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Articles 1 - 19 of 19
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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 …
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 …
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 …
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.
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: …
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.
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 …
Change And Continuity In Japanese Corporate Governance, Toru Yoshikawa, Jean Mcguire
Change And Continuity In Japanese Corporate Governance, Toru Yoshikawa, Jean Mcguire
Research Collection Lee Kong Chian School Of Business
Previous studies on Japanese corporate governance were largely based on the agency theory framework, and can be seen as attempts to understand the unique monitoring mechanisms in the Japanese context. This paper briefly reviews prior research and then discusses the recent changes in the environment that have been affecting Japanese corporate governance. Our central argument is that there is both change and continuity in Japanese Corporate Governance. We also present emerging research from an institutional theory perspective. In this line of research, corporate governance is treated as part of a nation’s institutional framework and hence, researchers need to understand unique …
Corporate Governance Reform As Institutional Innovation: The Case Of Japan, Toru Yoshikawa, Lai Si Tsui-Auch, Jean Mcguire
Corporate Governance Reform As Institutional Innovation: The Case Of Japan, Toru Yoshikawa, Lai Si Tsui-Auch, Jean Mcguire
Research Collection Lee Kong Chian School Of Business
To address the convergence-divergence debate in corporate governance, we conduct a multiple-case, multiple-level study to analyze the diffusion of governance innovation in Japan. We argue that Japanese systems of corporate governance neither fully converge to, nor completely diverge from, the Anglo-American model. Rather, Sony-the pioneer of corporate governance reforms-and its followers selectively adopted features from this model, decoupled them from the original context, and tailored them to fit to their own situations to generate governance innovation. However, we find that the spread of innovation across firms and institutional levels is far from linear and straightforward, and that other well-regarded firms …
Technological Knowledge, Product Relatedness, And Parent Control: The Effect On Ijv Survival, Dean Xu, Jane W. Lu
Technological Knowledge, Product Relatedness, And Parent Control: The Effect On Ijv Survival, Dean Xu, Jane W. Lu
Research Collection Lee Kong Chian School Of Business
This article examines the relationships among parent firm technological knowledge, parent-IJV product relatedness, parent control over the IJV, and IJV survival. Combining the knowledge-based perspective and institutional theory, we argue that parent control itself does not necessarily lead to higher IN survival; it contributes to IN survival when the parent firm has a high level of technological knowledge, and when the IJV is product-related to this parent. Results obtained from 1038 Japanese IJVs based in China indicate that both equity control and managerial control of a Japanese parent had a positive interaction effect, with the parent's technological knowledge, on IN …
Strategic Investments In Japanese Corporations: Do Foreign Portfolio Owners Foster Underinvestment Or Appropriate Investment?, Parthiban David, Toru Yoshikawa, Murali D. R. Chari, Abdul A. Rasheed
Strategic Investments In Japanese Corporations: Do Foreign Portfolio Owners Foster Underinvestment Or Appropriate Investment?, Parthiban David, Toru Yoshikawa, Murali D. R. Chari, Abdul A. Rasheed
Research Collection Lee Kong Chian School Of Business
This paper investigates the effect of foreign ownership on strategic investments in Japanese corporations. Foreign owners are typically portfolio investors who frequently buy and sell shares and hold diversified portfolios of small stakes in many firms. Prior research has presented two conflicting perspectives on the role of such investors: (a) their frequent trading leads to pressure for short-term returns that fosters underinvestment; (b) their active trading fosters appropriate investments. We investigated the relationship between foreign ownership and strategic investments using dynamic panel data analysis of a sample of 146 Japanese manufacturing firms from 1991 to 1997. We found that foreign …
The Impact Of Ownership Structure On Wage Intensity In Japanese Corporations, Toru Yoshikawa, Phillip H. Phan, Parthiban David
The Impact Of Ownership Structure On Wage Intensity In Japanese Corporations, Toru Yoshikawa, Phillip H. Phan, Parthiban David
Research Collection Lee Kong Chian School Of Business
The authors studied the effect of ownership structure on human capital investments as indicated by wage intensity, defined as the ratio of expenditure on employee wages to sales, in a sample of 996 Japanese manufacturing firms during their economic recession of 1998-2002. They found that domestic shareholders, with interests beyond financial considerations, enhance wage intensity, especially when performance is low, and thereby safeguard human capital investments. Foreign shareholders with sole interest in financial returns have an opposite effect; they reduce wage intensity when firm performance is low.
