～2019.05.
Rhode Island University, UnitedStatesofAmerica, 2019.03～2019.03.
受賞
台湾財務金融学会 研究論文賞, 2019 International Conference of Taiwan Finance Association （台湾財務金融学会）, 2019.05.
日本経営財務究学会学会賞, 日本経営財務究学会, 2013.10.
国際ビジネス研究学会学会賞, 国際ビジネス研究学会, 2013.11.
経営行動科学学会・学会賞（研究奨励賞）, 経営行動科学学会, 2008.11.
研究資金
科学研究費補助金の採択状況(文部科学省、日本学術振興会)
2022年度～2024年度, 基盤研究(C), 代表, クロスボーダーM&Aと文化的要因～文化的距離，時間選好，リスク選好の影響について.
2019年度～2022年度, 基盤研究(B), 分担, コーポレートガバナンスと経験：新しいデータ構築と実証的解明への挑戦.
2017年度～2020年度, 基盤研究(C), 代表, 日本における金融リテラシーとファイナンシャル意思決定の関係についての研究.
2013年度～2016年度, 基盤研究(C), 代表, 機関投資家のガバナンス介入や買収防衛策の導入に関する実証研究：日本企業を中心に.
2013年度～2016年度, 基盤研究(C), 代表, 『機関投資家のガバナンス介入や買収防衛策の導入に関する実証研究：日本企業を中心に』.
2010年度～2012年度, 若手研究(B), 代表, 日本のコーポレートガバナンスにおける機関投資家の役割に関する実証研究.
2010年度～2012年度, 基盤研究(C), 代表, 日本のコーポレートガバナンスにおける機関投資家の役割に関する実証研究.
2011年度～2011年度, 研究成果公開促進費, 代表, 日本企業の合併買収と企業統治.
2007年度～2008年度, 若手研究(B), 代表, 日本のM&A市場と企業統治の関係についての実証研究.
2007年度～2008年度, 基盤研究(C), 代表, 日本のM&A市場と企業統治の関係についての実証研究.
2004年度～2004年度, 基盤研究(C), 国際合併・買収と企業価値：日本企業の場合.
1999年度～2002年度, 基盤研究(C), 日本と台湾の企業合併・買収に関する比較分析.
競争的資金(受託研究を含む)の採択状況
2021年度～2021年度, トランスコスモス財団・2021年度 研究助成, 代表, 財務意思決定における金融リテラシーの役割とメカニズムへの解明.
2019年度～2020年度, 野村財団社会科学研究助成, 代表, 経済リテラシー，行動バイアス，および財務行為との関係に関する研究.
2019年度～2020年度, 村⽥学術振興財団研究助成, 代表, クロスボーダー投資の効果における文化・制度・心理距離の影響に関する実証分析.
2017年度～2018年度, 野村マネジメントスクール研究助成, 代表, 日本における金融リテラシーとファイナンシャル意思決定に関する実証研究.
2004年度～2004年度, （台湾）国家科学委員会補助, 代表, 『国際合併・買収と企業価値：日本企業の場合』.
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