Business Commons^™

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 …

The Philippine Economy During The Japanese Occupation, Jasper Lem

Asian Studies: Student Scholarship & Creative Works

The economy of the Philippines was derailed by the Japanese occupation during World War II. As an American colony before World War II, the Philippines had close amicable ties with the United States highlighted by promises of independence on July 4th, 1946. The Philippines also maintained a beneficial economic relationship with the States at this time through extensive foreign trade. However, because of the Japanese invasion, the Philippine economy was robbed of this profitable foreign trade and the promise of independence, severely crippling the island nation and her morale. The first policies implemented by Japan were designed to control the …

The Representation And Definition Of Shinto Within Travel Guidebooks, Pascal Von Beuningen

International Journal of Religious Tourism and Pilgrimage

Japan is a country that is home to polytheistic religions, namely Buddhism and Shintoism. However, in comparison to Buddhism, which is spread widely, Shinto is mainly found in Japan. Thus, foreign visitors are most likely to encounter Shinto and Shinto shrines for the first time when they visit Japan. It can be argued that developing an understanding of the major religion(s) of a country can enhance cultural understanding. However, a clear definition of Shinto is an ongoing debate in Japan and among scholars across the world. Hence, this research tries to understand through Content Analysis of English and German language …

Consumers' Perceptions Of Digital Privacy In The United States And Japan, Destiny Randle

Whittier Scholars Program

The purpose of my study is to explore the contours of contemporary consumer privacy protections derived from legislation, regulations and publicly available company policies as a way to get a better understanding of how consumer data is protected. A few examples ranging from company-based consumer protection in the United States to data breaches in Japan will be explored and examined. Finally, this paper includes a comparative survey of consumer perceptions and concerns related to personal data privacy in the U.S. and Japan. As a way to assess the degree to which digital privacy and personal data breaches have adversely influenced …

Japan: Where Did All The People Go? An Empirical Study On Economic And Social Impacts On Low Fertility In Japan, Sasha Heasley

Business and Economics Honors Papers

This project analyzed potential impacts on the Total Fertility Rate (TFR) in Japan (2010 and 2015), which is dealing with both a declining population and an ageing population in parallel. Results indicate that income per person has the largest impact on TFR, and it is highly considered when making fertility decisions. Results also show that government policies are largely ineffective in impacting TFR. Results were obtained through two panel regressions and two Ordinary Least Squares (OLS) regressions, in which TFR was the dependent variable.

Roles Of Religious Guides In Tourism: A Qualitative Study From Japan, Ricardo Nicolas Progano

International Journal of Religious Tourism and Pilgrimage

Pilgrimage travel has become an important element in contemporary tourism, as visitors flock to sacred locations (UNWTO, 2015). However, some aspects of pilgrimage travel remain relatively understudied, with one of them being the roles of guides in these locations. Based on previous academic works, the present study aims to bridge this gap by analysing the role of religious figures who engage in guiding activities aimed at the general public. For this, Shippōryū-ji, a Shugendō temple located in Japan, is presented as the case study. As previous research on the subject is scarce, a qualitative approach was deemed suitable. Utilising interview …

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.

Japan: Special Funds-Supplying Operations, Sharon M. Nunn

Journal of Financial Crises

The Bank of Japan responded to the COVID-19 economic downturn in March 2020 with several financial stability interventions. The Special Funds-Supplying Operations to Facilitate Financing in Response to the Novel Coronavirus (COVID-19) (SFSO) offered interest-free loans of up to one year in maturity to eligible financial institutions in an attempt to encourage broader lending to Japanese businesses and households. Counterparties could pledge as collateral a broad range of corporate and private debt, including corporate bonds and asset-backed securities. Enhancements made throughout the program's operation led to substantial increases in SFSO use. First, the BoJ expanded institution and collateral eligibility, as …

Xbox In Japan? Understanding The Distinctions Of The Japanese Video Game Market To Increase Microsoft's Competitive Advantage, Sekani Adebimpe

Senior Theses

Microsoft, Nintendo, and Sony remain the biggest players in the video game console space. While all three companies have achieved worldwide success, Microsoft’s performance with the Xbox brand in Japan is an outlier for its historically poor sales numbers dating back to its 2001 debut. The purpose of this thesis is to unearth the various cultural distinctions inherent to the Japanese gaming industry that Microsoft must consider to gain a stronger foothold in the country, as well as diagnose the biggest issues facing Xbox with Japanese consumers. To accomplish this, several cultural frameworks were used to assess the differences between …

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.

In Search Of Unicorns: An Analysis Of Japan's Startup Ecosystem, Kaito Komoriya

CMC Senior Theses

While Japan previously dominated global consumer markets in innovative electronic products, the economy has failed to live up to this performance since the burst of the asset price bubble in 1992 and the subsequent lost decades. In the modern economy, startup companies have become synonymous with innovation. Most of these companies have emerged from Silicon Valley, as well as other startup hubs around the globe. However, critics have criticized Japan for the limited number of notable startup companies from the country.

