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Articles 1 - 30 of 49
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Conflict Or Alignment? The Role Of Return-Oriented Foreign Shareholders And Domestic Relational Shareholders In Mitigating Earnings Management, Toru Yoshikawa, Ignacio P. Requejo, Asli Colpan, Daisuke Uchida
Conflict Or Alignment? The Role Of Return-Oriented Foreign Shareholders And Domestic Relational Shareholders In Mitigating Earnings Management, Toru Yoshikawa, Ignacio P. Requejo, Asli Colpan, Daisuke Uchida
Research Collection Lee Kong Chian School Of Business
This study investigates the effects of foreign return-oriented shareholders and domestic relational shareholders of Japanese companies on the earnings management behavior of their invested firms when stock option pay is adopted. We theorize that foreign shareholders seek short-term returns and do not engage in close monitoring due to an information disadvantage while domestic shareholders prevent managerial behavior that distorts information disclosure. Our findings show that managers of firms that use stock option pay engage in earnings management to increase their private financial benefits and meet capital markets’ expectations, which allows them to enhance their own reputation. However, this managerial behavior …
Skbi Big 5 Survey 2022 August, Singapore Management University
Skbi Big 5 Survey 2022 August, Singapore Management University
Sim Kee Boon Institute for Financial Economics
The latest survey results on the largest five economies (Big5) were revised markedly relative to the prior release (pre-Russia-Ukraine conflict), generally indicating weaker growth and higher inflation coupled with incremental ambiguity on the policy front.
Skbi Big 5 Survey 2022 February, Singapore Management University
Skbi Big 5 Survey 2022 February, Singapore Management University
Sim Kee Boon Institute for Financial Economics
The latest survey results on the largest five economies (Big5), based on submissions prior to the ongoing Russia-Ukraine conflict, imply a more intricate growth, inflation and policy dynamic.
Skbi Big 5 Survey 2021 August, Singapore Management University
Skbi Big 5 Survey 2021 August, Singapore Management University
Sim Kee Boon Institute for Financial Economics
The latest survey results convey an upshift in growth projections of the five largest economies in aggregate accompanied by higher inflation, especially this year and to a lesser extent next year. The aggregate “Big5” median real GDP growth projections for 2021 and 2022 were raised to 6.7% (up in US, CN and EA but down in IN and JP) and 4.9% (all except US), respectively. The overall “Big5” median CPI inflation forecasts were nudged up to 2.6% (higher in US, IN and EA but lower in CN) and 2.4% (in US, IN and EA some), respectively, for this year and …
Skbi Big 5 Survey 2021 February, Singapore Management University
Skbi Big 5 Survey 2021 February, Singapore Management University
Sim Kee Boon Institute for Financial Economics
The latest survey results suggest that the five largest economies collectively is projected to snapback to almost 6% in 2021, a modest upgrade from the August median, following an unprecedented preliminary contraction of roughly 4% last year (in real GDP terms). The 2022 median growth forecast of slightly above 4.5%, while slower, is still respectable, outstripping its pre-COVID 10-year average pace by more than half a percentage point. The aggregate upgrade in 2021, however, obscures the lopsided nature and highly uneven contour of the ongoing recovery. The bulk of the upward revision to growth was mainly due to IN (to …
Skbi Big 5 Survey 2020 August, Singapore Management University
Skbi Big 5 Survey 2020 August, Singapore Management University
Sim Kee Boon Institute for Financial Economics
The COVID-19 pandemic led to whopping downward revisions to 2020 real GDP growth among the Big5 economies, on average greater than 7%-points (ranging from roughly 3.5%-points for China to more than 10%-points for India). The forecast revisions to headline inflation were less sizable and more uneven, perhaps because of the confluence of supply and demand influences. The 2021 median GDP forecast is expected to turn positive overall, with a balanced risk assessment for most of the Big5 (but a coin toss in IN and US), but the growth reversal is likely to be highly uneven. While China regains its prior …
The Transnational Frontiers Of Japanese Education: Multiculturalism, Cosmopolitanism, And Global Isomorphism, Hiro Saito
The Transnational Frontiers Of Japanese Education: Multiculturalism, Cosmopolitanism, And Global Isomorphism, Hiro Saito
Research Collection School of Social Sciences
The Japanese education system today faces three transnationally created challenges. The first is multiculturalism. Given an increasing number of students whose parents are either migrants or naturalized citizens, the government needs to rethink the nature of public schools, which have traditionally catered to ethnic majority students, and explore how to make them culturally more inclusive. The second is cosmopolitanism. Although cosmopolitanism is regarded as a desirable disposition and competency in a globalizing world, the government has difficulty incorporating it into the education system that continues to function as a central vehicle of nation-building. The third is global isomorphism. While world …
Covid-19 And Japanese Shareholder Activism: Brief Respite For Japan's Self-Healing Concrete, Toru Yoshikawa, Gavin Chua
