2024/05/26 更新

写真a

ヨシカワ トオル
好川 透
所属
社会科学総合学術院 社会科学部
職名
教授

経歴

  • 2023年09月
    -
    継続中

    早稲田大学   社会科学総合学術院

  • 2010年07月
    -
    2023年07月

    シンガポール経営大学   ビジネススクール

  • 2006年07月
    -
    2010年06月

    マックマスター大学   ビジネススクール

  • 2002年07月
    -
    2006年06月

    シンガポール経営大学   ビジネススクール

  • 1997年04月
    -
    2002年03月

    日本大学   商学部

学歴

  • 1993年09月
    -
    1997年06月

    York University   Doctoral Program in Administrative Studies  

所属学協会

  • 2023年
    -
    継続中

    International Corporate Governance Society

  • 2003年
    -
    継続中

    Strategic Management Society

  • 1997年
    -
    継続中

    Academy of International Business

  • 1995年
    -
    継続中

    Academy of Management

研究分野

  • 経営学   企業戦略、コーポレートガバナンス、トップマネジメント、イノベーション、国際ビジネス

研究キーワード

  • 国際ビジネス

  • イノベーション

  • 取締役会

  • コーポレートガバナンス

受賞

  • Lee Kong Chian Fellowship

    2018年   Singapore Management University  

  • Lee Kuan Yew Fellow for Research Excellence

    2011年   Singapore Management University  

  • Distinguished Paper Award, Business Policy and Strategy Division

    2009年08月   Academy of Management  

  • Social Sciences and Humanities Research Council of Canada Doctoral Fellowship

    1995年   Social Sciences and Humanities Research Council of Canada  

 

論文

  • Board governance of Strategic Change: An assessment of the literature and avenues for future research

    Patricia Klarner, Qiwen Yu, Toru Yoshikawa, Michael A. Hitt

    International Journal of Management Reviews   25 ( 3 ) 467 - 494  2023年07月

     概要を見る

    Boards of directors play a central role in governing corporate strategic change. We systematically review corporate governance research on strategic change published over the past 40 years, differentiating between strategic change types and board characteristics. We identify three developments: a focus on specific strategic change types, board composition and structure, and North American listed firms as a dominant study context. Yet, our analysis of the literature shows that research on board governance of interrelated strategic changes, on different board roles and behaviour, and on the governance of strategic changes across different contexts remains underdeveloped. To address these research gaps, we suggest three future research avenues: (1) examining how boards govern interrelated changes in a strategic change portfolio and its evolution over time; (2) studying the mediating relationship between board governance (particularly different board roles and behaviour), strategic changes, and corresponding outcomes; and (3) gaining a better understanding of the role of context in board governance of interrelated strategic changes. We contribute to corporate governance research by developing a framework that synthesizes extant research on the relationships between different board governance variables and strategic change types, highlights important research gaps, and outlines several future research directions to address these gaps. Our framework and literature overview serve as analytical tools to examine whether boards are well-designed and prepared to govern multiple and interrelated strategic changes.

    DOI

    Scopus

    4
    被引用数
    (Scopus)
  • Conflict or alignment? The role of return-oriented foreign shareholders and domestic relational shareholders in mitigating earnings management

    Toru Yoshikawa, Ignacio Requejo, Asli M. Colpan, Daisuke Uchida

    Strategic Organization    2022年

     概要を見る

    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 is contingent on the firm’s ownership structure. Our results show that while foreign shareholders enhance the positive impact of stock options on earning management, domestic shareholders and affiliated directors mitigate this positive effect. Our empirical analyses support the argument that ownership heterogeneity is a key determinant of managerial propensity to engage in earnings management when Japanese firms adopt stock option pay.

    DOI

    Scopus

    1
    被引用数
    (Scopus)
  • Attraction versus competition: A tale of two similarity effects in director selection of Chinese firms

    Renfei Gao, Helen Wei Hu, Toru Yoshikawa

    Asia Pacific Journal of Management    2022年

     概要を見る

    Extant research has focused primarily on the collaborative side of chair-director similarity in director selection, whereas the potential competitive side remains underexplored. Emphasizing the dual role of directors as both collaborators and competitors, as perceived by chairs, we incorporate both the similarity-attraction logic and the similarity-competition logic in director selection and develop a collaborative-competitive framework to reconcile the tension between them. Based on new director selection data from Chinese listed firms, we find that chair-director similarity in the competitive-oriented political background is negatively related to the likelihood of the director being selected—consistent with the similarity-competition logic, whereas chair-director similarity in the collaborative-oriented technological background is positively related to the likelihood of the director being selected—consistent with the similarity-attraction logic. Furthermore, we reveal how the similarity-derived effects are contingent on within-similarity heterogeneity. Our study advances research on director selection by providing a more fine-grained understanding of chair-director similarity in director selection.

    DOI

    Scopus

  • INSTITUTIONAL ANTECEDNTS TO SHAREHOLDER MONITORING: THE LIABILITY OF LOCALNESS IN SHAREHOLDER VOTES

    Daisuke Uchida, Toru Yoshikawa

    81st Annual Meeting of the Academy of Management 2021: Bringing the Manager Back in Management, AoM 2021    2021年08月

    DOI

    Scopus

  • A capability-based view of boards: A new conceptual framework for board governance

    Patricia Klarner, Toru Yoshikawa, Michael A. Hitt

    Academy of Management Perspectives   35 ( 1 ) 123 - 141  2021年

     概要を見る

    A key role of board directors is to govern corporate strategy. While prior research has provided insights into board roles and activities regarding board governance, the underlying capabilities required to govern effectively remain understudied. This article explores and explicates a capability-based view of board actions in which the specific capabilities that enable boards to govern strategic activities are identified. We specifically examine the conceptual foundations and different types of board capabilities, drawing on illustrative cases as well as information from interviews with board directors in the United States, Asia, and Europe. We then discuss several future research directions that can enrich our understanding of the effects of board capabilities on board governance. This article introduces a fine-grained perspective on board governance that examines the individual director, interpersonal, and board levels. By highlighting the need to build the foundation of governance capabilities at multiple levels, we extend our understanding of the compositional challenges for boards and their governance.

    DOI

    Scopus

    24
    被引用数
    (Scopus)
  • Global shift towards stakeholder-oriented corporate governance? Evidence from the scholarly literature and future research opportunities

    Toru Yoshikawa, Michael Nippa, Gavin Chua

    Multinational Business Review   29 ( 3 ) 321 - 347  2021年

     概要を見る

    Purpose: By reviewing prior scholarly corporate governance (CG) literature and a review of more recent stakeholder studies, this paper aims to examine the extent to which stakeholders and their interests have gained in importance in recent years compared to the shareholder approach, which is dominant in many national economies and suggest future research opportunities. Design/methodology/approach: This study conducts a literature review to examine major findings in prior studies. Findings: The reviews and analyses provide support for a formal and informal convergence of CG systems towards more stakeholder-oriented elements globally. In general, at the institutional and firm levels, there are remarkable shifts to adopt stakeholder-oriented rules and practices. However, there is limited evidence that all these trends will actually lead to full convergence towards a single stakeholder-oriented governance model. Originality/value: The paper offers an extensive summary of prior studies that investigate the impact of CG on firm stakeholder-orientation and social performance. Based on the review, this study suggests promising research directions.

    DOI

    Scopus

    13
    被引用数
    (Scopus)
  • When do host country nationals help expatriates? The roles of identification with the multinational enterprise and career development support by the subsidiary

    Sachiko Yamao, Toru Yoshikawa, Daejeong Choi, Soo Min Toh

    Journal of International Management   26 ( 3 )  2020年09月

     概要を見る

    In this study, we examine the roles of the host country nationals (HCNs)' identification with the MNE and perceptions of subsidiary's career development support as key factors in explaining the HCNs' decisions to provide help to expatriates. Using data collected in four countries (Australia, China, India, and Singapore), we show that HCNs' identification with the MNE and subsidiary's career development support are positively related to their extra-role helping behavior toward the expatriates. Further, the positive relationship between MNE identification and extra-role helping behavior becomes stronger when HCNs perceive that their career development is well supported by the subsidiary. We also provide post-hoc analyses to explore the potential differences of the four host countries in these relations.

    DOI

    Scopus

    14
    被引用数
    (Scopus)
  • 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

    Corporate Governance: An International Review   28 ( 1 ) 2 - 22  2020年01月

     概要を見る

    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 managerial interests, received ties derive power from a hierarchical relationship between the focal firm and the interlinked firm. Such differential nature of sent and received ties drives a differential result in terms of adopting two distinctive governance practices. We also find support for different moderating effects of firm performance on the impact of sent and received ties. Theoretical/Academic Implications: In this study, we incorporated the self-interest of executives with sent ties to prior adopters and the power of directors who establish ties with prior adopters that are hierarchically positioned. By doing so, this study paints a more fine-grained picture regarding underlying mechanisms by which information gained through ties is translated into action. This provides important insights for both agency theory and resource-dependency theory. Practitioner/Policy Implications: Hierarchical board ties are not a unique phenomenon in Japan. We often find such ties in business groups in China, India, Korea, and some European countries. Establishing board interlocks among subsidiaries in a business group is an important governance resolution for controlling the whole business group. Hence, our findings that the ties carry not only information but also agent's interest and hierarchical power should be taken into account when a business group designs board interlocks.

