Corporate governance, political involvement, and internationalization: An empirical investigation in Japan and Taiwan

Chen, Liwen; Yu, Hsin-Yi

doi:10.1016/j.ribaf.2016.07.023

Cited by 7 publications

(8 citation statements)

References 29 publications

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“…However, the mean and median comparison tests (t-test and z-test) yield a significant difference between family and non-family firms in terms of Tobin's Q, as shown in Table 4. The above results are consistent with previous literature, which points out that family firms tend to perform better than non-family firms (Chen et al 2005;Saito 2008;Morikawa 2013;Dazai et al 2016;Chen and Yu 2017).…”

Section: Descriptive Statisticssupporting

confidence: 92%

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Corporate Governance and Firm Performance: A Comparative Analysis between Listed Family and Non-Family Firms in Japan

Kojima

Adhikary

Tram³

2020

JRFM

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This study aims to explore the relationship between corporate governance and financial performance of publicly listed family and non-family firms in the Japanese manufacturing industry. The study obtains data from Bloomberg over the period 2014–2018 and covers 1412 firms comprising of 861 non-family and 551 family firms. Our results show that family firms outperform non-family counterparts in terms of return on assets (ROA) and Tobin’s Q when a univariate analysis is invoked. On multivariate analysis, family firms show superior performance to non-family firms with Tobin’s Q. However, family ownership negates firm performance when ROA is taken into account. Regarding the impact of governance elements on Tobin’s Q, institutional shareholding appears to be a significant and positive factor for promoting the performance of both family and non-family firms. Furthermore, board size encourages the performance of non-family firms, while such influence is not observed for family firms. In terms of ROA, foreign ownership inspires the performance of both family and non-family firms. Moreover, government ownership stimulates the performance of family firms, while board independence significantly negates the same. Besides, we find that the performance of family firms run by the founder’s descendants is superior to that of family firms run by the founder. These findings have critical policy implications for family firms in Japan.

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Section: Descriptive Statisticssupporting

confidence: 92%

“…Saito (2008) concluded that family control has a link to higher Tobin's Q. Similarly, Chen and Yu (2017) contend that Japanese and Taiwanese firms run by founders are traded at a higher value in the stock market.…”

Section: Family Ownership and Firm Performancementioning

confidence: 99%

Corporate Governance and Firm Performance: A Comparative Analysis between Listed Family and Non-Family Firms in Japan

Kojima

Adhikary

Tram³

2020

JRFM

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“…Amakudari has been the subject of much criticism, and it is nowadays less formalized than previously when ministries were still actively helping their parting bureaucrats to find suitable firms (Colignon & Usui, 2003; Kerbo & McKinstry, 1995). However, more recent evidence suggests that amakudari still plays a role in Japan, and amakudari directors continue to be part of the country's corporate elite (Chen & Yu, 2017; Inatsugu, 2011; Schmidt, 2004). Bank directors : Japan is traditionally known as a country with a bank‐based form of capitalism (Jackson & Moerke, 2005).…”

Section: Theory and Hypothesesmentioning

confidence: 99%

Much ado about diversity? The perpetuation of old elites on corporate boards

Schmid

Roedder

2022

Manage Decis Econ

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Despite ubiquitous diversity pledges, many corporate boards still closely resemble those of the past, in that they are largely composed of directors with distinct elite backgrounds. Our study asks why some firms have more elite boards than others. We draw on elite theory and organizational change and stability literature to argue that the elite's inherent propensity to self‐perpetuate is stronger in firms that are characterized by stability. Our empirical results, based on a Japanese sample, support our claim. We add to the debate on board composition by concluding that the old elite is likely to retain its importance in the future in firms that provide a suitable setting for its perpetuation.

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“…Similarly, Chen and Yu (2015) reported that companies with a higher degree of internationalization have boards with stronger monitoring ability and therefore can fend off intervention by government. In general, Kusumaningtias et al (2016) argue that the concept of corporate governance works stable in the framework of capitalism but, Brada (2016) advocated that neither anecdotal evidence of managerial malfeasance nor the theories of tunneling and looting provide strong evidence for this view of corporate governance.…”

Section: Literature Reviewmentioning

confidence: 99%

Unified Corporate Governance Practice of Trade Partners with India: Towards International Code of Best Practices

Shamim

Fatima

Almaqtari

2018

JESP

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This paper investigates the uniformity of corporate governance practices towards international code of best practices. The top 5 trading partner countries with India and export network worldwide have been selected, then from each country, 5 companies are selected which are leading in merchandise export. This study is based on secondary data sourced from published annual reports of the listed companies for the financial year from 2015 to 2017. The study employs descriptive statistics and ANOVA to evaluate the uniformity of corporate governance practices namely; some board characteristics, board committees, listing abroad, international segment or branch, and international governance indicators. It has found that there is statistical significance at the level of 5% that companies follow uniform corporate governance practices relating to board characteristics, board committees, listing abroad, having international segment, and international governance indicators except for executive members, risk management committee, corporate governance and grievance committee, total assets and sales of the company. It is recommended that countries and international bodies should encourage companies toward uniformity of corporate governance.

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Corporate governance, political involvement, and internationalization: An empirical investigation in Japan and Taiwan

Cited by 7 publications

References 29 publications

Corporate Governance and Firm Performance: A Comparative Analysis between Listed Family and Non-Family Firms in Japan

Corporate Governance and Firm Performance: A Comparative Analysis between Listed Family and Non-Family Firms in Japan

Much ado about diversity? The perpetuation of old elites on corporate boards

Unified Corporate Governance Practice of Trade Partners with India: Towards International Code of Best Practices

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