Covid-19 And Japanese Shareholder Activism: Brief Respite For Japan's Self-Healing Concrete, Toru Yoshikawa, Gavin Chua
Research Collection Lee Kong Chian School Of Business
Extrapolating from modern international understanding of corporate Japan’s distinct form of managerial capitalism, we elaborate on the growing momentum of shareholder activism in Japan leading up to the COVID-19 health crisis, so as to inform the subsequent discussion on the relevant primary considerations that belie the future direction of shareholder activism in Japan post-COVID-19. On an initial logical extrapolation, it appears probable that COVID-19 could mark the peak of Japanese activism. However, it is crucial to acknowledge that the success of Japan’s managerial capitalism have also declined, which poses a question on to which direction Japanese corporate governance may be …
Skbi Big 5 Survey 2020 February, Singapore Management University
Skbi Big 5 Survey 2020 February, Singapore Management University
Sim Kee Boon Institute for Financial Economics
On balance, our overall read of the latest multiyear Big5 survey results implies the following economy-at-risk scale (least to most): India, US, Euro Area, Japan and China (i.e., India’s economy might be least at-risk, while China is deemed to be most at-risk). Broadly, survey participants expect the risk assessment to GDP growth to be skewed to the downside in 2020 followed by a more balanced backdrop in 2021. But participants seem to be more divided, with most responses favoring “downside” or/and “balanced” risks, on the 2022 growth environment. The risks to headline inflation in 2020, however, appear to be more …
Culture Moderates The Link Between Perceived Obligation And Biological Health Risk: Evidence For Culturally Distinct Pathways To Achieving Positive Health Outcomes, Andree Hartanto, Yee-Man Ivy Lau, Jose C. Yong
Culture Moderates The Link Between Perceived Obligation And Biological Health Risk: Evidence For Culturally Distinct Pathways To Achieving Positive Health Outcomes, Andree Hartanto, Yee-Man Ivy Lau, Jose C. Yong
Research Collection School of Social Sciences
Rationale: Although perceived obligations to meet the expectations of family, friends, and society can be detrimental to physical health, much research in this area has thus far been conducted exclusively on Western samples. Cross-cultural research importantly suggests that positive health can be dependent on whether one engages in modes of being that are sanctioned by one's culture. Specifically, studies show that better health is predicted when people from cultures that value independence are able to exercise their personal autonomy and when people from cultures that value interdependence are able to maintain relational harmony (Kitayama et al., 2010). Objective: Based on …
Lawyers And Law Graduates In Parliaments As A Consequence Of Smd Electoral Systems: Comparing Japan, South Korea, And Germany, Devin K. Joshi
Lawyers And Law Graduates In Parliaments As A Consequence Of Smd Electoral Systems: Comparing Japan, South Korea, And Germany, Devin K. Joshi
Research Collection School of Social Sciences
This study addresses the question of why so many of the world’s legislators are lawyers or law graduates. Drawing from previous studies on lawyer-legislators and electoral systems, it develops the argument that ‘first-pass-the-post’ single-member district electoral systems presume a principal-agent logic of representation and are therefore conducive to political parties selecting representatives with either occupational experience or educational training in the field of law. By contrast, proportional representation (PR) elections presume a microcosm model of representation incentivizing parties to select candidates representing diverse demographic and occupational backgrounds. This conjecture is tested by examining legislator backgrounds in three large parliaments with …
Skbi Big 5 Survey 2019 August, Singapore Management University
Skbi Big 5 Survey 2019 August, Singapore Management University
Sim Kee Boon Institute for Financial Economics
On balance, our overall interpretation of the multiyear Big5 survey results implies the following economy-at-risk scale (least to most): India, China, US, Japan and Euro Area (i.e., India’s economy appears to be the least at-risk, while the Euro Area might be the most at-risk). Broadly, survey participants expect the risks to GDP growth to be tilted to the downside in 2019 and 2020 followed by a more balanced growth environment in 2021. But participants seem to lean toward a more balanced risk assessment on headline inflation from 2019 through 2021, with the exception of the Euro Area, where a modest …
How Do Board Ties Affect The Adoption Of New Practices? The Effects Of Managerial Interest And Hierarchical Power, Toru Yoshikawa, Jung Wook Shim, Chang Hyun Kim, Anja Tuschke
How Do Board Ties Affect The Adoption Of New Practices? The Effects Of Managerial Interest And Hierarchical Power, Toru Yoshikawa, Jung Wook Shim, Chang Hyun Kim, Anja Tuschke
Research Collection Lee Kong Chian School Of Business
Research Question/Issues: Most extant literature implicitly equates obtaining information through board interlocks to acting on the information. We investigate triggers that help to translate the information into action. In addition to exposure to the information by board interlocks, we suggest that the self-interest of the individuals who create these ties and hierarchical power of interlinked firms determines the likelihood of taking actions of adopting new practices. Research Findings/Insights: Using the action of adopting two distinctive governance practices, stock option pays or board reform, we find that sent ties and received ties affect the adoption decisions differently. Whereas sent ties reflect …