    DOI

    Scopus

    9
    被引用数
    (Scopus)
  • Corporate governance and institutional investors: Proxy voting behavior after the Stewardship Code (コーポレートガバナンスと機関投資家―スチュワードシップコード改訂後の議決権行使の状況について)

    Toru Yoshikawa

      108  2019年12月

     概要を見る

    Corporate governance and institutional investors: Proxy voting behavior after the Stewardship Code (コーポレートガバナンスと機関投資家―スチュワードシップコード改訂後の議決権行使の状況について); YAMAUCHI, Mari; YOSHIKAWA, Toru; 2019; Journal Article

  • How does interpersonal justice affect outside directors’ governance behavior? A cross-cultural comparison

    Esther B. Del Brio, Rosa M. Hernández-Maestro, Toru Yoshikawa

    Review of Managerial Science   12 ( 3 ) 683 - 709  2018年07月

     概要を見る

    We examine the impact of interpersonal justice among outside directors on the board and between a director and the CEO regarding the director’s monitoring and resource provision behaviors in different cultural contexts. We argue that directors from individualistic countries are more influenced by CEO interpersonal justice while directors from collectivistic countries are more affected by the board interpersonal justice. Our main effect results indicate that interpersonal justice with board members is positively related to both monitoring and resource provision by a director, while CEO interpersonal justice is related only to resource provision. Our results also show different effects on the director’s behaviors between three countries, i.e., Canada, Singapore, and Spain. We found that CEO interpersonal justice is positively associated with resource provision in Canada, while board interpersonal justice is positively related to both monitoring and resource provision in Singapore and Spain. These results suggest that directors discharge their board duties differently by how they are treated by other directors and the CEO and that their governance behaviors vary by culture. This study contributes to the literature on comparative corporate governance by showing the differences in directors’ behaviors in different cultural contexts.

    DOI

    Scopus

    7
    被引用数
    (Scopus)
  • Performance decline, political connections and institutional factors: A multi-country analysis

    Toru Yoshikawa

    Contemporary Issues in Global Business Research across Emerging Markets.     18 - 30  2018年04月

  • When Elites Forget Their Duties: The Double-Edged Sword of Prestigious Directors on Boards

    Jana Oehmichen, Daniel Braun, Michael Wolff, Toru Yoshikawa

    Journal of Management Studies   54 ( 7 ) 1050 - 1078  2017年11月

     概要を見る

    Previous research indicates that the performance effect of prestigious directors is ambiguous. Our study addresses this issue by integrating the theoretical lens of board capital and the institutional perspective. We argue that prestigious directors can bring benefits as well as costs. We claim that the emergence of these costs depends on the institutional context, specifically the institutional characteristics of the country's corporate elite circle which is characterized by the elite cohesion and the elite exclusiveness. Our empirical results with a 15-country sample covering the period of 2005 to 2014 provide evidence for the overall existence of a positive performance effect of prestigious boards. However, our results also indicate that these beneficial effects of prestigious boards are mitigated in countries with high elite exclusiveness. Hence, under these certain institutional conditions, the elite-favouring behaviour of prestigious directors also brings costs.

    DOI

    Scopus

    28
    被引用数
    (Scopus)
  • Organizational Citizenship Behaviors of Directors: An Integrated Framework of Director Role-Identity and Boardroom Structure

    Toru Yoshikawa, Helen Wei Hu

    Journal of Business Ethics   143 ( 1 ) 99 - 109  2017年06月

     概要を見る

    While directors’ task boundaries are usually ambiguous, some of their activities or behaviors clearly constitute their formal duties, whereas others are usually perceived as organizational citizenship behavior (OCB). Applying identity theory, we present a theoretical model that demonstrates one of the key drivers for directors to engage in OCB with a focus on their role identity. We argue that an individual director’s role identity is one of the key factors that motivate directors to engage in OCB. Furthermore, we propose that two board-level contingencies, board capital, and informal board hierarchy order, can moderate the effect of directors’ role-identity salience on their OCB. That is, low levels of board capital and directors’ higher positions in a board’s informal hierarchy enhance directors’ motivation to engage in OCB.

    DOI

    Scopus

    11
    被引用数
    (Scopus)
  • Cross-Border M&A: Challenges and Opportunities in Global Business Environment

    Rosa Caiazza, Katsuhiko Shimizu, Toru Yoshikawa

    Thunderbird International Business Review   59 ( 2 ) 147 - 151  2017年03月

    DOI

    Scopus

    7
    被引用数
    (Scopus)
  • The evolution of ownership structure in the Japanese firms (1962-2012)

    Jungwook Shim, Toru Yoshikawa

    Japanese Management in Evolution: New Directions, Breaks, and Emerging Practices     21 - 46  2017年01月

     概要を見る

    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. Ownership structure is one of the main corporate governance mechanisms, and many prior studies focus on the characteristics of the ownership structure of Japanese firms (Gedajlovic and Shapiro, 2002; Gedajlovic, Yoshikawa, and Hashimoto, 2005; Lichtenberg and Pushner, 1994; Prowse, 1992; Yoshikawa and Phan, 2003). The concepts of stable shareholding and cross-shareholding represent the traditional ownership structure, and the bank-centered financial system or main bank system has been perceived as the conventional corporate governance framework in the Japanese firm system (Ahmadjian and Okumura, 2005; Ahmadjian and Robinson, 2001; Berglof and Perotti, 1994; Gerlach, 1992; Hoshi, Kashyap, and Scharfstein, 1990; Kang and Shivdasani, 1995; Morck and Nakamura, 1999; Sheard, 1994). Although prior studies examine this topic, there has not been much focus on the evolution of ownership structure and corporate governance in Japanese firms from a long-term perspective and with the entire firm population. We aim to address these gaps by analyzing the evolution of ownership structure using the entire population of listed firms with longitudinal data.

    DOI

    Scopus

  • Contingent value of director identification: The role of government directors in monitoring and resource provision in an emerging economy

    Hongjin Zhu, Toru Yoshikawa

    Strategic Management Journal   37 ( 8 ) 1787 - 1807  2016年08月

     概要を見る

    Research summary: Although previous studies have explored the value of government directors, less attention has been directed at the antecedents of government directors' engagement in value-adding activities, such as managerial monitoring and resource provision. Drawing on social identity theory, we offer a novel model that specifies how a government director's dual identifications with the focal firm, and with the government individually and interactively affect his or her governance behavior. An investigation of government directors in China shows that their identification with the focal firm enhances monitoring and resource provision, while their identification with the government affects monitoring and resource provision differently. depending on the dominance of state ownership. The synergistic/substitutable effects between the two types of identification are contingent on state ownership and governance roles. Managerial summary: This study examines how a government director's dual identities—as a government official and as a board member of a focal firm affect his or her engagement in managerial monitoring and resource provision. Using data of Chinese listed firms, we find that government directors who strongly identify with the focal firm or with the government are highly motivated to fulfill their fiduciary obligations. However, the positive effects of their identification with the government differ between state-owned enterprises (SOEs) and non-SOEs. The combination of the two identifications offers a further boost to monitoring in non-SOEs, and to resource provision in both SOEs and non-SOEs, but it acts as a disincentive to monitoring in SOEs.

    DOI

    Scopus

    45
    被引用数
    (Scopus)
  • Leveraging foreign institutional logic in the adoption of stock option pay among Japanese firms

    Xuesong Geng, Toru Yoshikawa, Asli M. Colpan

    Strategic Management Journal   37 ( 7 ) 1472 - 1492  2016年07月

     概要を見る

    Research summary: We investigate why Japanese firms have adopted executive stock option pay, which was developed with shareholder-oriented institutional logic that was inconsistent with Japanese stakeholder-oriented institutional logic. We argue that Japanese managers have self-serving incentives to leverage stock ownership of foreign investors and their associated institutional logic to legitimize the adoption of stock option pay. Our empirical analyses with a large sample of Japanese firms between 1997 and 2007 show that when managers have elite education, high pay inequality with ordinary employees, and when firms experience poor sales growth, foreign ownership is more likely associated with the adoption of stock option pay. The study shows the active role of managers in facilitating the diffusion of a new governance practice embodying new institutional logic. Managerial summary: Why have Japanese firms adopted stock option pay for executives? Inconsistent with Japanese stakeholder-oriented tradition in corporate governance, such pay has been believed to prioritize managerial attention to the interests of shareholders over those of other stakeholders. However, to the extent that shareholders' interests are legitimate in the Japanese context, executives who have self-serving incentives to adopt such pay can leverage the need to look after shareholders' interest in their firms to legitimize their decisions. In a large sample of Japanese firms, we find that foreign ownership (representing shareholders' interests) is more likely to be associated with the adoption of stock option pay when managers are motivated to receive such pay, such as when they have elite education, high pay inequality with ordinary employees, or poor sales growth.

    DOI

    Scopus

    36
    被引用数
    (Scopus)
  • Change and continuity in corporate governance structures: A study of Korea, Malaysia and Singapore

    Toru Yoshikawa

       2016年02月

  • Family ownership and R&D investment: The role of growth opportunities and business group membership

    Young Rok Choi, Shaker A. Zahra, Toru Yoshikawa, Bong H. Han

    Journal of Business Research   68 ( 5 ) 1053 - 1061  2015年05月

     概要を見る

    This study examines whether the influence of family ownership on R&D investment varies depending on growth opportunities and business group membership. Using data on Korean firms over ten years (1998-2007), the study shows that family ownership is negatively related to R&D investment, but the relationship becomes positive when growth opportunities are present. The moderating effect, however, differs between independent family firms and family business groups. The positive influence that growth opportunities have on promoting R&D investment is diminished for affiliates of family business groups. These findings imply that family owners invest more in R&D when their family control goals are threatened by the loss of growth potential. The empirical results of this study and its behavioral decision-making model help to bridge the gap between the predictions of the family control perspective and agency theory in explaining R&D investment by family firms in an emerging economy.

