The development of the group accounts disclosure system in Japan

The Japanese disclosure system of consolidated statements was introduced in 1977 and extensively revised in 1997. The role of the bureaucracy has been significant in these developments and seems to be part of Japan's closed culture. However, other explanations could also be applied. In particular, although Japanese firms opposed such disclosures on the basis of preparation costs, the Japanese government had to modernize the disclosure system, including consolidation, in order to develop the securities market regardless of an individual company's interests.     

公司治理结构与公司价值关系研究——基于30个创业板数据的实证分析

为使创业板公司治理进一步规范,并为其提供理论基础,在借鉴现有研究特别是充分考虑中国创业板上市公司行业特点的基础上,构建创业板上市公司治理基础指标体系;运用回归分析得出第一大股东持股比例、第一大股东是否为母公司、CEO是否由公司的董事长或副董事长兼任、董事会的专业人士、高管持股比例、流通股比例对公司价值的影响在统计上有显著的结论。     

The impact of social norms on entrepreneurial action: Evidence from the environmental entrepreneurship context

Using insights from institutional theory, sociology, and entrepreneurship we develop and test a model of the relationship between centralized and decentralized institutions on entrepreneurial activity. We suggest that both decentralized institutions that are socially determined as well as centralized institutions that are designed by governmental authorities are important in promoting firm foundings in the environmental context. In a sample of the U.S. solar energy sector we find that state-sponsored incentives, environmental consumption norms, and norms of family interdependence are related to new firm entry in this sector. Our findings also suggest that the efficacy of state-level policies in the sponsoring of entrepreneurial growth is dependent upon the social norms that prevail in the entrepreneur's environment. We expand entrepreneurship theory and the study of institutions and the natural environment by demonstrating the integral role that social norms play in influencing the creation of new firms and by illustrating the potential effect social norms have on the effect of policy that seeks to encourage environmentally responsible economic activity.     

Hadfields Ltd: its annual general meetings 1903–1939 and their relevance for contemporary corporate social reporting

Little attention has been given to studies of the historical antecedents of corporate social reporting (CSR). The paper looks at the disclosures made by Hadfields Ltd and other British companies at the beginning of the 20th century, and finds that these included topics such as economic, political and industrial relations conditions, in a style analogous to that employed in CSR reporting today, during periods of difficulty and conflict for the reporting companies. The paper concludes that these findings support the argument that CSR may be less a reflection of a new relationship between companies and society than another form of what Milne calls ‘advocacy advertising’.     

Does conglomeration really reduce credit risk?

I quantify the effects of conglomeration on credit risk by first computing theoretical default probabilities for conglomerates and their hypothetical stand‐alone counterparts and then mapping them into physical probabilities using a comprehensive database of corporate failures. Comparing the credit risk of conglomerates with that of hypothetical stand‐alone firms, I report significant reductions in the annual probability of default for small firms. My results support the proposition that managers can have a strong incentive to engage in conglomeration, even if it reduces shareholder value and show for which firms this is the case.     

Bond finance,bank credit,and aggregate fluctuations in an open economy

Corporate sectors in emerging markets have noticeably increased their reliance on foreign financing, presumably reflecting low global interest rates. The evidence also shows a rebalancing from bank loans towards bonds. To study these developments, we develop a dynamic open economy model where these modes of finance are determined endogenously. The model replicates the stylized facts following a drop in world interest rates; in particular, rebalancing towards bonds occurs because bank credit becomes relatively more expensive, reflecting the scarcity of bank equity. More generally, the model is suitable for studying interactions between modes of finance and the macroeconomy.     

Disproportionate insider control and firm performance

The effect of disproportionate insider control on firm performance is ambiguous. Disproportionate control may enhance insiders’ ability to expropriate perquisites; on the other hand, it may provide stability of management and reduce short‐term market pressures. Using a hand‐collected sample of U.S. dual‐class firms, we find that disproportionate control is positively associated with accounting‐based performance, but negatively associated with Tobin's Q. These results are consistent with the incentives of entrenched insiders who are interested in profitability but less beholden to capital markets.     

Social impacts of new communications media the Japanese experience

The author maps the emergence of new communications media in Japan and discerns major trends. He classifies their major social roles as information request, social participation, and enhanced dialogue. Social experiments with such media are necessary to guage and improve their acceptability to their intended users. Furthermore, significant impacts on social activities are anticipated when a new medium gains acceptance.