Social Responsibility Journal
ahead-of-print
(
ahead-of-print
)
2021.09
[Refereed]
Authorship:Lead author
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<sec> <title content-type="abstract-subheading">Purpose</title> The purpose of this paper is to investigate investors’ perception of corporate social responsibility (CSR) and its risk-mitigating effects on firm-level innovation in Japan from 2006 to 2017. The authors examine the influence of CSR intensity on firm-specific risks, focusing on the risk-moderating effect of CSR on innovation.
</sec> <sec> <title content-type="abstract-subheading">Design/methodology/approach</title> The authors conducted a simple slope analysis and panel data regressions with input and output innovation measures and idiosyncratic risk based on an asset-pricing model.
</sec> <sec> <title content-type="abstract-subheading">Findings</title> The results demonstrate that CSR intensity not only reduces firm-specific risk directly but also indirectly by negatively moderating the relationship between firm-level innovation and idiosyncratic risk.
</sec> <sec> <title content-type="abstract-subheading">Research limitations/implications</title> Signaling trust to capital markets, CSR engagements in the manufacturing industry are clearly important for innovative firms with active research and development undertakings.
</sec> <sec> <title content-type="abstract-subheading">Practical implications</title> Corporate managers should further expand their efforts to make non-financial disclosures available, considering the interactions between CSR intensity and research and development financial risk.
</sec> <sec> <title content-type="abstract-subheading">Originality/value</title> In the context of Japanese firms, this study demonstrates the interaction between CSR practices and innovation activities from the perspective of long-term management of corporate sustainability.
Purpose: Managers sometimes hide their level of corporate social performance (CSP) from investors, intentionally or unintentionally. The purpose of this study is to estimate such "hidden CSP" of firms. Design/methodology/approach: In this study, it is assumed that Japanese public firms can be classified into two groups based on the difference in corporate social responsibility (CSR) awareness. Thus, the respondents to the CSR questionnaire survey are classified as the CSR-aware group, and the non-respondents are treated as the CSR-unaware group. It is further assumed that a significant relationship exists between CSP and a firm's attributes, including financial performance and stock ownership. Under these assumptions, a model to estimate the CSP of non-respondents is constructed using the relationship between CSP and a firm's observable attributes. Findings: There is a significant latent gap between the CSP of respondents and the hidden CSP of non-respondents because of differences in firm size, foreign dependency of business and reputation and trust in the financial markets, rather than because of differences in financial performance. Insider-oriented ownership structures are negatively associated with CSP. Research limitations/implications: The estimation model developed in this study depends on a set of assumptions. In particular, a stable relationship between CSP and firm-specific variables, i.e. there is no structural change during the observation period, is assumed. Despite these limitations, this study extends the CSR research perspective, as it makes it possible to estimate the hidden CSP of public firms. Practical implications: In practice, the findings of this study surface a part of the missing CSR that investors need and that could alert non-respondent firms to the importance of CSR strategy and related disclosures to adapt to rapidly changing social and environmental business settings. Originality/value: This study is the result of academic interest in examining the missing information related to CSR activities to obtain an overall picture of the CSP distribution of Japanese listed firms as a whole.