    DOI

    Scopus

    98
    被引用数
    (Scopus)
  • Institutional change versus resilience: A study of incorporation of independent directors in Singapore banks

    Lai Si Tsui-Auch, Toru Yoshikawa

    Asian Business and Management   14 ( 2 ) 91 - 115  2015年04月

     概要を見る

    We examine how Anglo-American capital market logic penetrated into Singapore where relational logic tends to guide business activities and illustrate how domestic banks reacted to this imported logic in the corporate governance field. We argue that the banks' ability to accommodate competing logics was enhanced by state agencies' willingness to modify Anglo-American standards to fit the local context. Given the resulting institutional ambiguities in rules, local banks, while incorporating higher outside representation on their boards, reinterpreted the meaning of independence and emphasized the resource provision role rather than the monitoring function of outside directors. The resultant institutional change has been gradual.

    DOI

    Scopus

    7
    被引用数
    (Scopus)
  • Market-oriented institutional change and R&D investments: Do business groups enhance advantage?

    Young Rok Choi, Toru Yoshikawa, Shaker A. Zahra, Bong H. Han

    Journal of World Business   49 ( 4 ) 466 - 475  2014年10月

     概要を見る

    Emerging market firms (EMFs) are increasingly relying on innovation to find their competitive advantage, but our understanding of how institutional change affects firm innovation has been limited. We analyzed Korean manufacturing firms from 1994 to 2006 to test the proposition that market-oriented institutional change in an emerging economy alleviates firms' financing constraints and monitoring problems and improves the effectiveness of their innovation activities. Institutional evolution in the economy was found to affect Korean business groups and independent firms differently. Institutional change reduced the financing constraints on independent firms more than for business group affiliates in R&D investment. Independent firms, however, appeared less capable than group affiliates of translating the benefits of improved institutional environments into efficient R&D investment. This asymmetry may lead to a wider gap in the efficiency of R&D investment between business group affiliates and independent firms.

    DOI

    Scopus

    43
    被引用数
    (Scopus)
  • How capital structure influences diversification performance: A transaction cost perspective

    Jonathan P. O'Brien, Parthiban David, Toru Yoshikawa, Andrew Delios

    Strategic Management Journal   35 ( 7 ) 1013 - 1031  2014年07月

     概要を見る

    Extant theories agree that debt should inhibit diversification but predict opposing performance consequences. While agency theory predicts that debt should lead to higher performance for diversifying firms, transaction cost economics (TCE) predicts that more debt will lead to lower performance for firms expanding into new markets. Our empirical tests on a large sample of Japanese firms support TCE by showing that firms accrue higher returns from leveraging their resources and capabilities into new markets when managers are shielded from the rigors of the market governance of debt, particularly bond debt. Furthermore, we find that the detrimental effects of debt are exacerbated for R&D intensive firms and that debt is not necessarily harmful to firms that are either contracting or managing a stable portfolio of markets. Copyright © 2013 John Wiley & Sons, Ltd.

    DOI

    Scopus

    53
    被引用数
    (Scopus)
  • National governance system, corporate ownership, and roles of outside directors: A corporate governance bundle perspective

    Toru Yoshikawa, Hongjin Zhu, Pengji Wang

    Corporate Governance: An International Review   22 ( 3 ) 252 - 265  2014年05月

     概要を見る

    Manuscript Type: Conceptual Research Questions/Issues: We explore why and how the different combinations of governance practices at national level, such as the legal system, conduct codes, and capital markets, and at firm level, such as various types of controlling shareholders, enable or constrain outside directors to engage in their monitoring and resource provision roles. Building upon such analysis, we develop a new taxonomy of corporate governance systems according to the different configurations of a set of interdependent governance characteristics, including national governance mechanisms, identity of block shareholders, and functions of outside directors. Research Insights: This study enriches the growing body of research on governance complementarity and substitution by highlighting the role of bundles of governance practices in influencing directors' engagement in governance behavior, and consequently advancing our understanding of variation in corporate governance systems across and within countries. Theoretical/Academic Implications: This paper demonstrates that the roles of outside directors depend on the interaction between a bundle of governance mechanisms rather than any individual mechanisms. The paper also goes beyond the traditional governance models based on the national context and highlights that interdependencies of corporate governance practices play an important role in explaining the diversity and variation of corporate governance arrangements across firms in both industrialized economies and emerging markets. Practitioner/Policy Implications: This paper provides insights to policymakers by suggesting that not all the governance bundles are conducive to managerial monitoring and resource provision by outside directors. © 2014 John Wiley & Sons Ltd.

    DOI

    Scopus

    82
    被引用数
    (Scopus)
  • The Effects of CEO Trustworthiness on Directors' Monitoring and Resource Provision

    Esther B. Del Brio, Toru Yoshikawa, Catherine E. Connelly, Wee Liang Tan

    Journal of Business Ethics   118 ( 1 ) 155 - 169  2013年11月

     概要を見る

    Because of the importance of board members' resource provision and monitoring, a substantial body of research has been devoted to ascertaining how directors can be incented to perform their responsibilities. We use social exchange theory to empirically examine how board members' resource provision and monitoring are affected by their perceptions of the CEOs' trustworthiness. Our findings suggest that board members' perceptions of the CEO's ability, benevolence, and integrity have different effects on the board members' resource provision and monitoring. Our results further suggest that board members' governance behaviors are moderated by the board's performance evaluation practices. © 2012 Springer Science+Business Media Dordrecht.

    DOI

    Scopus

    14
    被引用数
    (Scopus)
  • Performance Sensitivity of Executive Pay: The Role of Foreign Investors and Affiliated Directors in Japan

    Asli M. Colpan, Toru Yoshikawa

    Corporate Governance: An International Review   20 ( 6 ) 547 - 561  2012年11月

     概要を見る

    Manuscript Type: Empirical Research Question/Issue: 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. Research Findings/Insights: 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: They link firm profitability and bonus pay, but also show positive influence on the firm growth and bonus pay relationship. Theoretical/Academic Implications: This study makes a contribution to research on ownership heterogeneity and executive compensation by empirically showing that different owners and directors affiliated with certain ownership groups have varied implications on the firm performance-executive pay relationship. It also makes a contribution to research on corporate governance change by providing insights on how different actors facilitate shifts in the linkage between performance and pay. Practitioner/Policy Implications: Our findings offer insights to stakeholders to pay attention to ownership structure and board composition in acknowledging the varied financial motivation of executives to pursue growth and/or profitability. © 2012 Blackwell Publishing Ltd.

    DOI

    Scopus

    44
    被引用数
    (Scopus)
  • Globalization and corporate governance convergence: The multinational corporation as a neglected agent of convergence

    Katarina Sikavica, Toru Yoshikawa

    The Convergence of Corporate Governance: Promise and Prospects     212 - 233  2012年06月

    DOI

    Scopus

    1
    被引用数
    (Scopus)
  • The convergence of corporate governance: Promise and prospects

    Rasheed, A.A., Yoshikawa, T.

    The Convergence of Corporate Governance: Promise and Prospects    2012年

    DOI

    Scopus

    1
    被引用数
    (Scopus)
  • Disaggregating the group effect: Vertical and horizontal keiretsu in changing economic times

    Sandra Dow, Jean McGuire, Toru Yoshikawa

    Asia Pacific Journal of Management   28 ( 2 ) 299 - 323  2011年06月

     概要を見る

    This paper examines the evolution of keiretsu group affiliation among members of horizontal and vertical keiretsu in Japan over two time periods: 1992-1997, and 1997-2002. We found that ties were more stable in the later time period and therefore restricted our empirical analysis to the 1992-1997 period. We also found differences in the response of vertically and horizontally linked groups to economic downturn and capital market change-vertically linked groups weakened their ties while horizontally linked groups showed more stability. © 2009 Springer Science+Business Media, LLC.

    DOI

    Scopus

    17
    被引用数
    (Scopus)
  • Shareholder Heterogeneity and Conflicting Goals: Strategic Investments in the Japanese Electronics Industry

    Asli M. Colpan, Toru Yoshikawa, Takashi Hikino, Esther B. Del Brio

    Journal of Management Studies   48 ( 3 ) 591 - 618  2011年05月

     概要を見る

    abstract: This article investigates the effects of the changing institutional environment on strategic orientations of Japanese electronics firms during the 1990s. We examine the effects of three different types of shareholders on strategic directions of their invested firms. The first one, foreign portfolio investors, characterizes the emerging influence that pressed for change in corporate strategies. The two domestic shareholders, corporate investors and financial institutions, represent the conventional forces for continuity. Between the two domestic forces, though, while corporate investors attempted to maintain status quo, financial institutions have shifted towards market-oriented behaviour of investment. Specifically, we explore: (1) the influence of each type of shareholder on a firm's diversification strategy and capital commitment; and (2) the moderating effects of firm performance on the relationships between ownership structure and strategic choices. The results suggest that foreign investors prefer the focused product portfolio and conservative capital commitment. They also prefer the reduction of capital investment when the financial performance of their invested firms is poor. Domestic financial institutions are now similarly sensitive to the performance of their invested firms when those firms make strategic investments. By contrast, domestic corporate shareholders remain indifferent to performance, while they aim to maintain relational business ties with invested firms. © 2010 The Authors. Journal of Management Studies © 2010 Blackwell Publishing Ltd and Society for the Advancement of Management Studies.