Hostile Takeover Regimes In Asia: A Comparative Approach, Umakanth Varottil, Wai Yee Wan
Hostile Takeover Regimes In Asia: A Comparative Approach, Umakanth Varottil, Wai Yee Wan
Research Collection Yong Pung How School Of Law
The market for corporate control is animportant corporate governance mechanism for the discipline of corporatemanagers. However, the process and substance of the regulation of hostiletakeovers differs remarkably among various jurisdictions. Existing andinfluential scholarship has focused on the differences in regulation between UnitedStates (US) and the United Kingdom (UK), with the explanations being founded ininterest group politics. Influential as it is, the question is whether thetheory can be extended outside of the US and the UK, particularly to theirlegal transplants in Asia? In the last few decades, many of the Asianjurisdictions have drawn heavily from the US and the UK when …
Designing Small Successes, Edwin Low
Designing Small Successes, Edwin Low
Research Collection Institute of Service Excellence
Edwin Low of Supermama talks about how he’s built his team and the differences between Singaporean and Japanese customers
Whose Blue Heaven? Musicality In The Early Japanese Talkies, Richard M Davis
Whose Blue Heaven? Musicality In The Early Japanese Talkies, Richard M Davis
Research Collection School of Social Sciences
This article focuses on the advent of synchronized sound production in Japan in 1931 – three years later than the United States – and the generative ambiguities of how sound and music’s relationship to film was figured in that year’s anxious discourse. I argue that this ‘belatedness’ is echoed in relationships of on-screen image and offscreen sound, noise, and music in two important early sound films, The Neighbor’s Wife and Mine (Gosho 1931) and A Tipsy Life (Kimura 1933).
The Evolution Of Ownership Structure In Japanese Firms (1962-2012), Jungwook Shim, Toru Yoshikawa
The Evolution Of Ownership Structure In Japanese Firms (1962-2012), Jungwook Shim, Toru Yoshikawa
Research Collection Lee Kong Chian School Of Business
In this chapter, we investigate the evolution of ownership structure and corporate governance in Japanese firms based on the entire population of listed firms from 1962 to 2012.
The Cultural Pragmatics Of Political Apology, Hiro Saito
The Cultural Pragmatics Of Political Apology, Hiro Saito
Research Collection School of Social Sciences
In recent decades, research on ‘political apology’, wherein the state apologizes to victims of its past wrongs, has multiplied, as redress movements based on human rights have proliferated around the world. Since most of this research has been conducted by political philosophers, however, analyses of political apologies tend to adopt formal and normative perspectives. To propose an alternative, empirically-grounded approach, in this paper, I develop the ‘cultural pragmatics’ of political apology. To this end, I first conceptualize political apology as a social performance aimed to ‘re-fuse’ an impaired relationship between the perpetrator state and the victim individual. This conceptual move …
Policy Analysis: A Rich Array Of Country And Comparative Insights, Joselyn Muhleisen, Ishani Mukherjee
Policy Analysis: A Rich Array Of Country And Comparative Insights, Joselyn Muhleisen, Ishani Mukherjee
Research Collection School of Social Sciences
The International Library of Policy Analysis (ILPA) series, edited by Iris Geva-May and Michael Howlett, is a collection of books assessing the state of the discipline of policy analysis in eight countries. The books address the academic development of policy analysis, its practical applications, the diverse range of actors involved, and pertinent academic instruction. Alhough the state of policy analysis - and, importantly, the state of policy analysis scholarship - varies considerably in the countries studied, the series is able to sythesise existing knowledge through empirical research and institutional analyses of the governmental and non-governmental organisations that provide policy advice …
The Fundamental Law Of Highway Congestion Revisited: Evidence From National Expressways In Japan, Wen-Tai Hsu, Hongliang Zhang
The Fundamental Law Of Highway Congestion Revisited: Evidence From National Expressways In Japan, Wen-Tai Hsu, Hongliang Zhang
Research Collection School Of Economics
The fundamental law of highway congestion states that when congested, the travel speed on an expanded expressway reverts to its previous level before the capacity expansion. In this paper, we propose a theory that generalizes this statement and finds that if there exists a coverage effect, that is, the effect of longer road length on traffic conditional on capacity, then the new equilibrium travel speed could be lower than its previous level. Given the fundamental law, the theory predicts that the elasticity of traffic to road capacity is at least 1. We estimate this elasticity for national expressways in Japan …
How Does Childbirth Alter Intrahousehold Resource Allocation?: Evidence From Japan, Tomoki Fujii, Ryuichiro Ishikawa
How Does Childbirth Alter Intrahousehold Resource Allocation?: Evidence From Japan, Tomoki Fujii, Ryuichiro Ishikawa
