Catégorie : Publications

Discussion Paper Series 2017 #04: « Understanding Corporate Responsibility in Japanese Capitalism: Some Comparative Observations »

Abstract Corporate responsibility (CR) has emerged as a ubiquitous new form of private governance. This paper discusses cross-country patterns of corporate responsibility with an interface to the discussion of a variety of capitalisms, and how corporate responsibility mirrors or substitutes for institutionalized forms of coordination. The broader discussion is then linked to the particular situation and development of CR in Japan. Afterwards, we show empirical insights from a comparison between Japan and a wide sample of OECD countries. The paper uses a statistical analysis of listed corporations in 24 OECD countries during the years 2002 – 2014. The results show...

Discussion Paper Series 2017 #02: « Premature financialization: a conceptual exploration »

By Hugh Whittaker. This paper reviews some of the recent writing on financialization and its effects in developing countries. Acknowledging the positive role of finance in development, it argues that beyond a certain point of ‘financial deepening’ there are negative consequences. Financialization affects the economy, and also the state.

Discussion Paper Series 2017 #01: « Institutional investors, corporate social responsibility, and stock price performance »

The launch of the United Nations Global Compact Principles for Responsible Investment (PRI) in 2006 prompted the Japanese government to emphasize corporate social responsibility (CSR) in investment policies and put pressure on institutional investors to monitor environmental and social performance.

Discussion Paper Series 2016 #06 : «The Evolution of the Ict Start-Up Eco-System in Japan: From Corporate Logic to Venture Logic?»

This paper uses the notion of institutional logics to advance our understanding of institutional change in the ICT start-up eco-system in Japan. We chose to study ICT start-ups because the rates of entry, growth, and exit are faster in this sector than in others, making it easier to observe institutional change.

Discussion Paper Series 2016 #05 : « The impact of changes in Japanese tender offer regulations on bidder behavior and shareholder gains »

Abstract Japanese regulators have undertaken several adjustments to the rules governing the market for corporate control beginning with the 1990 introduction of mandatory bid rules (MBR) for tender offers. However, the adoption of an MBR alone did not initially contribute to an active tender offer market, nor did it adequately protect targets’ minority shareholders. It required more than a decade and two important revisions to MBR for the regulators to achieve a reasonable balance between the conflicting objectives of MBR regulation. First, share based squeeze-out rules were introduced in 1999. Then, in 2006, additional new rules increased the protection of...

Discussion Paper Series 2016 #04 : « Toward a Conceptual Framework for Understanding Institutional Change in Japanese Capitalism: Structural Transformations and Organizational Diversity »

Extract The literature on comparative capitalism sees institutions largely as a set of incentives and constraints on rational behavior of business enterprises. Institutions constrain economic action, but also create new opportunities for economic action. For example, any market order needs the support of basic property rights and the rule of law (Khanna & Palepu, 2006), which both constrain certain uses of property and thereby enable other ones. Institutions may also solve certain collective action problems through different modes of governance over transactions – such as markets, hierarchies, networks, associations, state regulation and so on (Hollingsworth & Boyer, 1997). Consequently, many...

Discussion Paper Series 2016 #03 : « Does Ownership Really Matter? : The Role of Foreign Investors in Corporate Governance in Japan »

After the banking crisis of 1997, corporate ownership in Japan shifted from an insider-dominated to an outsider-dominated structure. This paper analyzes the impact of dramatic changes in the ownership structure on corporate governance and firm value, focusing on the role of foreign institutional investors.

Discussion Paper Series 2016 #02

In this paper, we introduce a financial dimension as an additional source of firm heterogeneity to understand export market participation, and examine how the impact of leverage on firms’ exporting decisions varies depending on financial constraints, using a panel of 3,353 Korean manufacturing firms over the period of 1994-2011.

Issue n°80 of the Journal Entreprises et Histoire « Relations Europe-Japon »

Sommaire Éditorial Harm G. Schröter Page 5 à 12 – Japanese-European business encounters during the second half of the 20th century Relations Europe-Japon Takeshi Abe Page 13 à 35 – The “Japan problem”: the trade conflict between the European countries and Japan in the last quarter of the 20thcentury Patrick Fridenson Page 36 à 56 – Japanese-French business encounters since 1952: two opposite relations Paloma Fernández Pérez Page 57 à 83 – Acerinox: a successful Japanese joint-venture in Southern Europe in the second half of the twentieth century Akira Kudō Page 84 à 113 – Economic relations between Japan and East Germany: the developing relationship...