My thesis seeks to answer the two following questions: First, what is the current state of Japan’s startup ecosystem? …

Secured Transactions Law Reform In Japan: Japan Business Credit Project Assessment Of Interviews And Tentative Policy Proposals, Megumi Hara, Kumiko Koens, Charles W. Mooney Jr.

All Faculty Scholarship

This article summarizes key findings from the Japan Business Credit Project (JBCP), which involved more than 30 semi-structured interviews conducted in Japan from 2016 through 2018. It was inspired by important and previously unexplored questions concerning secured financing of movables (business equipment and inventory) and claims (receivables)—“asset-based lending” or “ABL.” Why is the use of ABL in Japan so limited? What are the principal obstacles and disincentives to the use of ABL in Japan? The interviews were primarily with staff of banks, but also included those of government officials and regulators, academics, and law practitioners. The article proposes reforms of …

Financial Functions Stabilization Act, Vaasavi Unnava

Journal of Financial Crises

In 1990, the asset-pricing bubble in Japan peaked and began a steady decline. Over the next seven years, a series of bank failures induced the Japanese government to introduce the first of a series of capital injections in 1998, 1999, and 2004. The capital injection of 1998, authorized by the Financial Functions Stabilization Act, made ¥13 trillion ($103 billion) available to financial institutions that applied. By the end of the injection window, 21 banks and trusts applied for and received ¥1.8 trillion ($13.5 billion) in subordinated debt and loans and preferred shares. While there were no limits on compensation for …

Prompt Recapitalization Act, Vaasavi Unnava

Journal of Financial Crises

In 1997, Japan’s banks were in crisis due to hundreds of billions of dollars of non-performing real estate loans. In response, the government performed three rounds of capital injections in 1998, 1999, and the early 2000s. The capital injection of 1999, authorized by the Prompt Recapitalization Act, made as much as ¥25 trillion ($208 billion) available to financial institutions that applied, regardless of their capitalization. By the end of the injection window, 32 banks and trusts applied for and received ¥8.6 trillion ($71.6 billion) total in preferred shares and subordinated debts. The Act required banks to submit and adhere to …

The Keiretsu Advantage: How Japanese Automakers Thwarted American Competition, Jasper Boers

The Yale Undergraduate Research Journal

Today, Japan’s auto industry is renowned for its dominance of foreign markets. Japanese cars are cheap and fuel-efficient, undercutting larger, more expensive automobiles from Europe and America. Scholarship on recent Japanese industrial development tends to prioritize a ‘developmental state’ and robust industrial policy in shielding Japanese manufacturers from trade liberalization. This paper will argue that, while the industrial policy steered by the Ministry of International Trade and Industry (MITI) played a significant role in advancing the interests of the Japanese auto industry, it was ultimately the unique trust-based keiretsu conglomerate structure that gave Japanese auto producers a comparative advantage vis-à-vis …

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 …

What Makes Tourists’ Experience Spiritual?: A Case Study Of A Buddhist Sacred Site In Koyasan, Japan, Kaori Yanata

International Journal of Religious Tourism and Pilgrimage

In postmodern society the importance of traditional religious organisations and practices have declined. As a result, spirituality tends to be sought outside of institutionalised religion. Tourism is seen as one avenue for such spiritual fulfilment. Tourism research commonly frames tourism as a sacred journey and has pointed out that like modern-day pilgrims, tourists seek spirituality through travel. Of course, not all tourist travel is motivated by a search for spirituality, and yet many tourists still describe their travel experiences as spiritual. Therefore, in addition to understanding motivations of travel, the tourist experience is also an important element of making tourism …

The Resolution And Collection Corporation Of Japan, Mallory Dreyer

Journal of Financial Crises

Though the Japanese real estate and stock market bubble burst in the early 1990s, the ensuing financial crisis in Japan did not reach a systemic level until 1997, when four large financial institutions failed in a single month. Because of their heavy exposure to real estate and equity markets, Japanese banks had a nonperforming loan (NPL) problem, which was prolonged, and private sector estimates of the scale of the NPL problem differed significantly from the official estimates. In response, the Japanese government created multiple asset management companies; the Resolution and Collection Corporation (RCC) was the result of the merger of …

Going Glocal In A Pandemic: Can Japan Offer Lessons For Others?, Masaaki Takemura

Markets, Globalization & Development Review

This Dialogue contribution draws some lessons from the Japanese countermeasures against the COVID-19 pandemic. It approaches this issue from a social point of view. Specifically, it focuses on social and cultural understanding process of an uncertainty event – in this case the COVID-19 pandemic, but also early instances – by the Japanese.