Research Collection School Of Economics
Exploiting unique panel data that include direct measurements of resource allocation within households, we investigated the impact of childbirth on intrahousehold allocation for married Japanese couples. Based on a collective model of the household, we developed reduced-form and structural-form estimation equations that allow us to focus on private goods to track the changes in intrahousehold resource allocation. We found one additional child is associated with a reduction in the wife's private expenditure share by at least two percentage points. This may be because she substitutes more say in decisions on the children for her own private expenditure share.
Contextualising Csr In Asia: Corporate Social Responsibility In Asian Economies, Bindu Sharma
Contextualising Csr In Asia: Corporate Social Responsibility In Asian Economies, Bindu Sharma
Lien Centre for Social Innovation: Research
This publication seeks to present a narrative about the practice of CSR in ten Asian economies – China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Taiwan and Thailand. The aim is to present a uniquely Asian perspective on the CSR story in these countries that will inform CSR practitioners, researchers and interested corporate stakeholders. Drawing on historical and traditional notions of business responsibility and engagement, the research looks at modern day drivers of CSR in these countries such as the government, civil society, globalisation and enlightened self-interest. The research also throws light on other underlying influences and looks at …
Entropy-Based Analysis And Bioinformatics-Inspired Integration Of Global Economic Information Transfer, Jinkyu Kim, Gunn Kim, Sungbae An, Young-Kyun Kwon, Sungroh Yoon
Entropy-Based Analysis And Bioinformatics-Inspired Integration Of Global Economic Information Transfer, Jinkyu Kim, Gunn Kim, Sungbae An, Young-Kyun Kwon, Sungroh Yoon
Research Collection School Of Economics
The assessment of information transfer in the global economic network helps to understand the current environment and the outlook of an economy. Most approaches on global networks extract information transfer based mainly on a single variable. This paper establishes an entirely new bioinformatics-inspired approach to integrating information transfer derived from multiple variables and develops an international economic network accordingly. In the proposed methodology, we first construct the transfer entropies (TEs) between various intra- and inter-country pairs of economic time series variables, test their significances, and then use a weighted sum approach to aggregate information captured in each TE. Through a …
Performance Sensitivity Of Executive Pay: The Role Of Foreign Investors And Affiliated Directors In Japan, Asli M. Colpan, Toru Yoshikawa
Performance Sensitivity Of Executive Pay: The Role Of Foreign Investors And Affiliated Directors In Japan, Asli M. Colpan, Toru Yoshikawa
Research Collection Lee Kong Chian School Of Business
This study investigates the effects of corporate governance factors on the firm performance and executive compensation linkage. Specifically, we examine how domestic corporate-appointed directors, bank-appointed directors and foreign ownership moderate the relationship between firm profitability, sales growth, and executive bonus pay in Japanese firms. Using a sample of the largest Japanese manufacturing companies from 1997 to 2007, we find that corporate-appointed directors positively moderate the relationship between firm growth and bonus pay, while foreign shareholders exhibit a positive moderating effect on the relationship between firm profitability and bonus pay. Bank-appointed directors are straddled between their profitability orientation and relational role: …
Global Health Governance: Analyzing China, India, And Japan As Global Health Aid Donors, Ann Florini, Karthik Nachiappan, Tikki Pang, Christine Pilcavage
Global Health Governance: Analyzing China, India, And Japan As Global Health Aid Donors, Ann Florini, Karthik Nachiappan, Tikki Pang, Christine Pilcavage
Research Collection School of Social Sciences
Development assistance is a significant mechanism by which major countries exercise influence in the global health arena. Of the major Asian powers, Japan has long provided significant funding, while China and India have primarily been recipients but are beginning to increase their funding roles. This article examines the amounts, channels, modes, disease allocations and the geographic focuses of their foreign health aid, and delineates the institutional structures that govern the formulation and implementation of foreign health aid policy in each of these countries, to explore what influence China, India, and Japan have and may develop in the global health arena. …
The Fukushima Disaster And Japan’S Occupy Movement, Hiro Saito
The Fukushima Disaster And Japan’S Occupy Movement, Hiro Saito
Research Collection School of Social Sciences
On October 15, 2011, OccupyTokyo protests took place in three different districts: Hibiya,Shinjuku, and Roppongi. Before the rallies began, protesters gathered in parkswhere organizers and participants gave speeches. They expressed solidarity withthe worldwide Occupy movement, criticized a widening economic gap in Japan, anddemanded a more just world. Protesters then took to the streets with theirplacards, drums, and megaphones to shout slogans to reclaim society for “the99%.”