    DOI

    Scopus

    29
    被引用数
    (Scopus)
  • The impact of firm strategy and foreign ownership on executive bonus compensation in Japanese firms

    Toru Yoshikawa, Abdul A. Rasheed, Esther B. Del Brio

    Journal of Business Research   63 ( 11 ) 1254 - 1260  2010年11月

     概要を見る

    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 executive bonus pay. Our findings also indicate that foreign ownership negatively moderates the relationships between the strategy variables and executive compensation, suggesting that foreign investors play an active monitoring role, reducing cash bonus payments when their invested firms choose to increase R&D or pursue diversification strategy. © 2010 Elsevier Inc.

    DOI

    Scopus

    29
    被引用数
    (Scopus)
  • Business Groups in Singapore

    Lai Si Tsui-Auch, Toru Yoshikawa

    The Oxford Handbook of Business Groups    2010年09月

     概要を見る

    Like many other economies, the Singaporean economy is dominated by business groups. As in a number of other East and South East Asian economies, family-controlled business groups control a high stake of the economy in Singapore. However, unlike many others, the Singaporean economy has a predominance of government-linked business groups rather than family-controlled ones. These groups are constituted by unusual hybrids of state and private enterprises. This article describes the characteristics of the largest business groups and outlines the political and economic contexts of Singapore. It summarizes the emergence and growth of the business groups as well as their change in the historical contexts of Singapore and the region, with a specific focus on the extent of the changes in these groups by 2006 as compared to 1997 when the Asian economic crisis occurred. It also examines the competitive capabilities of these groups.

    DOI

    Scopus

    8
    被引用数
    (Scopus)
  • Do shareholders or stakeholders appropriate the rents from corporate diversification? the influence of ownership structure

    Parthiban David, Jonathan O'Brien, Toru Yoshikawa, Andrew Delios

    Academy of Management Journal   53 ( 3 ) 636 - 654  2010年06月

     概要を見る

    Prior work on the performance consequences of corporate diversification has treated all powerful owners as seeking the same benefits from diversification (i.e, higher profit rather than growth) and therefore limiting value appropriation by other stakeholders such as employees and managers. In contrast, we distinguish between domestic "relational" owners and foreign "transactional" owners in Japanese corporations. Although transactional owners do indeed prioritize profitability when diversifying, relational owners primarily seek growth rather than profits from diversification. Furthermore, relational owners also allow managers and employees to appropriate more of the rents arising from diversification than do transactional owners. © 2010 Academy of Management Journal.

    DOI

    Scopus

    141
    被引用数
    (Scopus)
  • Family control and ownership monitoring in family-controlled firms in Japan

    Toru Yoshikawa, Abdul A. Rasheed

    Journal of Management Studies   47 ( 2 ) 274 - 295  2010年03月

     概要を見る

    This paper focuses on a type of firms that have been traditionally neglected in both family business and governance research, namely, family-controlled, publicly-listed firms. Although principal-agent conflicts may be less prevalent in such firms, family control can potentially give rise to principal-principal conflicts, leading to expropriation of the wealth of minority owners by family owners. Superior firm performance and the willingness to distribute the profits through dividend payments would suggest the absence of such expropriation. Based on a sample of 210 OTC firms in Japan, we examined the relationships between family control and dividend payouts and profitability. Our results indicate that family control was positively related to dividend payouts. Further, we found that while foreign ownership interacted with family control to reduce dividend payouts and increase profitability, bank ownership did not have such an effect. © 2009 Blackwell Publishing Ltd and Society for the Advancement of Management Studies.

    DOI

    Scopus

    119
    被引用数
    (Scopus)
  • The Case of Singapore

    Toru Yoshikawa

       2010年01月

  • Changing Ownership and Governance Innovation: Japanese Enterprises in Transition

    Asli M. Colpan, Takashi Hikino, Toru Yoshikawa

    Palgrave Macmillan Asian Business Series     218 - 246  2010年

     概要を見る

    The corporate governance practices of large Japanese enterprises were a focus of controversy during and after the rapid rise of these enterprises to international prominence in the 1980s. The perception of Japanese governance mechanisms at that time stands out as the antipodal opposite of the current thrust for the ‘global’ standards. The popular view at the height of Japan’s economic power was that top executives in Japan, with no distracting interventions from pesky shareholders, exercised their discretion to target long-term efficiency-enhancing goals, to the profit of employees, shareholders, and other stakeholders. According to this view, the agency costs of managerial autonomy should be adequately compensated by the knowledge capital accumulated in and utilized by salaried management. In the US, on the other hand — according to the conventional view at the time — shareholders pressured salaried managers to maximize short-term returns at the expense of their firms’ economic health, thus ultimately harming the competitiveness of US industry in the 1980s.

    DOI

    Scopus

  • Convergence of corporate governance: Critical review and future directions

    Toru Yoshikawa, Abdul A. Rasheed

    Corporate Governance: An International Review   17 ( 3 ) 388 - 404  2009年05月

     概要を見る

    Manuscript Type: Review Research Question/Issue: Convergence in corporate governance across countries has been a subject of interest and controversy in a variety of disciplines. We attempt to address a number of related research questions: (1) what constitutes convergence? (2) what are the drivers that propel corporations in different nations towards convergence? (3) what are the major impediments that stand in the way of convergence? (4) what empirical evidence do we have to suggest that we are moving towards or away from convergence? and (5) what would be some productive avenues for further research on this topic? Research Findings/Results: Despite the vigorous intellectual position of the proponents of convergence, there is only limited evidence to indicate that such convergence is actually occurring. Even when there is ostensible convergence, much of it is convergence in form rather than substance, and governance convergence is not a context-free phenomenon. Theoretical Implications: Our review of the past literature suggests that increasing integration of product and capital markets is leading to changes in corporate governance around the world, but there is only limited evidence that such changes constitute convergence. Governance changes seem to be primarily attributable to the quest for greater efficiency in governance and enhanced legitimacy in capital markets. However, local forces such as institutional embeddedness and politics can hinder governance changes or create "hybrid" practices. Practical Implications: The ideal corporate governance may be institution- and firm-specific and an imposition of new practices or standards may not lead to intended policy or performance outcomes. © 2009 Blackwell Publishing Ltd.

    DOI

    Scopus

    143
    被引用数
    (Scopus)
  • Stakeholder influences on diversification: Implications for shareholders and stakeholders

    Parthiban David, Toru Yoshikawa, Jonathan O'Brien, Andrew Delios

    Academy of Management 2009 Annual Meeting: Green Management Matters, AOM 2009    2009年

     概要を見る

    We develop a rent appropriation perspective to study the relationship between ownership structure and the performance outcomes of corporate diversification. We contend that differences in the performance goals of domestic relational owners and foreign transactional owners in Japanese corporations have implications for the performance benefits of diversification both for shareholders and for stakeholders. Transactional ownership strengthens the association between corporate diversification and profit, while relational ownership strengthens the association between corporate diversification and growth. Further, stakeholders in a firm, such as its employees and executives, benefit more from the growth benefits of diversification undertaken by firms with relational owners than the profit benefits of diversification by firms with transactional owners.

    DOI

    Scopus

  • The codes of good governance in Singapore

    Toru Yoshikawa

    Codes of Good Governance Around the World     545 - 556  2009年

  • The Role of the Board and Its Interaction with the Successor's Human Capital in the Asian Family Enterprise

    Soo Hoon Lee, Phillip H. Phan, Toru Yoshikawa

    Multinational Business Review   16 ( 2 ) 65 - 88  2008年06月

     概要を見る

    This study examined the human and social capital factors associated with higher post-succession firm performance in family enterprises in Singapore. We also investigated the moderating influence of the board of directors in terms of its service role as stewards of the enterprise. We found that a successor's industry experience and diversity of network ties were positively associated with firm performance and boards that focused their role as advisors to the successor enhanced post-succession firm performance. © 2008, Emerald Group Publishing Limited

    DOI

    Scopus

    18
    被引用数
    (Scopus)
  • The implications of debt heterogeneity for R&D investment and firm performance

    Parthiban David, Jonathan P. O'Brien, Toru Yoshikawa

    Academy of Management Journal   51 ( 1 ) 165 - 181  2008年02月

     概要を見る

    An assumption in prior research is that debt is homogeneous and provides inappropriate governance for R&D investments. We argue that debt is heterogeneous: although transactional debt does indeed impose strict contractual constraints that provide inappropriate governance for R&D investments, relational debt has very different characteristics that provide more appropriate governance. Using a sample of Japanese firms, we find that firms that align their debt structures with their R&D investments perform better than those that are misaligned. Furthermore, firms tend to align their debt structure with R&D investments, but only after deregulation permits relatively free access to various types of debt. Copyright of the Academy of Management, all rights reserved.

    DOI

    Scopus

    119
    被引用数
    (Scopus)
  • Change and continuity in Japanese corporate governance

    Toru Yoshikawa, Jean McGuire

    Asia Pacific Journal of Management   25 ( 1 ) 5 - 24  2008年01月

     概要を見る

    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 institutional arrangements that affect corporate governance practices and their change or continuity. © 2007 Springer Science+Business Media, LLC.

