経営工学系ワーキングペーパー 2016-9 掲載
最新号は「2016-9: Yasuhiro Arikawa, Kotaro Inoue, Takuji Saito, Corporate governance, employment laws, and corporate performance in Japan: An international perspective」です。
- Corporate governance, employment laws, and corporate performance in Japan:
An international perspective
- Yasuhiro Arikawa, Kotaro Inoue, Takuji Saito
- A number of cross-country analyses have demonstrated in recent years that the difference in the corporate governance and employment system by country leads to the difference in the shareholder structure, corporate valuation, investment behavior, and so on. This study examines whether the sustained low profitability and market valuation of Japanese firms can be explained by the corporate governance structure and the employment system using cross-country analysis. We find that the structure of the board of directors dominated by insiders and the employment system which hinders flexible employment adjustments have the significant explanation power over the poor performance of Japanese firms.