Pandemic And Õen Consumption In Japan: Deliberate Buying To Aid The Seller, Kosuke Mizukoshi, Yuichiro Hidaka

Markets, Globalization & Development Review

This dialogue contribution discusses whether it is possible to create favorable new social assistance under the market principles, based on the Ouen or Õen (aid) consumption in Japan. The meaning of consumption has changed due to the COVID-19 pandemic. In Japan, aid consumption is increasing. This means helping local restaurants and producers by willfully and proactively buying and consuming their services and products. This is a favorable form of new social assistance and the result of strong marketing and market functions. The penetration of market forces may surpass pure altruistic behavior such as donations and gifts, by creating new market-linked …

Winning Investment: The Strategic Implications Of The Growth Of Sabermetrics In Japanese Baseball, David Trent Pagliarini

Senior Theses

This thesis examines Japanese baseball and how the use of analytics and statistical research has been implemented into Nippon Professional Baseball (NPB), compared to its North American counterpart, Major League Baseball (MLB). Due to the large financial implications of the MLB, teams have fully adopted the use of advanced metrics to find competitive disparities and advantages in roster construction, game strategies, and player development. Because of the long history attached to baseball in Japan, many cultural differences have adapted the game and recently slowed the growth of sabermetrics. While the NPB is beginning to understand the competitive value that analytics …

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 …

Wabi-Sabi As A Way Of Life In The Japanese Employment System: Multilateral Connections, Relativity, And Duality, Kanji Kitamura

School of Business: Faculty Publications and Other Works

Wabi-sabi is a Japanese concept traditionally described as a type of beauty that conveys the philosophical values of imperfection, incompleteness, and impermanence. Going beyond the traditional interpretation of the concept, this chapter attempts to discover wabi-sabi as a way of life in Japanese corporate settings. This chapter first revisits the concept of wabi-sabi and the system of lifetime employment, positioning them as intrinsically linked systems. To contextualize employment practice, it examines the tool of a job description and the system of job rotation as attributes of employment practice. The findings reveal the existence of wabi-sabi as a way of life …

The Yakuza: Organized Crime In Japan, Darlene N. Moorman

The Downtown Review

Examining organized crime groups should not be purely economic; in other words, the culture, social structure, political contexts, and so on, are also critical in an insightful analysis of any organized crime group. For this paper, the Japanese yakuza are considered both in an economic viewpoint, such as how they make money, but also in other areas, such as its syndicates' notable cultural contributions and specific social characteristics. Moreover, this paper explores the dynamic changing of the organization overtime, especially in regards to its shifting relationship with the Japanese government.

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 …

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 …

Understanding The Impact Of Cross-Cultural Communication Between American And Japanese Businesses, Scott Jenkins

Senior Theses

This thesis aims to investigate the cultural differences between American and Japanese society most relevant to successful business collaboration in relation to SIOS Technology Group. First, by providing an examination of the issues SIOS Technology Group has experienced as a company with businesses in both Japan and the United States, this case will provide context for the use of relevant frameworks for researching cultural differences. Second, this thesis analyzes relevant theories of cross-cultural research such as the CAGE Distance Framework, Hall’s Cultural Elements, Hofstede’s Cultural Dimensions, and Schwartz’s Cultural Values in order to apply their concepts to SIOS Technology Group’s …

Film Tourism Impacts: A Multi-Stakeholder Longitudinal Approach, Timo Thelen, Sangkyun Kim, Elisabeth Scherer

Research outputs 2014 to 2021

This study examines multiple local stakeholders’ perceptions of film tourism impacts to shed light on the complexities of film tourism planning and development, using a longitudinal exploratory research approach. The Japanese TV series Mare (2015) was chosen as the case study. Qualitative interviews with various local stakeholders were conducted over a 21-month-long period of a film tourism development project in Ishikawa Prefecture, Japan. The study found that this film tourism project was initiated with high expectations. However, due to several incidents, such as the controversial rebuilding of a local highway road for promotional purposes, the audience’s mixed reception of the …

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 …

Different Approaches To Wealth Creation: A Comparative Study Of The American And Japanese Automobile, Kanji Kitamura

School of Business: Faculty Publications and Other Works

This chapter deals with the simple yet important question of whether national culture matters in today’s rapidly globalizing world. This study explores the automobile sectors in Japan and the USA and examines the relevance to the cultural constructs of individualism/collectivism, time orientation, and uncertainty avoidance. To maximize research confidence with limited resources, it triangulates its qualitative findings and the literature concepts generated from quantitative research. The grounded findings include the connection between business practices and cultural values, the interrelated nature of cultural dimensions, and a clarification of the cultural construct of uncertainty avoidance.