Open Access. Powered by Scholars. Published by Universities.®
- Institution
- Publication Year
- Publication
-
- Research Collection Lee Kong Chian School Of Business (20)
- Donald Nordberg (7)
- All Faculty Scholarship (4)
- Ingrid Bonn (2)
- Bullion (1)
-
- CMC Senior Theses (1)
- Claudio Sottoriva (1)
- Department of Management: Faculty Publications (1)
- Electronic Thesis and Dissertation Repository (1)
- Finance Faculty Publications (1)
- Journal of Business & Technology Law (1)
- Management Faculty Publications (1)
- Research Collection Lee Kong Chian School of Business (1)
- Research outputs 2014 to 2021 (1)
- Robins Case Network (1)
- School of Business Student Theses and Dissertations (1)
- Steven Davidoff Solomon (1)
- Publication Type
Articles 31 - 46 of 46
Full-Text Articles in Business
Some Are More Equal: The Politics Of Shareholder Activism, Donald Nordberg
Some Are More Equal: The Politics Of Shareholder Activism, Donald Nordberg
Donald Nordberg
This paper is an early draft of a chapter in the book Corporate Governance: A Synthesis of Theory, Research, and Practice (H. Kent Baker and Ronald Anderson, eds.) published by Wiley in 2010. Shareholder activism is an exercise of power, sometime benign, sometimes threatening to the interests of corporate management, boards and other shareholders. The complexity of these combinations helps to understand how difficult it is for directors to operate in shareholders' interest. What we see, particularly in relation to the growth of hedge-fund activism, is greater dispersion of shareholder interests and growing questions about the legitimacy of how those …
Japanese Corporate Governance: Structural Change And Financial Performance, Asli M. Colpan, Toru Yoshikawa, Takashi Hikino, Hiroaki Miyoshi
Japanese Corporate Governance: Structural Change And Financial Performance, Asli M. Colpan, Toru Yoshikawa, Takashi Hikino, Hiroaki Miyoshi
Research Collection Lee Kong Chian School Of Business
This paper analyzes institutional and legal changes related to corporate governance and their impact on financial performance in Japan since the second half of the 1990s. We attempt to address two issues systematically: (1) how much the governance reforms of Japanese firms transformed the conventional system of alliance capitalism and managerial control; and (2) what economic outcomes those governance changes have yielded. As the Commercial Code and other legal and institutional frameworks were revised, Japanese firms experienced shifts in terms of stock ownership, corporate control and managerial organizations. Our empirical results show that the influence of new ownership composition and …
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 …
News And Corporate Governance: What Dow Jones And Reuters Teach Us About Stewardship, Donald Nordberg
News And Corporate Governance: What Dow Jones And Reuters Teach Us About Stewardship, Donald Nordberg
Donald Nordberg
This paper in an early draft of an article that appeared in Journalism: Theory, Practice and Criticism in 2007. The outcomes of near simultaneous bids for the news organizations Reuters Group plc and Dow Jones & Co. Inc. in 2007 hinged on mechanisms of corporate governance put in place at each company to protect the integrity and independence of the editorial operations. Neither company is a particularly model of good governance, since the restrictions – super-voting shares at DJ, veto-power by the trustees of the Founders Share Company at Reuters – almost completely rule out an open market for corporate …
The Ethics Of Corporate Governance, Donald Nordberg
The Ethics Of Corporate Governance, Donald Nordberg
Donald Nordberg
This paper is an early draft of an article that appeared in the Journal of General Management in 2008. How should corporate directors determine what is the "right" decision? For at least the past 30 years the debate has raged as to whether shareholder value should take precedence over corporate social responsibility when crucial decisions arise. Directors face pressure, not least from "ethical" investors, to do the "good" thing when they seek to make the "right" choice. Corporate governance theory has tended to look to agency theory and the need of boards to curb excessive executive power to guide directors' …
Rebalancing The Board's Agenda, Donald Nordberg
Rebalancing The Board's Agenda, Donald Nordberg
Donald Nordberg
This paper is a draft of an article published in the Journal of General Management in 2007. Since the corporate governance scandals of 2001 and 2002, the work of boards of directors has been dominated by board processes and compliance, with a corresponding reduction in the emphasis on value creation. This discussion paper proposes a model for board activities and raises questions about how they can be rebalanced to provide greater emphasis on the board's strategic advisory role. It also looks at European governance issues, including the role of dual boards.