    DOI

    Scopus

    58
    被引用数
    (Scopus)
  • Japanese corporate governance: Structural change and financial performance

    Toru Yoshikawa

      6  2007年12月

     概要を見る

    Japanese corporate governance: Structural change and financial performance; COLPAN, Asli M.; YOSHIKAWA, Toru; HIKINO, et al.; 2007; Journal Article

    DOI

  • Corporate governance reform as institutional innovation: The case of Japan

    Toru Yoshikawa, Lai Si Tsui-Auch, Jean McGuire

    Organization Science   18 ( 6 ) 973 - 988  2007年11月

     概要を見る

    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 raised strong opposition to the institutionalization of corporate governance reforms. Eventually, the Ministry of Justice revised the Commercial Code to legitimize different systems, which led to the emergence of diverse corporate governance practices. Based on the results of our study, we construct an analytical framework to examine innovation diffusion in light of conflicting institutional pressures for change and continuity. Our analysis adds complexity to the convergence-divergence debate by identifying the creation of hybrid corporate governance systems and the nonlinear evolution of such systems as a result of interactions across multiple levels. We show the various degrees of decoupling from the Anglo-American model and identify the antecedents. We then extend the conventional focus of innovation research on diffusion across firms to examine diffusion across institutional levels. We also contribute to institutional theory by offering insights into organizational field formation and the conceptualization of the state in shaping institutional change and continuity. © 2007 INFORMS.

    DOI

    Scopus

    105
    被引用数
    (Scopus)
  • Corporate Governance in Japan: Flexible Adoption of Shareholder-Oriented Practices

    Toru Yoshikawa

       2007年01月

  • 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 Management Journal   27 ( 6 ) 591 - 600  2006年06月

     概要を見る

    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 ownership enhances strategic investments (in R&D and capital intensity) to a greater extent when firms have growth opportunities than when they lack such opportunities. We conclude that foreign ownership fosters appropriate investment. Copyright © 2006 John Wiley & Sons, Ltd.

    DOI

    Scopus

    112
    被引用数
    (Scopus)
  • The Implications of Corporate Governance Reform for the Japanese Venture Capital Industry

    Toru Yoshikawa

      6  2006年01月

  • Financial and product market integration: Responses of Japanese firms

    Toru Yoshikawa, Abdul A. Rasheed, Deepak K. Datta, Joseph Rosenstein

    Management International Review   46 ( 5 ) 529 - 555  2006年

     概要を見る

    ■ Growing financial and product market integration has resulted in increased pressures for changes in most developed economies. We investigate the impact of these twin drivers on changes effected by Japanese firms between 1986 and 1999. ■ Specifically, we examine (1) how shareholdings by market investors and foreign investors and (2) export ratio impact outcomes in the form of efficiency increases, dividend payout, and leverage change. ■ We also investigate whether the relationships differ between keiretsu and non-keiretsu firms. ■ Ownership by market investors was positively associated with efficiency increases and decreases in firm leverage. In addition, firm export ratio played a key role in motivating Japanese firms to increase their efficiency and firm leverage. Moreover, these relationships were more pronounced in non-keiretsu than keiretsu firms. © Gabler Verlag 2006.

    DOI

    Scopus

    12
    被引用数
    (Scopus)
  • The impact of ownership structure on wage intensity in Japanese corporations

    Toru Yoshikawa, Phillip H. Phan, Parthiban David

    Journal of Management   31 ( 2 ) 278 - 300  2005年04月

     概要を見る

    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. © 2005 Southern Management Association. All rights reserved.

    DOI

    Scopus

    48
    被引用数
    (Scopus)
  • The effects of ownership and capital structure on board composition and strategic diversification in Japanese corporations

    Toru Yoshikawa, Phillip H. Phan

    Corporate Governance: An International Review   13 ( 2 ) 303 - 312  2005年03月

     概要を見る

    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 a potential "principal- principal" problem. © Blackwell Publishing Ltd 2005.

    DOI

    Scopus

    36
    被引用数
    (Scopus)
  • Ownership structure, investment behaviour and firm performance in Japanese manufacturing industries

    Eric Gedajlovic, Toru Yoshikawa, Motomi Hashimoto

    Organization Studies   26 ( 1 ) 7 - 35  2005年

     概要を見る

    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 importance of making finely grained and contextually relevant distinctions when modelling and evaluating corporate governance relations. Copyright © 2005 SAGE Publications.

    DOI

    Scopus

    60
    被引用数
    (Scopus)
  • The relationship between governance structure and risk management approaches in Japanese venture capital firms

    Toru Yoshikawa, Phillip H. Phan, Jonathan Linton

    Journal of Business Venturing   19 ( 6 ) 831 - 849  2004年11月

     概要を見る

    This paper attempts to understand what drives Japanese venture capital (JVC) fund managers to select either active managerial monitoring or portfolio diversification to manage their firms' investment risks [J. Bus. Venturing 4 (1989) 231]. Unlike U.S. venture capitalists that use active managerial monitoring to gain private information in order to maximize returns [J. Finance 50 (1995) 301], JVCs have traditionally used portfolio diversification to attenuate investment risks [Hamada, Y., 2001. Nihon no Bencha Kyapitaru no Genkyo (Current State of Japanese Venture Capital), Nihon Bencha Gakkai VC Seminar, May 7]. We found that performance pay is positively related to active monitoring and that management ownership is positively related to active monitoring and negatively related to portfolio diversification. The managerial implication of our study is that venture capitalists should be as concerned about the structure of their incentive systems for their fund managers as they are for their investee-firm entrepreneurs. Agency theory says that contingent compensation is a self-governing mechanism for individual effort that is difficult to measure and verify. When properly applied, equity ownership and performance-based pay can have powerful influencing effects on the strategic choices of managers. © 2003 Elsevier Inc. All rights reserved.

    DOI

    Scopus

    37
    被引用数
    (Scopus)
  • Effects of board structure on firm performance: A comparison of Japan and Australia

    Toru Yoshikawa

      3  2004年03月

     概要を見る

    Effects of board structure on firm performance: A comparison of Japan and Australia; BONN, Ingrid; YOSHIKAWA, Toru; PHAN, et al.; 2004; Journal Article

    DOI

  • Convergence and Restructuring: A Comparison of Japan and the United States

    Toru Yoshikawa

       2004年01月

  • The performance implications of ownership-driven governance reform

    Toru Yoshikawa, Phillip H. Phan

    European Management Journal   21 ( 6 ) 698 - 706  2003年12月

     概要を見る

    This paper explores the performance impact of recent changes in foreign shareholdings and boardroom reforms in Japan. Empirical research on the impact of reform on the Japanese corporate governance system could provide useful lessons for their European counterparts who are themselves facing similar pressures to reform. We found that although participation of outside directors in strategic decision-making was associated with positive stock returns, the increase in the ratio of outside directors, the separation of the board members and executive officers, and the reduction of board size were not related to firm performance. © 2003 Elsevier Ltd. All rights reserved.

    DOI

    Scopus

    67
    被引用数
    (Scopus)
  • Inside Japanese Business: A Narrative History 1960-2000

    Toru Yoshikawa

      20  2003年01月

  • Technology development and acquisition strategy

    Toru Yoshikawa

    International Journal of Technology Management   25 ( 6-7 ) 666 - 674  2003年

     概要を見る

    There are various modes with which research-intensive firms can develop or acquire technologies, including internal R and D, technology licensing, cooperative R and D, minority investments in other linns, and acquisitions of other firms. This paper attempts to present a model that explains the key determinants of technology development and acquisition modes. It is theorised that time pressure and the strategic importance of the technology are the key factors that affect technology development and acquisition modes. In addition, a firm needs to consider the availability of an alliance partner or an acquisition target as well as internal resources including capital or the price of its own equity, and internal R and D capability. It is also suggested that as the strategic importance of the technology or time pressure to develop or acquire such technology changes, a firm needs to shift technology acquisition modes. Thus, the presented model incorporates the dynamic nature of competition in research-intensive industries.

    DOI

    Scopus

    30
    被引用数
    (Scopus)
  • The impact of global capital market exposure and stable ownership on investor relations practices and performance of Japanese firms

    Toru Yoshikawa, Eric R. Gedajlovic

    Asia Pacific Journal of Management   19 ( 4 ) 525 - 540  2002年

     概要を見る

    This paper examines whether greater exposure to global capital markets, stable share ownership, and group affiliation of Japanese firms have any impact on the quality of their investor relations practices (IR) and market-value added (MVA). The results indicate that foreign ownership and foreign listings are positively associated with IR. Foreign listings are also positively associated with MVA. However, stable ownership and group affiliation do not seem to have any impact on IR. These findings suggest that Japanese firms that are more exposed to global capital markets are more likely to adopt shareholder-oriented policies rather than stakeholder-oriented policies. © 2002 Kluwer Academic Publishers.

    DOI

    Scopus

    29
    被引用数
    (Scopus)
  • Alternative corporate governance systems in Japanese firms: Implications for a shift to stockholder-centered corporate governance

    Toru Yoshikawa, Phillip H. Phan

    Asia Pacific Journal of Management   18 ( 2 ) 183 - 205  2001年

     概要を見る

    In Asia, the recent catastrophic decline in regional stock markets, continuing currency crisis and failures of major financial institutions and industrial corporations have increased domestic and international interest in corporate governance. Nowhere is this greater than in Japan where financial institution reform has catapulted this to the fore. In this paper, we use agency theory and institutional theory, together with comparative case examples, to derive some propositions on the dynamics of changing corporate governance systems in Japanese firms. We argue for the co-existence of stakeholder and shareholder-centered corporate governance systems in Japan. This argument has an important implication for corporate governance research and agency theory. Namely, changes in ownership structure and institutional expectations would force firms to focus on maximizing shareholder value even where the interests of stakeholders are more emphasized. It suggests an environmental selection mechanism to ensure the emergence of appropriate corporate governance mechanisms to solve the agency problem. Further, the loss of competitiveness and the prolonged poor performance of firms can change the institutional norms to emphasize asset efficiency and transparency rather than stability and business ties. © 2001 Kluwer Academic Publishers.