Corporate Social Responsibility and Corporate Finance in Japan
Megumi SUTO, Hitoshi Takehara
Springer
2018.06
Building New Bridoges between Business and Society, eds.by Lu, Schmidpeter and Capaldi, Zu, pp171-190,Does Foreign Ownership Enhance the Corporate Social Perfprmance of Japanese firms
Designing Financial System in East Asia and Japan, ed.by P.H. Fan, M. Hanazaki, J. Teranishi, Chapter 14 Reflection on the new financial system in Japan
Reflection on the new financial system in Japan, Chapter 14, in Designing Financial System in East Asia and Japan
RoutledgeCurzon
2004
渋谷・首藤・井村共編著『アメリカ型企業ガバナンス』
東京大学出版会
2002
Japanese Economy and Society under Pax-Americana, eds by H.Shibuya, M.maruyama and M,Yasaka, Chapter 9 New Development in the Japanese Corporate Governance in the 1990s-The Role of Corporate Pension Funds
University of Tokyo Press
2002
『アメリカ型企業ガバナンス』渋谷・首藤・井村共編著
東京大学出版会
2002
New Development in the Japanese Corporate Governance in the 1990s-The Role of Corporate Pension Funds, in Japanese Economy and Society under Pax-Americana eds by H.Shibuya, M.maruyama and M,Yasaka
University of Tokyo Press
2002
筒井義郎編『金融分析の最先端』 第4章資産運用産業の行動倫理と効率
東洋経済新報社
2000
?見誠良編『アジアの金融危機とシステム改革』第7章マレーシアの金融危機とシステム改革
法政大学出版局
2000
『金融分析の最先端』筒井義郎編 第4章資産運用産業の行動倫理と効率
東洋経済新報社
2000
『アジアの金融危機とシステム改革』(つる見誠良編)第7章マレーシアの金融危機とシステム改革
法政大学出版局
2000
蝋山昌一編『投資信託と資産運用』 第3章 日本の投資信託の構造的問題
日本経済新聞社
1999
『投資信託と資産運用』蝋山昌一編 第3章 日本の投資信託の構造的問題
日本経済新聞社
1999
証券経営研究会編『金融市場の変貌と証券経営』第2章証券業をめぐる競争構造の変容
日本証券経済研究所
1998
Asian Financial Markets-Structure, Policy Issues and prospect, eds.by L.Menknoff and B. Reszat, (pp.81-102)Japan's Financial Markets: Structure, Policy Issues and Reforms
HWWA Humburg
1998
花輪俊哉編『金融システムの構造変化と日本経済』第6章資産管理産業の台頭とコーポレート・ガバナンス
中央大学出版部
1998
『金融市場の変貌と証券経営』共著(証券経営研究会編) 第2章証券業をめぐる競争構造の変容
日本証券経済研究所
1998
Japan's Financial Markets: Structure, Policy Issues and Prospect, in Asian Financial Markets-Structure, Policy Issues and prospect,eds.by L.Menknoff and B. Reszat
HWWA Humburg
1998
矢内原勝編『発展途上国問題を考える』第11章 金融自由化の諸問題
勁草書房
1996
首藤恵・松浦克巳・米沢康弘『日本の企業金融』共著
東洋経済新報社
1996
醍醐聡編)『時価評価と日本経済』共著(第6章時価評価の市場基盤
日本経済新聞社
1996
土屋六郎編『アジア太平洋経済圏の発展』第7章アジアの資本移動と日本の役割
同文館
1996
河合正弘編『アジアの金融・資本市場』1章、2章、4章、7章
日本経済新聞社
1996
『発展途上国問題を考える』共著(天内原勝編)第11章 金融自由化の諸問題
勁草書房
1996
『日本の企業金融』共著(首藤恵・松浦克巳・米沢康弘)
東洋経済新報社
1996
『時価評価と日本経済』共著(醍醐聡編)第6章時価評価の市場基盤
日本経済新聞社
1996
蝋山昌一編『証券市場及び証券業の将来像に関する研究会報告書』 5章 証券規制と証券業
(財)日本証券経済研究所
1993
浜田文雅編『日本経済分析のフロンティア』8章日本型証券規制と証券業の行動
有斐閣
1993
JAPANESE CAPITAL MARKETS, ed. by Shinji Takagi(共著)(chapter 3 the Securities Industry in Japan)
Basil Blackwell
1993
『証券市場及び証券業の将来像に関する研究会報告書』蝋山昌一編 5章 証券規制と証券業
(財)日本証券経済研究所
1993
JAPANESE CAPITAL MARKETS, ed. by Shinji Takagi(共著)(chapter 3 the Securities Industry in Japan)
Stock ownership structure and corporate social performance: Evidence from Japan
Suto, M, H. Takehara
Proceedings of 10th International Conference on Corporate Governance:“Corporate Governance and Universal Acceptance: Taking Stock of Progress and Indicators of Future Trends”
2012
In this paper we review the growth of socially responsible investment (SRI) in the UK and in Japan. We consider the various factors which have given rise to the growth of SRI in both countries. As SRI is currently more mature in the UK than in Japan, we consider ways in which the UK experience may provide some lessons for the growth of SRI in Japan. Significantly, we consider that the use of corporate governance mechanisms such as engagement and dialogue by large shareholders, to solve social, ethical and environmental (SEE) problems in companies, is a realistic route for the development of SRI in Japan. However, these mechanisms need to be designed so that they may operate more efficiently. Pension funds and other investment institutions need to appreciate the value of engagement over screening as an SRI stra-tegy. Further, the disclosure of SRI strategies by pension funds in Japan may contribute to enhancing consciousness about the responsibility of shareholders for the SEE outcomes of corporate activities that they invest in indirectly. We acknowledge, however, that this suggestion may be difficult to implement in the near future.
