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Erschienen in:
Introduction: Corporate Social Responsibility and Japanese Corporations Kapitel lesen Erstes Kapitel lesen

2018 | OriginalPaper | Buchkapitel

5. Corporate Social Performance and Ownership Structure

verfasst von : Megumi Suto, Hitoshi Takehara

Erschienen in: Corporate Social Responsibility and Corporate Finance in Japan

Verlag: Springer Singapore

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Abstract

In the development of global business and increased cross-border investment, it has become important for corporate governance research to explore the effects of changing ownership structures on corporate social performance (CSP) and related issues.

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Vorheriges Kapitel Corporate Social Performance and Corporate Financial Performance
Nächstes Kapitel Market Perceptions of Corporate Social Responsibility and Cost of Capital
Fußnoten
1
For example, in 2008, Norway’s public pension fund stated it would continue a policy of increasing investment in Japanese firms (Nikkei Newspaper, December 28, 2008).
 
2
In pension fund management, investment advisory companies give instructions to trust banks on behalf of pension funds, including instructions on how to exercise shareholders’ rights (Suto 2002: pp. 264–265).
 
3
In 2006, the TSE required listed companies to disclose a corporate governance report. In 2008, the Financial Instruments and Exchange Act required corporations to submit internal control reports to the Ministry of Finance.
 
4
We first run an OLS analysis and consider observations whose standardized residuals are larger than 3.0 or smaller than −3.0 to be outliers. In the subsequent two-stage least square analysis, we exclude these observations. When we compute the t-values for regression slopes, standard errors are corrected by the two-way cluster error correction method described by Petersen (2009).
 
5
We conduct the Wu–Hausman’s test for endogeneity and Sargan’s over-identification test before the two-stage least square analysis. The results of these tests are available upon request from the authors. Since Wu–Hausman’s test statistics are not significant at the 5% level in most cases, endogeneity is not severe in regression models (2) and (3), although we use a two-stage regression method.
 
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Metadaten
Titel
Corporate Social Performance and Ownership Structure
verfasst von
Megumi Suto
Hitoshi Takehara
Copyright-Jahr
2018
Verlag
Springer Singapore
Buch
Corporate Social Responsibility and Corporate Finance in Japan

Print ISBN: 978-981-10-8985-5

Electronic ISBN: 978-981-10-8986-2

Copyright-Jahr: 2018

DOI
https://doi.org/10.1007/978-981-10-8986-2_5

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