    DOI

    Scopus

    52
    被引用数
    (Scopus)
  • Agency theory and Japanese corporate governance

    Phillip H. Phan, Toru Yoshikawa

    Asia Pacific Journal of Management   17 ( 1 ) 1 - 27  2000年

     概要を見る

    Agency theory has been used to predict managerial strategic behavior in the past. However, critics have commented that this theory, in its applications, has been too Anglo-American specific. Research in non-Anglo-American settings has been scarce. Recent changes in the Japan Commercial Code and moves by Japanese corporations to access global equity markets allow us to test the veracity of this criticism by examining how Japanese firms respond strategically to the increased requirement for disclosure and transparency; whether they behave in ways congruent with agency theory predictions. Agency theory states that managers who are held accountable for their use of corporate resources will deploy them in ways to enhance stockholder value rather than increase their shares of the economic residual. Thus, we would expect to observe a difference in Japanese managerial behavior accompanying an increased exposure to global capital markets. Using data from Japanese firms, we found some support for the usefulness of agency theory to non-Anglo-American settings when the rules of capital market discipline are allowed to operate. © 2000 By John Wiley & Sons (Asia) Ltd.

    DOI

    Scopus

    31
    被引用数
    (Scopus)
  • Institutional complementarity and firm performance: The case of Japan

    Toru Yoshikawa

    Business and the Contemporary World   8  1997年01月

  • Corporate Governance System in Japan: Shifting Monitoring Mechanisms and the Recent Trend

    Toru Yoshikawa

    Asia Pacific Business Review   4 ( 2-3 )  1997年

  • Changing characteristics of corporate governance in Japan: Influences of globalization

    Toru Yoshikawa

    Business and the Contemporary World   7  1995年01月

▼全件表示

書籍等出版物

  • Asian corporate governance : trends and challenges

    好川, 透, Clarke, Thomas

    Cambridge University Press  2018年 ISBN: 9781108450362

  • The convergence of corporate governance : promise and prospects

    Rasheed, Abdul A., 好川, 透

    Palgrave Macmillan  2012年 ISBN: 9780230297463

  • コーポレート・ガバナンスとIR活動 : 日本大企業の実証的研究

    好川, 透

    白桃書房  1998年09月 ISBN: 4561232982

  • Determinants of investor relations strategy : a study of large Japanese firms

    好川, 透

    UMI Dissertation Services  1997年 ISBN: 0612204391

講演・口頭発表等

  • Do gender differences affect shareholders’ evaluation of director busyness?

    Yoshikawa, T, Colpan, A, Uchida, D

    International Corporate Governance Society Conference  

    発表年月: 2023年10月

    開催年月:
    2023年10月
     
     
  • Female CHRO Appointments: A Crack in the Glass Ceiling

    Yoshikawa, T., Uchida, D., & Smith, R.R.

    Academy of Management Meeting   (Boston) 

    発表年月: 2023年08月

  • The Role of Reverse Knowledge Integration in MNC Acquisition Activity in Emerging Markets

    Ma, J., & Yoshikawa, T.

    Academy of International Business Annual Meeting   (Warsaw) 

    発表年月: 2023年07月

  • The Effect of Racial Minority CEO on Female Directors in Board

    Yu, Q., & Yoshikawa, T.

    European Academy of Management Annual Conference   (Dublin) 

    発表年月: 2023年06月

  • The impact of CSR and Its Emphasis on Innovation Capability and Technology Alliance Formation

    Ma., J., & Yoshikawa,T.

    European Academy of Management Annual Conference   (Dublin) 

    発表年月: 2023年06月

  • An Arc of Neoliberalism: Boards’ Responses to Explicitization of Governance in Europe

    Tung, E., & Yoshikawa, T.

    Euro-Asia Management Studies Association Annual Conference   (Tokyo) 

    発表年月: 2022年10月

  • Coping with Emotional Conflicts in Identity Work: A Qualitative Analysis of Independent Directors under Institutional Change

    Yamada, J., & Yoshikawa, T.

    Euro-Asia Management Studies Association Annual Conference   (Tokyo) 

    発表年月: 2022年10月

  • Toward Future Research Agenda From the Integration Between Accounting/Finance and IM

    Oh, C.H, Lindner, T, Linnenluecke, M.K, Müllner J, Yoshikawa, T

    Academy of Management Meeting  

    発表年月: 2022年08月

  • Inter-Generational Socio-emotional Wealth and Succession in Family Firms during Adversity

    Wong, K.L.M., Mack, D.Z., & Yoshikawa, T.

    Academy of Management Meeting   (Seattle) 

    発表年月: 2022年08月

  • Coalition Support and Priority of Multiple Goals

    Zhang, C.M. Hu, H.W., & Yoshikawa, T.

    Academy of Management Meeting   (Seattle) 

    発表年月: 2022年08月

  • Gender Diversity in the Executive Suite: How Much is Enough?

    Uchida, D., Smith, R.R., & Yoshikawa, T.

    Strategic Management Society Annual Conference   (Virtual) 

    発表年月: 2021年10月

  • Institutional Antecedents to Shareholder Monitoring: The Liability of Localness in Shareholder Votes

    Uchida, D., & Yoshikawa, T.

    Academy of Management Meeting   (Virtual) 

    発表年月: 2021年08月

  • Stakeholder governanve, international business, and conflicting values

    Yoshikawa, T.  [招待有り]

    European Academy of Management Annual Conference  

    発表年月: 2021年06月

  • Female Director Appointments Under Institutional Change: Neutralizing Response to Competing Logics

    Yoshikawa, T., Witt, M.A., & Yamada, J.

    Academy of Management Meeting   (Virtual) 

    発表年月: 2020年08月

  • Does Stakeholder-Oriented Governance Mitigate a Dark Side of Shareholder-Oriented Governance? The Case of Earnings Management

    Yoshikawa, T., Requejo, I., Hsieh, KY, & Colpan, A.

    Academy of Management Meeting   (Boston) 

    発表年月: 2019年08月

  • Institutional View of Director Selection

    Yoshikawa, T.

    Annual Meeting of the Society for the Advancement of Socio-Economics   (New York) 

    発表年月: 2019年06月

  • Shareholder Dissent in Japan: How Domestic and Foreign Institutional Investors Cast Their Votes

    Yoshikawa, T. & Yamauchi, M.

    Annual Meeting of the Society for the Advancement of Socio-Economics   (New York) 

    発表年月: 2019年06月

  • CEO Effects on Female Director Appointment: Homophily and Power Perspectives

    Yu, Q. & Yoshikawa, T.

    Strategic Management Society Annual Conference   (Minneapolis) 

    発表年月: 2019年

  • The Evolution of the French CFOs' Role since the introduction of the Financial Market Logic

    Redon, M., Yoshikawa, T., & Berland, N.

    Academy of Management Meeting   (Chicago) 

    発表年月: 2018年08月

  • Embracing New Institutional Logics: Adoption of Female Directors

    Yoshikawa, T. & Saito, Y.

    Annual Meeting of the Society for the Advancement of Socio-Economics   (Kyoto) 

    発表年月: 2018年

  • Similarity-Attraction or Similarity-Competition: Director Selection based on Background Similarity

    Gao, R., Hu, H., & Yoshikawa, T.

    Strategic Management Society Annual Conference   (Paris) 

    発表年月: 2018年

  • CEO and Board Influence on Corporate Philanthropy in China

    Hu, H. & Yoshikawa, T.

    Academy of Management Meeting   (Atlanta) 

    発表年月: 2017年08月

  • How is the Role Identity of Outside Directors Shaped?

    Yoshikawa, T. & Yamada, J.

    Academy of Management Meeting   (Atlanta) 

    発表年月: 2017年08月

  • CFO and Institutional Logic in French Firms

    Redon, M., Yoshikawa, T., & Berland, N.

    Annual Meeting of the Society for the Advancement of Socio-Economics   (Lyon) 

    発表年月: 2017年

  • The Costs and Benefits of Independent Directors: Effects of Firm Characteristics and Managerial Interests

    Yoshikawa, T., Shim, J.W., & Yamada, J.

    Strategic Management Society Annual Conference   (Houston) 

    発表年月: 2017年

  • Who Can Stand Up for Good Governance? The Effect of Relative Audit Committee Power on Monitoring Effectiveness

    Jacobey, K., Filatotchev, I., Wolff, M., & Yoshikawa, T.

    Academy of International Business Annual Meeting   (Dubai) 

    発表年月: 2017年

  • What Determines Disclosure Quality in Family Firms?

    Yoshikawa, T., Geng, X., & Dieleman, M.

    Academy of Management Meeting   (Anaheim) 

    発表年月: 2016年08月

  • The Evolution of the French CFOs along with the Increasing Financialization

    Redon, M., Yoshikawa, T., & Berland, N.

    Strategic Management Society Annual Conference   (Berlin) 

    発表年月: 2016年

  • Antecedents of Outside Directors’ Role Identity during Institutional Change

    Yoshikawa, T. & Yamada, J.