This is an empirical study analysing the corporate finance and governance structure in Malaysia before and after the financial crisis of 1997, utilising the agency cost approach. The contribution of this paper is to link the corporate governance mechanism with the role of banks and corporate ownership structure peculiar to Malaysia, taking into account the institutional framework and historical background of the Malaysian financial system, such as government protection for the banking sector and the social dispersion of corporate ownership related to the Malay First policy. Based on data for 375 non-financial KLSE (Kuala Lumpur Stock Exchange) listed companies during fiscal years 1995-99, our analysis is organised into three parts. Characteristics of corporate finance in Malaysia in the 1990s using aggregated time-series data are outlined, followed by an examination of the determinants of capital structure via cross-sectional regressions in terms of dependency on banks and ethnic ownership structure, controlling ownership concentration, availability of internal funds, corporate size, industry effects, etc. We then estimate simple investment functions with panel data in order to examine the effects of debt financing on corporate investments before the crisis. Empirical results show the following. Firstly, the commitment of banks to finance corporate debt as well as lending obviously increased debt ratios. Secondly, increasing ownership by native Malays, both the direct and indirect holding of corporate shares, played no significant role in disciplining corporate management. However, ownership concentration mitigated conflict between managers and owners. Foreign ownership also contributed to a reduction in the agency cost of equity financing in financial liberalisation. Finally, high dependency on debt led to excessive corporate investment before the crisis. These results imply that the concentration of risks on the banking sector and social policy advocating the dispersion of corporate ownership weakened the corporate governance mechanism, thereby exacerbating the distress of Malaysia's corporate sector during the financial crisis.
Japanese Financial System in Transition-Toward a More Market Oriented System
Megumi Suto
Publications of the European Japan Experts Association, Japan-German Center Berlin
volume 4
2002
Japan's Financial Institutions and The Yen---What are the obstacles to internationalization No.26
Megumi Suto
The Institute of Economic Research, Chuo University, Tokyo, Japan
2002
Corporate Governace of Japanese Institutional Investors-Major Results of Questionnaires Concerning Corporate Governance by Institutional Inverstors"(共著)K.Omura, M.Sato and M.Masuko, Discussion Paper Series
Omura, K, M.Suto, M. Masuko
Policy Research Institute, Ministry of Finance , Japan
02A-28
(
4
)
42
2002
Toward a New Architecture for the Japanese Financial System: Participation Costs, Intermediated Ownership and Wealth Distribution", (共著)Y.Kitamura, M.Suto and J.Teranishi, CEI Working Paper Series
Megumi Suto
Center for Economic Institutions, Institute of Economic Research, Hitotsu-bashi University
No.2001-25
2001
