Adoption and policy implications of Japan’s new corporate governance practices after the reform

Nakamura, Masao

doi:10.1007/s10490-010-9230-8

Cited by 41 publications

(31 citation statements)

References 46 publications

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“…Theoretically, takeover is considered as a corporate governance mechanism to reduce agency conflicts (Nakamura, 2011). We argued that controlling families pay more dividends as their cash flow rights increase to reserve their 9 We did not report the results here for brevity but they are available from the authors upon request.…”

Section: Contributionsmentioning

confidence: 99%

Corporate governance in Taiwan: The nonmonotonic relationship between family ownership and dividend policy

2012

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This study considers an important aspect of corporate governance: the relationship between cash flow rights and dividend payout policy of listed family firms in Taiwan, an economy characterized by a predominance of family-controlled firms. Dividend payout levels are important because they are crucial to governing the firm and managing its investments. The empirical results show that at a low level of controlling families' cash flow rights, the threat to lose control at any time makes controlling families claim more in dividends. This yields a positive relationship between dividend payout and the cash flow rights of controlling families at this level. Meanwhile, at a moderate level of controlling families' cash flow rights, the entrenchment effect becomes more robust and creates a negative relationship with dividend payout. Finally, at the very highest level of controlling families' cash flow rights, excessive firm-specific risk again helps to again create a positive relationship. This nonmonotonic relationship between controlling family cash flow rights and dividend payout also holds for financially mature firms that have a high earned to contributed capital mix.

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Section: Contributionsmentioning

confidence: 99%

Corporate governance in Taiwan: The nonmonotonic relationship between family ownership and dividend policy

2012

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“…A second is reforming boards of directors, including the election of active and independent board members (Peng, 2004) and the separation of the board chair and CEO positions (Chen et al, 2011). A third is encouraging an active market for corporate control in which poorly governed companies can be acquired, and presumably reformed, by better governed companies that enjoy lower costs of capital because of their superior corporate governance (Nakamura, 2011).…”

Section: Improving Corporate Governance and Corporate Performancementioning

confidence: 99%

Corporate governance and Asian companies

2010

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“…First, there was a continuation of interests from the previous decade (Asaba 2013;Bloom et al 2012;Nakano and Nguyen 2012;Xie and Fukumoto 2013). Second, there was a focusing on the collapse of the traditional Japanese corporate governance model (Chizema and Shinozawa 2012;Nakamura 2011;Shim and Okamuro 2011;Uchida 2011); and third, research was increasingly concerned with multiple categories (Egelhoff and Frese 2011;Noda 2013;Pascal 2011;Sekiguchi et al 2011).…”

Section: Corporate Governance 2011-2013mentioning

confidence: 99%

Does Japan Still Matter? Past Tendencies and Future Opportunities in the Study of Japanese Firms

Endo

Delbridge

Morris

2014

Int J Management Reviews

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This paper engages with the question ‘does Japan still matter’ by systematically reviewing publication patterns in peer‐reviewed academic journal articles addressing Japanese firms and their management practices, illustrating the academic discourse surrounding Japanese firms over four decades, and by identifying future research opportunities. Initially, particularly from the 1980s when Japanese firms came to prominence, these practices tended to be identified as ‘best practice’. However, at least in part due to socio‐economic changes, this tendency has become less prominent since the ‘bubble economy’ burst. Instead, three broader developments are observed: the examination of the continuity and change in the traditional Japanese model, a more complex approach that involves multiple themes of research, and leveraging new contexts to examine Japanese firms, including the long‐term recession, the rise of the East Asian economy, and the increasing importance of corporate social responsibility.

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Adoption and policy implications of Japan’s new corporate governance practices after the reform

Abstract: Corporate governance reform, Japan, Selective adaptation, Efficiency, Keiretsu ,

Cited by 41 publications

References 46 publications

Corporate governance in Taiwan: The nonmonotonic relationship between family ownership and dividend policy

Corporate governance in Taiwan: The nonmonotonic relationship between family ownership and dividend policy

Corporate governance and Asian companies

Does Japan Still Matter? Past Tendencies and Future Opportunities in the Study of Japanese Firms

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