Updated on 2022/11/25


*Items subject to periodic update by Rikkyo University (The rest are reprinted from information registered on researchmap.)
College of Business Department of Business
Graduate School of Business Master's Program in Business
Assistant Professor
博士(学術) ( 2 2020   早稲田大学 ) / 修士(Master of Public Administration) ( Columbia University (US) ) / 学士(経済学) ( 慶応義塾大学 )
Research Theme*
  • 社会における企業の役割・影響や企業と社会の相互関係を明らかにすることを主な研究対象としている。具体的には、企業の社会的活動が投資家行動や消費者行動に与えるインパクト(企業側のベネフィット)や地域社会に与えるインパクト(社会側のベネフィット)を実証分析により解明している。

  • Research Interests
  • Corporate Social Responsibility

  • Society and Business

  • Development Economics

  • Campus Career*
    • 4 2021 - Present 
      College of Business   Department of Business   Assistant Professor
    • 4 2021 - Present 
      Graduate School of Business   Master's Program in Business   Assistant Professor

    Research Areas

    • Humanities & Social Sciences / Business administration

    • Humanities & Social Sciences / Economic policy


    • CSR Activity, Visibility, and Firm Value in the Long Term: Evidence from Japan Peer-reviewed

      Miho Murashima

      Asia-Pacific Social Science Review20 ( 4 ) 1 - 16   12 2020

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      Authorship:Lead author   Publishing type:Research paper (scientific journal)  

      File: Murashima2020b.pdf


    • Do investors’ reactions to CSR-related news communication differ by shareholder? An empirical analysis from Japan Peer-reviewed

      Miho Murashima

      Corporate Governance: The International Journal of Business in Society20 ( 5 ) 781 - 796   28 5 2020

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      Publishing type:Research paper (scientific journal)   Publisher:Emerald  

      <title content-type="abstract-subheading">Purpose</title>
      This paper aims to examine the differences in investors’ reactions toward firms’ corporate social responsibility (CSR)-related news announcements between individuals and institutions.

      <title content-type="abstract-subheading">Design/methodology/approach</title>
      Analyzed by the short-term event study and ordinary least squares (OLS) methods using a unique CSR data set collected from newspapers in Japan from 2001 to 2016.

      <title content-type="abstract-subheading">Findings</title>
      The study finds, first, the different reactions toward CSR-related news announcements among shareholders. Second, the findings indicate that individual investors are more sensitive to CSR-related positive news, whereas institutional investors are more concerned about the negative news, providing one of the reasons for mixed results in the studies on the CSR and financial performance linkage. Those findings indicate that CSR-related news affects investors’ behaviors differently based on their purpose, ability and accessible information.

      <title content-type="abstract-subheading">Practical implications</title>
      This study deepens the understanding of the different investing behaviors toward CSR-related announcements by shareholder type. Second, different attitudes among investors require different investor relations (IR) approaches depending on the type. It also provides valuable implications not only for Japanese business managers or policymakers but also for those from countries with a similar stage of market maturity in the CSR context.

      <title content-type="abstract-subheading">Originality/value</title>
      This paper is original in two ways. First, to the best of the author’s knowledge, this is the first paper to deepen the understanding of investors’ reactions toward CSR-related events through analysis by the main shareholder, which provides some insights into mixed results in the previous studies. Second, the original CSR data set collected from newspapers by the author allows the analysis to use a larger data set than other research, resulting in more robust conclusions.


      DOI: 10.1108/cg-11-2019-0346


      Other Link: https://www.emerald.com/insight/content/doi/10.1108/CG-11-2019-0346/full/html

    • Does CSR benefit firms in Japan?: Comparisons with investors' behaviors in the US and Europe Peer-reviewed


      アジア太平洋研究科論集37   39 - 55   3 2019

      More details

      Publishing type:Research paper (scientific journal)  


    Books and Other Publications

    • 町工場からアジアのグローバル企業へ : 中小企業の海外進出戦略と支援策

      大野, 泉, 大野, 健一, 領家, 誠, 村嶋, 美穂, 関, 智宏, 森, 純一

      中央経済社  2015  ( ISBN:9784502138812

      More details

      Total pages:vi, iv, 241p   Language:Japanese

      CiNii Books


    Teaching Experience

    • 9 2021 - Present 
      Good Business Workshop

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    • 4 2021 - Present 
      CSR ( Rikkyo University )

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    • 9 2020 - 3 2021 
      Economics ( Japan University of Economics )

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    Research Projects

    • How Pandemic Affects Investors' Preferences toward Firm's CSR?

      Japan Society for the Promotion of Science  Grants-in-Aid for Scientific Research Grant-in-Aid for Research Activity Start-up 

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      9 2020 - 3 2022

      Grant number:20K22104

      Grant amount:\2210000 ( Direct Cost: \1700000 、 Indirect Cost:\510000 )


    • Research on Development Partnerships with the Private Sector

      Japan Society for the Promotion of Science  Grants-in-Aid for Scientific Research Grant-in-Aid for Scientific Research (B) 


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      4 2013 - 3 2017

      Grant number:25283004

      Grant amount:\16120000 ( Direct Cost: \12400000 、 Indirect Cost:\3720000 )

      This research made a comparative analysis of development partnerships with the private sector, being undertaken by different donors, and draw implications for Japanese development cooperation toward effective implementation of the Sustainable Development Goals (SDGs). Special attention is given to their approaches, case studies, and drivers for development effectiveness. As a leading manufacturing country, the Japanese approach emphasizes the utilization of its own technologies for solving development challenges, as well as local supporting industry development through linkage building with Japanese FDI. Because Japanese ODA has strong field-orientation, it is important to link its private sector partnerships with ODA activities to enhance development impacts. At the same time, the Western donors are increasingly promoting the global platform for sustainable and inclusive supply chain development (esp. textile & apparel sector), and Japan should give due attention to this move.