New Development in the Japanese Corporate Governance in the 1990s-The Role of Corporate Pension Funds, Hamburg Institute of International Economics, Germany (単著)
Structural Organization and Stock Price Behavior in East and Southeast Asia, in The Asian Financial and Capital Markets -- Growth and Interrelationship -- A Report of the Study Group of the Asian Financial System
2015
Society on Interdisciplinary Business Research
Estimating the Hidden Corporate Social Performance of Japanese Firms
Winner:
Megumi Suto, Hithoshi Takehara
最優秀論文賞
2013
World Business Institute
The Impact of Corporate Social Performance on Financial Performance: Evidence from Japan
Winner:
Megumi Suto, Hithoshi Takehara
最優秀論文賞
2004
Centre for Corporate Governance Research, Birmingham University
Behavioural Biases of Japanese Istitutional Investors:fund management and corporte governance
7th International Conference on CSR, Sustainability, Ethics & Governance
Presentation date:
2021.06
Event date:
2021.06
Employee-Oriented CSR, Innovation, and Firm Value
Megumi Suto
Nippon Finance Association 2021Annual Meeting
Presentation date:
2021.06
Event date:
2021.06
Innovation, CSR Intensity, and Firm-specific Risk:Evidence from Japan
Megumi Suto
Nippon Finance Association
Presentation date:
2020.06
Event date:
2020.06
Innovation, CSR Intensity, and Market-based Risk: Evidence from Japan,
SUTO Megumi
5th Annual ICGS (International Corporate Governance Society) Conference
Presentation date:
2019.10
Management Earnings Forecasts and Investor Trust: Signaling Effect of Corporate Social Responsibility
SUTO Megumi
Japan Society of Monetary Economics
Presentation date:
2019.05
企業の社会的責任と企業金融−CSR研究の新潮流−
Megumi SUTO
[Invited]
経営財務学会東日本部会
Presentation date:
2018.07
Corporate Social Responsibility and Corporate Finance in Japan
Megumi SUTO
[Invited]
CSR, the Economy and Financial Marke(
日本政策投資銀行
Presentation date:
2017.11
Management Forecast Bias and Corporate Social Responsibility Awareness: Evidence from Japan
Megumi SUTO
Third Conference of the International Corporate Governance Society
ICGS
Presentation date:
2017.09
Management Forecast Bias and Corporate Social Responsibility Awareness: Evidence from Japan
Megumi SUTO
日本ファイナンス学会全国大会
千葉工業大学
Presentation date:
2017.06
Corporate Social Performance and Market Liquidity Risk: The Case of the Japanese Banking Sector
Megumi SUTO
29th Australasian Finance and Banking Conference
UNSW Business School
Presentation date:
2016.12
Corporate Social Responsibility and the Cost of Capital: Evidence from Japanese Firms
Megumi SUTO
3rd International Conference on CSR, Sustainability, Ethics and Governance
Cologne Business School
Presentation date:
2016.08
Corporate Social Responsibility and the Cost of Capital: Evidence from Japanese Firms
Megumi SUTO
Asian Finance Association Conference
Asian Finance Association C
Presentation date:
2016.06
Corporate Social Responsibility and the Cost of Capital: Evidence from Japanese Firms
Megumi SUTO
日本ファイナンス学会全国大会
横浜国立大学
Presentation date:
2016.05
Does Foreign Ownership Enhance the Corporate Social Performance of Japanese Firms
Megumi SUTO
ICGS Conference
Copenhagen Business School
Presentation date:
2015.09
Does Foreign Ownership Enhance the Corporate Social Performance of Japanese Firms? Social Performance of Japanese Firms?
