Evolving corporate governance and firms performance: evidence from Japanese firms

Ullah, Wali

doi:10.1007/s10101-016-0180-6

Cited by 13 publications

(12 citation statements)

References 48 publications

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“…First, it uses an unbalanced panel dataset of 10,043 company‐year observations from 16 countries during the period 2004–2015. This is in contrast to previous studies that focus mainly on specific time periods and on a restricted sample of companies operating in specific countries, such as Australia, Japan, and the United Kingdom (Chen, Cheng, & Wang, ; Kiel & Nicholson, ; Ullah, ; Weir & Laing, ). Moreover, the availability of data from multiple countries adds special interest to our research because it allows the analysis to be extended to a broader point of reference than the corporate system addressed by most existing studies.…”

Section: Introductioncontrasting

confidence: 60%

“…First, it uses an unbalanced panel dataset of 10,043 company-year observations from 16 countries during the period 2004-2015. This is in contrast to previous studies that focus mainly on specific time periods and on a restricted sample of companies operating in specific countries, such as Australia, Japan, and the United Kingdom (Chen, Cheng, & Wang, 2015;Kiel & Nicholson, 2003;Ullah, 2017;Weir & Laing, 2001).…”

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confidence: 58%

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Varieties of capitalism, corporate governance mechanisms, and stakeholder engagement: An overview of coordinated and liberal market economies

Pucheta‐Martínez

Gallego‐Álvarez

Bel‐Oms

2019

Corp Soc Responsibility Env

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This paper examines those aspects of national institutions that affect corporate governance mechanisms at international level. The study uses the “varieties of capitalism” approach, which is concerned with the way companies interact strategically to solve the coordination problems arising from their activities. This research is based on a sample of countries operating in coordinated market economies and liberal market economies. The data were collected from the Thomson Reuters database. The findings suggest that the institutional context is associated with several corporate governance mechanisms. Specifically, our results find that the proportion of female directors on boards and the presence of corporate governance committees are higher in firms operating in liberal market economies than in those domiciled in coordinated market economies. Regarding the disclosure of corporate social responsibility information, the evidence shows that it is not affected by the varieties of capitalism measured, whereas board‐specific skills are higher in the latter than in the former. This paper offers empirical evidence at international level for the varieties of capitalism that contribute to better corporate governance structures. With regard to managerial implications, our findings show that belonging (or not) to a specific variety of capitalism impacts various mechanisms of corporate governance.

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Section: Introductioncontrasting

confidence: 60%

contrasting

confidence: 58%

Varieties of capitalism, corporate governance mechanisms, and stakeholder engagement: An overview of coordinated and liberal market economies

Pucheta‐Martínez

Gallego‐Álvarez

Bel‐Oms

2019

Corp Soc Responsibility Env

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show abstract

“…Secondly, previous studies have focused mainly on specific time periods and on a sample of firms operating in a specific country, such as Australia, Japan and UK (Kiel and Nicholson, 2003;Ullah ,2017;Weir and Laing, 2001;Chang et al, 2015), while a few papers, as far as we know, have drawn on a sample of several countries (e.g. Fauver et al, 2017, Claessens andYurtoglu, 2013;Kim and Lu, 2013;Iliev et al, 2015).…”

Section: Introductionmentioning

confidence: 99%

Do board characteristics drive firm performance? An international perspective

2019

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The aim of our research is to analyze how board characteristics influence firm performance. In this paper, we specifically examine how board size, board independence, CEO duality, female directors and board compensation affect firm performance in a sample of international firms. The final panel data sample is composed of 10,314 firm-year observations belonging to 34 countries that have been grouped into six geographic zones: Africa, Asia, Europe, Latin America, North America and Oceania. Drawing on agency theory and dependence resource theory, we posit five hypotheses. The results show that some board characteristics, such as board size, board independence and having a female director, are positively associated with firm performance, whereas CEO duality, contrary to our expectations, also impacts positively on firm performance. Moreover, board compensation is not associated with firm performance. Tobin's Q was used to measure firm performance, although an accounting measure was also employed for robustness analyses and to provide more validity to our results.

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“…Over time, many research and studies were carried, through which a series of relationships and contributions of corporate governance and sustainability were elucidated. The most relevant research focused on: the impact upon the increase of financial performance through the affiliation of entities to a group [29,30]; the adequate motivation and monitoring of managers with subsequent influence in share prices [31,32]; the determination of managers to apply investment policies that lead to the maximum value of the entities [33,34]; the increase of the performance and market value of entities [35][36][37][38][39][40]; the relationship between performance, structure, and stock holdings among the members of the board [41,42], and the increasing competition to attract investors and the economic performance of entities [43,44].…”

Section: Literature Review and Hypothesis Developmentmentioning

confidence: 99%

“…Many researchers have concluded that a combination of the BoD Chairman and CEO positions is not optimal for the leadership structure of an entity. This perspective shows that through the concentration of the decision authority, independence is limited and efficiency in monitoring management is reduced [36,49,77,78]. Moreover, a study conducted by Chen et al [79] shows that the duality of the CEO/chairman does not cause financial distress.…”

Section: Literature Review and Hypothesis Developmentmentioning

confidence: 99%

The Impact of Corporate Governance Mechanism over Financial Performance: Evidence from Romania

et al. 2021

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In the context of the globalization and internationalization of economies, to efficiently attract financial and intellectual capital that is necessary for business sustainability, the mechanisms of corporate governance have to be based on gaining the trust of all the interested parties. These objectives require an organizational culture and a climate which is based on correctness, responsibility, transparency, and efficiency, in which ethical principles govern the spread of behaviors in the entire entity. This research identifies the relation between the corporate governance and the entities’ financial performance using the specific context of Romania. The findings of this study reveal new insights on the corporate governance and financial performance based on a sample of companies listed on the Bucharest Stock Exchange. The results show a positive correlation between the net accounting results, earnings per share, and the duality of the CEO, and a negative correlation between price per share and the duality of the CEO.

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Evolving corporate governance and firms performance: evidence from Japanese firms

Cited by 13 publications

References 48 publications

Varieties of capitalism, corporate governance mechanisms, and stakeholder engagement: An overview of coordinated and liberal market economies

Varieties of capitalism, corporate governance mechanisms, and stakeholder engagement: An overview of coordinated and liberal market economies

Do board characteristics drive firm performance? An international perspective

The Impact of Corporate Governance Mechanism over Financial Performance: Evidence from Romania

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