The Derivative Action In Asia: A Complex Reality, Dan W. Puchniak
The Derivative Action In Asia: A Complex Reality, Dan W. Puchniak
Research Collection Yong Pung How School Of Law
This Article uses the derivative action in Asia as a lens for re-evaluating the foundational theories of Asian and comparative corporate law. It begins by demonstrating that the cultural theory of “Asian non-litigiousness” provides scant explanatory or predictive value for either the evolution or function of the derivative action in Asia’s leading economies. As such, this Article suggests that the theory of Asian non-litigiousness should be relegated to the dustbin of academic history. Without the black box of Asian culture to erroneously explain away potential differences between “Asian” and “Western” derivative actions, the reality of the derivative action in Asia’s …
An Analysis Of Japanese Earnings Forecast Revisions With Application To Seasoned Equity Offerings, Gary L. Caton, Justin S. P. Chan, Jeremy C. Goh, Sheng Yung Yang
An Analysis Of Japanese Earnings Forecast Revisions With Application To Seasoned Equity Offerings, Gary L. Caton, Justin S. P. Chan, Jeremy C. Goh, Sheng Yung Yang
Research Collection Lee Kong Chian School Of Business
Using the bootstrap method, we explore the characteristics of revisions in Japanese earnings forecast data. We find that forecast revisions exhibit a downward trend over time as the actual earnings announcement date approaches, and are serially correlated with three significant lags. Using these characteristics we develop a model to estimate abnormal forecast revisions, and illustrate the model's use with a sample of Japanese companies announcing seasoned equity offerings (SEOs). In contrast to results obtained by studies using American data, our findings indicate significant positive upward revisions when Japanese firms announce an SEO.
Making And Unmaking Of Transnational Environmental Cooperation, Yooil Bae, Dong-Ae Shin, Yong-Wook Lee
Making And Unmaking Of Transnational Environmental Cooperation, Yooil Bae, Dong-Ae Shin, Yong-Wook Lee
Research Collection School of Social Sciences
There has been an ongoing debate about how (or through what mechanisms) global environmental norms have influenced domestic political debates that give rise to green policy choices. In particular, effective international environmental cooperation between transnational and domestic NGOs has been recognized as a key to successful environmental movements. In this regard, the central question guiding research on the politics of environmental norms is, under what condition(s) transnational cooperation among NGOs would be more likely to be sustained so as to achieve its goals. This article proposes that one of the mechanisms missing from the debate is a bottom-up approach through …
The Impact Of Firm Strategy And Foreign Ownership On Executive Bonus Compensation In Japanese Firms, Toru Yoshikawa, Abdul A. Rasheed, Esther B. Del Brio
The Impact Of Firm Strategy And Foreign Ownership On Executive Bonus Compensation In Japanese Firms, Toru Yoshikawa, Abdul A. Rasheed, Esther B. Del Brio
Research Collection Lee Kong Chian School Of Business
Building on information-processing perspectives and the Japanese contextual factors, this study investigates the relationships between firm strategy and executive bonus pay as well as the moderating role of foreign ownership on the strategy–compensation relationship in Japanese firms. We focus on R&D investment and product diversification as strategy variables and investigate their direct effects on executive bonus pay. Further, we examine the moderating effects of foreign ownership on the strategy–pay sensitivity. The results, based on a sample of the 148 largest industrial firms in Japan for the 1990–1997 period, show that both R&D investment and product diversification are positively related to …