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 …
Knowledge Creation: Revisiting The 'Ba' Humbug: People And 'Latent' Knowledge In Organizational Learning, Donald Nordberg
Knowledge Creation: Revisiting The 'Ba' Humbug: People And 'Latent' Knowledge In Organizational Learning, Donald Nordberg
Donald Nordberg
This paper is a draft of an article that appeared in the Icfai Journal of Knowledge Management in 2007. Knowledge management theory has struggled with the concept of knowledge creation. Since the seminal article of Nonaka in 1991, an industry has grown up seeking to capture the knowledge in the heads and hearts of individuals so as to leverage them for organizational learning and growth. But the SECI process of socialization, externalization, combination and internalization outlined by Nonaka and his colleagues has dealt essentially with knowledge transfer rather than creation. This paper looks at attempts to fill the gap in …
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.
The Effects Of Ownership And Capital Structure On Board Composition And Strategic Diversification In Japanese Corporations, Toru Yoshikawa, Phillip H. Phan
The Effects Of Ownership And Capital Structure On Board Composition And Strategic Diversification In Japanese Corporations, Toru Yoshikawa, Phillip H. Phan
Research Collection Lee Kong Chian School Of Business
The board of directors plays an important role in solving the agency problem between shareholders and management. This paper investigates the relationships between ownership and board structure with the diversification strategy of large Japanese firms. The results show that corporate nominee directors are associated with lower levels of product diversification of their investee firms. This suggests that nominee directors in large Japanese corporations see themselves representing specific interests and therefore investors should pay attention to board composition in order to assess the level of protection they can expect to receive. Even without any apparent agency problem with management, there remains …
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 …
Corporate Governance And Business Ethics: Insights From The Strategic Planning Experience, Ingrid Bonn, Josie Fisher
Corporate Governance And Business Ethics: Insights From The Strategic Planning Experience, Ingrid Bonn, Josie Fisher
Ingrid Bonn
In this paper we develop an integrated approach towards corporate governance and business ethics. Our central argument is that organisations can learn from the development of strategic planning in the 1970s and 1980s. We identify three weaknesses – a bureaucratic and formalised approach, lack of implementation and lack of integration throughout the organisation – which were prevalent in strategic planning in the past and which are potentially just as problematic for an integrated corporate governance approach to business ethics. We suggest ways these weaknesses might be avoided and provide questions for boards of directors to consider when integrating ethical concerns …
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.
Effects Of Board Structure On Firm Performance: A Comparison Between Japan And Australia, Ingrid Bonn, Toru Yoshikawab, Phillip Phanc
Effects Of Board Structure On Firm Performance: A Comparison Between Japan And Australia, Ingrid Bonn, Toru Yoshikawab, Phillip Phanc
Ingrid Bonn
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.
Beware Of The Ides Of March: The Demise Of Hih Insurance, Bonnie Buchanan, Tom Arnold, Lance Nail
Beware Of The Ides Of March: The Demise Of Hih Insurance, Bonnie Buchanan, Tom Arnold, Lance Nail
Finance Faculty Publications
Despite differences in corporate governance systems in the United States and Australia, the corporate governance failures that led to each country’s largest bankruptcy are strikingly similar. WorldCom in the United States and HIH Insurance in Australia were both created by a rapid series of major acquisitions, failed after their last major acquisitions, and attempted to hide their declining performance with aggressive and/or fraudulent accounting practices. In this paper we present a clinical examination of the corporate governance failures that led to the demise of HIH Insurance and show that corporate governance failures are not endemic to the existing corporate governance …
Off-Shore Borrowing And Guarantees By Banks: Implication For Portfolio Management., C. C. Edordu
Off-Shore Borrowing And Guarantees By Banks: Implication For Portfolio Management., C. C. Edordu
Bullion
The subject I have been asked to reflect on is important and somewhat provocative given the potential significance of foreign capital in the development process and the implied doubt the topic raises about the capacity of banks to manage their portfolios on accessing external finance. With regard to financing tenors, it is pertinent to point out that the tenor of liabilities of most banks in Nigeria and Africa is short. The paper has focused on the various discussions about the conditions for good governance, which raises questions about the structure and functioning of the state, its relationship to society and …