Ownership Structure, Investment Behaviour And Firm Performance In Japanese Manufacturing Industries, Eric Gedajlovic, Toru Yoshikawa, Motomi Hashimoto
Ownership Structure, Investment Behaviour And Firm Performance In Japanese Manufacturing Industries, Eric Gedajlovic, Toru Yoshikawa, Motomi Hashimoto
Research Collection Lee Kong Chian School Of Business
Using data spanning the 1996-98 fiscal years of 247 of Japan's largest manufacturers, we empirically evaluate the extent to which a firm's investment behaviour and financial performance are influenced by its ownership structure. To do so, we examine six distinct categories of Japanese shareholders: foreign investors, investment funds, pension funds, banks and insurance companies, affiliated companies and insiders. Our findings strongly indicate that the relationship between the equity stakes of a particular category of investor and a firm' s financial performance and investment behaviour is considerably more complex than is depicted in simple principal-agent representations. Such a result emphasizes the …
Effects Of Board Structure On Firm Performance: A Comparison Of Japan And Australia, Ingrid Bonn, Toru Yoshikawa, Phillip H. Phan
Effects Of Board Structure On Firm Performance: A Comparison Of Japan And Australia, Ingrid Bonn, Toru Yoshikawa, Phillip H. Phan
Research Collection Lee Kong Chian School Of Business
This article compares the effects of board size, proportion of female directors, proportion of outside directors and average age of directors on firm performance in Japanese and Australian firms. We found that board size and age of directors were negatively associated with the performance of Japanese firms. For Australian firms, outsider ratio and female director ratio were positively associated with performance.
Inventory Reduction And Productivity Growth: Linkages In The Japanese Automotive Industry, Marvin B. Lieberman, Lieven Demeester
Inventory Reduction And Productivity Growth: Linkages In The Japanese Automotive Industry, Marvin B. Lieberman, Lieven Demeester
Research Collection Lee Kong Chian School Of Business
The literature on JIT production suggests a causal link between work-in-progress inventory and manufacturing productivity. Such a connection has been described in numerous case studies but never tested statistically. Historical data for 52 Japanese automotive companies are used to evaluate the inventory-productivity relationship. It is found that firms increased their productivity rank during periods of substantial inventory reduction. More detailed tests suggest that inventory reductions stimulated gains in productivity. On average, each 10% reduction in inventory led to about a 1% gain in labor productivity, with a lag of about one year. Such effects were more immediate for Toyota affiliates, …
Asian Expatriate Development: A Comparative Study Of Japanese, Korean And Singaporean Expatriates, A. Ahad M. Osman-Gani, Wee Liang Tan
Asian Expatriate Development: A Comparative Study Of Japanese, Korean And Singaporean Expatriates, A. Ahad M. Osman-Gani, Wee Liang Tan
Research Collection Lee Kong Chian School Of Business
Owing to rapid internationalization of business activity, human resource development (HRD) has become increasingly important in recent years. This is especially true when domestic human resource management takes on international dimensions as it deals more with multicultural workforce. International HRD, much of it embodied in cross-cultural training, has been proposed by many scholars as a means of facilitating more effective interaction among managers, employees and customers from different national-cultural backgrounds. Despite the need for cross-cultural skills and the shortage of managers who possess these skills, most human resource decision-makers do nothing in terms of cross-cultural training for their employees. Studies …
Flexibility: The Next Competitive Battle: The Manufacturing Futures Survey, Arnoud De Meyer, Jinichiro Nakane, Jeffrey M. Miller, Kasra Ferdows
Flexibility: The Next Competitive Battle: The Manufacturing Futures Survey, Arnoud De Meyer, Jinichiro Nakane, Jeffrey M. Miller, Kasra Ferdows
Research Collection Lee Kong Chian School Of Business
Over the past 4 years research teams from INSEAD (Fontainebleau), Boston University and Waseda University (Tokyo) have administered a yearly survey on the manufacturing strategy of the large manufacturers of the three industrialized regions of the world. In this paper the results for the 1986 survey are compared. One of the most striking results of that year’s survey is the emphasis some of the more advanced manufacturers put on their efforts to overcome the trade-off between flexibility and cost efficiency. In particular for the Japanese respondents these attempts become clear. Europeans and North Americans are not yet seizing the opportunity …
An Economic Analysis Of Fertility, Market Participation And Marriage Behaviour In Recent Japan, David K. C. Lee, Chin Lee Gan
An Economic Analysis Of Fertility, Market Participation And Marriage Behaviour In Recent Japan, David K. C. Lee, Chin Lee Gan
Research Collection Lee Kong Chian School Of Business
This is the 1st attempt in modelling fertility, labor force participation and marriage rate using Japanese data. The authors use Butz and Ward's model and extend it to a simultaneous equation system as in the case of Winegarden. Although the estimates obtained by Full Information Maximum Likelihood and Three Stage Least Squares of the model are statistically significant, some of the signs of the estimates are not consistent to a priori predictions. The crux of the model is that an increase in the wages of men has an unambiguous positive effect on fertility, whereas an increase in wages of women …
German, French And British Manufacturing Strategies Compared: A Growth Towards Each Other, Arnoud De Meyer
German, French And British Manufacturing Strategies Compared: A Growth Towards Each Other, Arnoud De Meyer
Research Collection Lee Kong Chian School Of Business
Manufacturing has gained over the last years in attention as a tool to create competitive advantage. For four years now a survey has been carried out by a research team at Insead to build a database on the manufacturing strategies as they are defined and implemented by large European companies. In this paper some of the 1987 data are presented, and a comparison of manufacturing strategies of large companies in the three most important European countries is made. Though the most important conclusion is that there are only slight differences between the three countries, one can see some difference in …