Megumi SUTO
Second International Conference on CSR, Sustainability, Ethics & Governance
Nanjin University of Finance and Economics
Presentation date:
2015.07
Estimating Hidden Corporate Social Performance of Japanese Firms
Megumi SUTO
SIBR 2015 Kual Lumpur Conference
Presentation date:
2015.02
Estimating Hidden Corporate Social Performance of Japanese Firms
Megumi SUTO
Growth of Firms, Ownership, and Value: East meets West
Shidler College of Business
Presentation date:
2014.09
The Impact of Corporate Social Performance on Financial Performance: Evidence from Japan
Megumi SUTO
22nd International Business Research Conference
Presentation date:
2013.09
The Impact of Corporate Social Performance on Financial Performance: Evidence from Japan
Megumi SUTO
日本ファイナンス学会全国大会
東京大学
Presentation date:
2013.06
The Impact of Corporate Social Performance on Financial Performance: Evidence from Japan
Megumi SUTO
Seminar at Stirling Management School, University of Stirling
University of Stirling
Presentation date:
2013.03
Stock Ownership Structure and Corporate Social Performance: Evidence from Japan
Megumi SUTO
日本ファイナンス学会全国大会
Presentation date:
2012.05
Stock Ownership Structure and Corporate Social Performance:Evidence from Japan
Megumi SUTO
10th International Conference on Corporate Governance, Birmingham University
Australian Research Centre for Accounting, Finance and Economics
Presentation date:
2012.02
企業の社会的責任と企業パフォーマンス
Megumi SUTO
証券経済学会全国大会
横浜国立大学
Presentation date:
2010.10
証券業の機能と行動倫理−日米の動向を踏まえて
Megumi SUTO
証券経済学会全国大会
早稲田大学
Presentation date:
2008.05
企業の社会的責任とコーポレート・ガバナンス−非財務情報開示とステークホルダーコミュニケーション
Megumi SUTO
日本ファイナンス学会全国大会
関西大学
Presentation date:
2007.10
Behavioral Biases of Institutional Investors: Japan and Germany vs the US
Megumi SUTO
5th International Conference on Corporate Governance, Birmingham University
Birmingham Universit
Presentation date:
2007.07
Behavioral Biases of Institutional Investors: Japan and Germany vs the US
Megumi SUTO
46th Annual Meeting of Southwestern Finance Association, Town & Country Resort and Convention Center SanDiego
Southwestern Finance Association
Presentation date:
2007.03
ファンド・マネージャーの行動バイアスとインセンティブ構造
日本ファイナンス学会全国大会(慶應義塾大学)
Presentation date:
2007
Behavioral Biases of Institutional Investors: Japan and Germany vs the US
Megumi SUTO
14th Conference of on the Theories and Practices of Securities Markets, National Sun Yat-Sen University Taiwan
National Sun Yat-Sen University
Presentation date:
2006.12
Behavioral Biases of Institutional Investors: Japan and Germany vs the US
Megumi SUTO
日本金融学会全国大会
早稲田大学
Presentation date:
2006.04
ファンド・マネージャーの行動バイアスとインセンティブ構造
Megumi SUTO
ファイナンス学会全国大会
慶應義塾大学
Presentation date:
2005.06
企業の社会的責任と企業パフォーマンス
Megumi SUTO
ファイナンス学会全国大会
横浜国立大学
Presentation date:
2005.06
Behavioural Biases of Japanese Institutional Investors:Fund Management and Corporate Governance
Megumi SUTO
Behavioural Biases of Japanese Institutional Investors:Fund Management and Corporate Governance
愛知学院大学
Presentation date:
2004.09
Behavioural Biases of Japanese Institutional Investors:Fund Management and Corporate Governance
Megumi SUTO
2nd International Conference on Corporate Governance, Birmingham University
Birmingham Universit
Presentation date:
2004.06
Can the UK Experience Provide Lessons for the Evolution of SRI in Japan?
6th International Conference on Corporate Governance and Board Leadership, Henley Management College, UK
Presentation date:
2003
Japan’s Financial Institutions and the Yen―What are the obstacles to internationalization?
The Conference on East Asian Monetary andFinancial Cooperation---Concepts, Policy and the Role of the Yen, Hamburg Institute of International Economics
Presentation date:
2002
Capital Structure and Investment Behavior of Malaysian Firms
Second International Convention of Asian Scholars(ISAS), Berlin University of Liberty
Presentation date:
2001
The Japanese Financial System in Transition: Toward a More Market Oriented System
Conference on the Impact of Reform on Japan, European Japan Expert Association, Japanese-German Center, Berlin
Presentation date:
2001
Toward a New Architecture for the Japanese Financial System:
Hitotsubashi University and International Monetary Fund Conference on Designing Financial Systems in East Asia and Japan, 一橋大学
Presentation date:
2001
Capital Structure and Investment Behavior of Malaysian Firms in 1990s―A Study of Corporate Governance before the Crisis
Developments in Corporate Governance, International Conference for the BAA SIG on Corporate Governance, Cardiff University
Presentation date:
2001
New Development in the Japanese Corporate Governance in the 1990s―
Kyoto International Conference on Pax-Americana and American &Japanese Economy and Society, 東京大学社会科学研究所