    Strategic Management Society Annual Conference   (Berlin) 

    発表年月: 2016年

  • Directors' Monitoring and Resource Provision: A Cross-National Analysis of the Impact of Interpersonal Justice

    Yoshikawa, T., Del Brio, E., & Hernandez, R.M.

    Academy of International Business Annual Meeting   (New Orleans) 

    発表年月: 2016年

  • The Escalation of Chief Human Resource Officers to Top Management Teams

    Smith, R. & Yoshikawa, T.

    Academy of Management Meeting   (Vancouver) 

    発表年月: 2015年08月

  • Who Can Stand up for Good Governance? Evidence from Board Committees

    Jacobey, L., Wolff, M., & Yoshikawa, T.

    Academy of Management Meeting   (Vancouver) 

    発表年月: 2015年08月

  • Host Country National’s Voluntary Knowledge Sharing with Expatriates and Its Motivating Factors

    Yamao, S., Yoshikawa, T., Toh, S.M., & Choi, D.

    Academy of Management Meeting   (Vancouver) 

    発表年月: 2015年08月

  • Organizational Learning through Board Interlocks in Family Firms: Adoption of the Board Reform

    Yoshikawa, T. & Shim, J.W.

    Annual Meeting of the Society for the Advancement of Socio-Economics   (London) 

    発表年月: 2015年

  • Corporate Misconduct and Trust Repair: Integration of Organizational Behavior and Corporate Discourse Perspectives.

    Chikudate, N. & Yoshikawa, T.

    Annual Meeting of the Society for the Advancement of Socio-Economics   (London) 

    発表年月: 2015年

  • Status in the Inner Circle: The Effect of Board Network Embeddedness on CEO Pay Gap

    Tuschke, A. Yoshikawa, T., & Flickinger, M.

    Strategic Management Society Annual Conference   (Denver) 

    発表年月: 2015年

  • When Elites Forget Their Duties: The Double-Edged Sword of Star Directors on Boards

    Braun, D., Oehmichen, J., Wolff, M., & Yoshikawa, T.

    Academy of Management Meeting   (Philadelphia) 

    発表年月: 2014年08月

  • Board Monitoring of Innovation: A Contingency Model

    Klarner, P. & Yoshikawa, T.

    Strategic Management Society Special Conference   (Tel Aviv) 

    発表年月: 2014年

  • When Trust Matters More to Host Country Nationals’ Knowledge Sharing with Expatriates

    Yamao, S. & Yoshikawa, T.

    Strategic Management Society Special Conference   (Copenhagen) 

    発表年月: 2014年

  • Involuntary Executive Turnover as Trust Repair toward Stakeholders after Goal Non-Achievement

    Yamanoi, J., Yoshikawa, T., & Aoki, H.

    Strategic Management Society Special Conference   (Sydney) 

    発表年月: 2014年

  • What Determines Disclosure Quality in Family Firms?

    Yoshikawa, T., Geng, X., & Dieleman, M.

    Strategic Management Society Special Conference   (Sydney) 

    発表年月: 2014年

  • Chief Human Resources Officers: The Elevation of Human Capital Management to Top Management Teams

    Yoshikawa, T. & Smith, R.

    Strategic Management Society Annual Conference   (Madrid) 

    発表年月: 2014年

  • How Managerial Power and Information Quality Shape the Impact of Board Ties on the Adoption of Stock Option Pay

    Yoshikawa, T., Shim, J.W., & Tuschke, A.

    Strategic Management Society Annual Conference   (Madrid) 

    発表年月: 2014年

  • Politicians in the Boardroom: A Multi-Country Analysis

    Yoshikawa, T., Del Brio, E., & Rasheed, A.

    Academy of International Business Annual Meeting   (Vancouver) 

    発表年月: 2014年

  • Board Interlocks and the Adoption of Stock Option Pay

    Yoshikawa, T., Shim, J.W., & Tuschke, A.

    Academy of Management Meeting   (Lake Buena Vista) 

    発表年月: 2013年08月

  • Which Board Interlocks Matter? The Impact of Managerial Power, Legitimacy, and Family Power on the Adoption of Stock Option Pay.

    Yoshikawa, T., Shim, J.W., & Tuschke, A.

    Annual Meeting of the Society for the Advancement of Socio-Economics   (Milan) 

    発表年月: 2013年

  • Symbol or Substance? Board Reforms in the Japanese Electronics Industry

    Ahmadjian, C. & Yoshikawa, T.

    Association of Japanese Business Studies Annual Conference   (Istanbul) 

    発表年月: 2013年

  • An Integrated Agency and Resource-Dependence View of Board Interlocks, Ownership, and Firm Performance.

    Lim, E. & Yoshikawa, T.

    Strategic Management Society Annual Conference   (Atlanta) 

    発表年月: 2013年

  • Corporate Elite Networks and Their Effects on Board Performance

    Braun, D., Oehmichen, J., Wolff, M., & Yoshikawa, T.

    Academy of International Business Annual Meeting   (Istanbul) 

    発表年月: 2013年

  • When a Subsidiary Loses Its Status: Towards an Identification-based Model of Host Country Nationals' Willingness to Share Knowledge with Expatriates

    Yamao, S. & Yoshikawa, T.

    Academy of International Business Annual Meeting   (Istanbul) 

    発表年月: 2013年

  • Government Officials as Outside Directors: The Effect of Director Identification on Monitoring and Resource Provision

    Zhu, H. & Yoshikawa, T.

    IACMR Conference   (Hong Kong) 

    発表年月: 2012年

  • Complementarities in Institutions, Director Capital, and Director Behaviors: A Contingency Model of Outside Directors’ Efficacy.

    Yoshikawa, T. & Zhu, H.

    Cambridge-CGIR Conference on Corporate Governance Bundles   (Cambridge) 

    発表年月: 2012年

  • The Effect of the Board’s Human and Social Capital on Firm Performance: A Comparative Institutional Analysis

    Yoshikawa, T. & Tuschke, A.

    Strategic Management Society Annual Conference   (Prague) 

    発表年月: 2012年

  • When Do Board Interlocks Matter? The Adoption of Share Buyback and Stock Option Pay in Japanese Firms

    Yoshikawa, T. & Shim, J. W.

    Strategic Management Society Annual Conference   (Prague) 

    発表年月: 2012年

  • The Effects of CEO Trustworthiness on Directors’ Monitoring and Resource Provision

    Connelly, C.E., Yoshikawa, T., Tan, W.L., & Del Brio E.

    Academy of Management Meeting   (San Antonio) 

    発表年月: 2011年08月

  • Globalization and Corporate Governance Convergence: The Multinational Corporations as a Neglected Agent of Convergence

    Sikavica, K. & Yoshikawa, T.

    Academy of International Business Annual Meeting   (Nagoya) 

    発表年月: 2011年

  • Performance Effects of Independent Directors, Governance Complementarities, and Strategic Contingencies.

    Ahmadjian, C. & Yoshikawa, T.

    Academy of Management Meeting   (Montreal) 

    発表年月: 2010年08月

  • Controlling Ownership, Business Group Affiliation, and R&D Investments in an Emerging Economy: Stewardship and Principal-Principal Conflict Perspectives.

    Young, Y.R., Zahra, S.A., Yoshikawa, T., & Hang, H.

    Academy of Management Meeting   (Montreal) 

    発表年月: 2010年08月

  • The Effect of Trust on Corporate Directors’ Monitoring and Resource Provision

    Yoshikawa, T. & Connelly, C.E.

    Academy of Management Meeting   (Montreal) 

    発表年月: 2010年08月

  • Board Member Monitoring and Resource Provision: Trust in the CEO’s Benevolence and Integrity

    Connelly, C.E., Yoshikawa, T., & Tan, W.L.

    Administrative Sciences Association of Canada Annual Conference   (Regina) 

    発表年月: 2010年

  • Symbol or Substance? Board Reforms in the Japanese Electronics Industry

    Ahmadjian, C., Yoshikawa, T., & Nagai, S.

    Strategic Management Society Annual Conference   (Rome) 

    発表年月: 2010年

  • Boardroom Behaviors of Outside Directors: The Effects of Trust and Distrust on CEO-Director Relations

    Yoshikawa, T. & Connelly, C.E.

    Administrative Sciences Association of Canada Annual Conference   (Niagara Falls) 

    発表年月: 2009年

  • Institutional Change and Corporate R&D Investments in an Emerging Economy: The Role of Financing Constraints and Group Affiliation

    Choi, Y R., Yoshikawa, T., Zahra, S.A., & Han, H.

    Academy of International Business Annual Meeting   (San Diego) 

    発表年月: 2009年

  • Do Shareholders or Stakeholders Appropriate the Rents from Corporate Diversification? The Influence of Ownership Structure

    David, P., Yoshikawa, T., O’Brien, J.P., & Delios, A.

    Academy of Management Meeting   (Chicago) 

    発表年月: 2009年

  • A Comparative Study of Corporate Governance Reforms in South Korea and Singapore

    Tsui-Auch, L.S. & Yoshikawa, T.

    Academy of Management Meeting   (Chicago) 

    発表年月: 2009年

  • Shareholder Heterogeneity and Conflicting Goals: Strategic Investments in the Japanese Electronics Industry

    Yoshikawa, T., Colpan, A.M., & Hikino, T.

    Academy of Management Meeting   (Chicago) 

    発表年月: 2009年

  • Institutional Change and Hybrid Modes of M&A: The Cases of Germany and Japan

    Yoshikawa, T., Tsui-Auch, L.S., & Rasheed, A.

    Academy of International Business Annual Meeting   (Milan) 

    発表年月: 2008年

  • Corporate Strategy, Executive Compensation, and Foreign Ownership: An Analysis from Information-Processing and Agency Theory Perspectives.

    Yoshikawa, T.

    Academy of International Business Annual Meeting   (Milan) 

    発表年月: 2008年

  • Ownership Structure, Corporate Diversification, and Firm Performance: Growth versus Profit.

    David, P., Yoshikawa, T., & O’Brien, J.

    Academy of Management Meeting   (Anaheim) 

    発表年月: 2008年

  • The Effects of Corporate Governance on Executive Compensation in Japanese Firms

    Yoshikawa, T. & Colpan, A.M.

    Academy of Management Meeting   (Anaheim) 

    発表年月: 2008年

  • Shareholder Heterogeneity and Strategic Reorientation: Foreign Portfolio Investment and Domestic Relational Ownership in Japanese Industry

    Colpan, A.M., Yoshikawa, T., & Hikino, T.

    Strategic Management Society Annual Conference   (San Diego) 

    発表年月: 2007年

  • Effects of Business Group and Global Institutional Ownership on R&D Investments among Korean Technology Firms

    Choi. Y.R., Yoshikawa, T., Zahra, S.A., & Hang, B.H.

    Strategic Management Society Annual Conference   (San Diego) 

    発表年月: 2007年

  • Governance vs. Strategy as the Determinants of Profitability: Japanese Enterprises in Transition

    Colpan, A.M., Hikino, T., & Yoshikawa, T.

    Academy of Management Meeting   (Philadelphia) 

    発表年月: 2007年

  • Revisiting the Convergence and Divergence Debate: Corporate Governance Reform in Japan

    Yoshikawa, T. & Tsui-Auch, L.S.

    Asia Academy of Management Annual Meeting   (Tokyo) 

    発表年月: 2006年

  • Ownership Structure, Diversification Strategy, and Firm Performance: An Investigation of Japanese Firms.

    Yoshikawa, T., David, P., & Delios, A.

    Strategic Management Society Annual Conference   (Vienna) 

    発表年月: 2006年

  • Disaggregating the Group Effect: Vertical and Horizontal Keiretsu in Changing Economic Periods

    Dow, S., McGuire, J., & Yoshikawa, T.

    Academy of International Business Annual Meeting   (Beijing) 

    発表年月: 2006年

  • Family Ownership, Family Directors and Dividend Policy in Japanese Firms.

    Yoshikawa, T. & Rasheed, A.

    Academy of Management Meeting   (Atlanta) 

    発表年月: 2006年

  • The Variable Influences of Global Institutional Ownership on R&D Investments in Korean Firms

    Choi, Y R., Yoshikawa, T., Zahra, S.A., & Han, H.

    Academy of Management Meeting   (Atlanta) 

    発表年月: 2006年

  • An Exploratory Study on the Antecedents, Processed and Outcomes of Family Business Succession.

    Lee, S.H., Yoshikawa, T., Phan, P., & Linton, J.

    Enterprise Development Growth and Expansion Conference   (Singapore) 

    発表年月: 2005年

  • A Comparison of Vertical and Horizontal Keiretsu

    McGuire, J., Dow, S., & Yoshikawa, T.

    Academy of Management Meeting   (Honolulu) 

    発表年月: 2005年

  • Free Cash Flow and Principal-Principal Agency Relationship: An Empirical Test of R&D Investments

    Choi, Y R., Yoshikawa, T., & Han, H.

    Academy of Management Meeting   (Honolulu) 

    発表年月: 2005年

  • Corporate Governance in Singapore: Developments and Prognoses

    Phan, P.H. & Yoshikawa, T.

    Academy of International Business Annual Meeting   (Stockholm) 

    発表年月: 2004年

  • An Institutional Theory Perspective on the “Global Convergence” in Japanese Corporate Governance

    Yoshikawa, T. & Phan P.H.

    Academy of International Business Annual Meeting   (Stockholm) 

    発表年月: 2004年

  • Convergence and Restructuring: A Comparison of Japan and the United States

    Rasheed, A., Yoshikawa, T., Data, D.K., & Rosenstein, J.

    Academy of International Business Annual Meeting   (Stockholm) 

    発表年月: 2004年

  • The Effect of R&D Intensity on Firm Performance in Japan: A Test of Competing Hypotheses

    David, P., Vaidyanathan, G., & Yoshikawa, T.

    Academy of Management Meeting   (New Orleans) 

    発表年月: 2004年

  • Ownership Structure and Corporate Governance Mechanisms in Japan: Divergent Effects of Stable and Market Ownership

    David, P., Yoshikawa, T., & Oyanagi, K.

    Academy of Management Meeting   (New Orleans) 

    発表年月: 2004年

  • The Impact of Changes in Ownership and Control on Performance of the Japanese Corporation: Challenges to Agency Theory

    Yoshikawa, T.

    Strategic Management Society Annual Conference   (Baltimore) 

    発表年月: 2003年

  • Restructuring in Japanese Companies: Foreign Ownership, Strategic Investments and Firm Performance.

    David, P., Yoshikawa, T., & Rasheed, A.

    Academy of Management Meeting   (Seattle) 

    発表年月: 2003年

  • The Impact of Corporate Governance Reform on the Performance of the Japanese Firm

    Yoshikawa, T. & Phan, P.H.

    Academy of Management Meeting   (Denver) 

    発表年月: 2002年

  • Venture Capital Firms and the Monitoring of Entrepreneurial Firms: The Case of Japan

    Yoshikawa, T.

    Conference on Technological Entrepreneurship in the Emerging Regions of the New Millennium   (Singapore) 

    発表年月: 2001年

  • Board of Directors and Firm Performance: A Comparison of Japan and Australia

    Yoshikawa, T. & Bonn, I.

    Japan Academy of International Business Studies Annual Meeting   (Fukushima) 

    発表年月: 2001年

  • The Impact of Ownership Structure on Japanese Corporate Governance

    Yoshikawa, T. & Phan, P.H.

    Academy of Management Meeting   (Toronto) 

    発表年月: 2000年

  • Investor Relations as a Control Mechanism in Japanese Corporate Governance

    Yoshikawa, T. & Phan, P.H.

    International Conference of the Eastern Academy of Management   (Prague) 

    発表年月: 1999年

  • Effects of Corporate Finance and Ownership Structure on Firm Behavior

    Yoshikawa, T.

    Japan Society of Business Administration Annual Meeting   (Kyoto) 

    発表年月: 1999年

  • Technology Development and Acquisition Strategy

    Yoshikawa, T.

    International Conference of the International Society of Professional Innovation Management   (Tokyo) 

    発表年月: 1999年

  • Expansion Strategy of Foreign Financial Institutions in the Japanese Market: A Preliminary Investigation

    Yoshikawa, T. & Shima, T.

    Academy of International Business Annual Meeting   (Charleston) 

    発表年月: 1999年

  • Domestic Sales, Foreign Sales, and Diversification Strategy: A Preliminary Study of Japanese Manufacturing Firms.

    Yoshikawa, T.

    Academy of International Business Annual Meeting   (Vienna) 

    発表年月: 1998年

  • Investor Relations Activities of Japanese Firms: Effects of Ownership Structure, Corporate Finance, and Foreign Business.

    Yoshikawa, T. & Linton, J.

    Academy of Management Meeting   (San Diego) 

    発表年月: 1998年

  • Research on Corporate Governance: A Comparison of Germany, Japan, and U.S.

    Buhner, R., Rasheed, A., Rosenstein, J., & Yoshikawa, T.

    Academy of International Business Annual Meeting   (Monterrey) 

    発表年月: 1997年

  • Effects of the Liability of Newness on Ownership Structure, Corporate Strategy, and Investor Relations Policy of the Japanese Firm.

    Yoshikawa, T.

    Association of Japanese Business Studies Annual Conference   (Nagoya) 

    発表年月: 1996年

  • Agency Theory and Japanese Corporate Governance: A Test of the Convergence Hypothesis

    Phan, P.H, Yoshikawa, T

    Academy of Management Meeting   (Cincinnati) 

    発表年月: 1996年

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  • 社会科学総合学術院   大学院社会科学研究科

特定課題制度(学内資金)

  • 取締役会とトップマネジメントチームのダイバーシティーに関する実証研究

    2023年   Daisuke Uchida, Asli Colpan

     概要を見る

    This study investigates how shareholders cast their votes on femaledirector candidates, especially when they have multiple directorships, atgeneral shareholders’ meetings. Using the concept of busy directors, we examine whether there are any differencesbetween female and male director candidates in terms of shareholders’ votes. Wepredict that shareholders are more likely to cast positive votes on femalecandidates than on male candidates due to increasing institutional pressure forgender diverse boards. Based on social roletheory, we further predict that shareholders tend to support female candidateswho are moderately busy, i.e., those with an additional board seat. Because of agender bias, shareholders consider that female candidates’ board experienceconfers legitimacy. However, we expect that benefits of multiple board seatsdissipate when director candidates, both male and female, are too busy asshareholders question their commitment to the focal board, leading to weakersupport by shareholders. Finally, we predict that female candidates receiveless shareholder support under an adverse environment because women areperceived to lack the leadership quality in such situations following rolecongruity theory. Using the sample of Japanese firms, we tested ourpredictions, and all hypotheses are supported by our empirical analysis. Ourresults thus show that shareholders perceive busyness of female and maledirector differently and consider a concurrent board seat as a positive factorwhich can mitigate their gender bias.