Outside directors and CSR in Japan : the moderating effect of director shareholding and financial leverage
Andrea Toft
This paper aims to extend earlier research on the relationship between corporate governance and corporate social responsibility (CSR) in the Japanese context. Using a sample of 125 Japanese companies listed on Tokyo Stock Exchange from 2010–2020, this paper investigates how outside directors impact the CSR outcomes of firms, and further how this relation is moderated by director shareholding and financial leverage. The results show that the proportion of outside directors positively affects the CSR outcome of firms, and director shareholding negatively moderates this relationship. Only a weak support is found for the negative moderating effect of financial leverage on the relationship between outside directors and CSR outcomes.
Year of publication: |
2022
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Authors: | Toft, Andrea |
Published in: |
The Kyoto economic review. - Kyoto : [Verlag nicht ermittelbar], ISSN 1349-6778, ZDB-ID 2179179-X. - Vol. 88.2022, p. 1-33
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Subject: | CSR | Director shareholding | Financial leverage | Board composition | Board independence | Corporate Social Responsibility | Corporate social responsibility | Vorstand | Executive board | Corporate Governance | Corporate governance | Führungskräfte | Managers | Japan | Kapitalstruktur | Capital structure | Unternehmenserfolg | Firm performance | Board of Directors | Board of directors | Aktionäre | Shareholders | Shareholder Value | Shareholder value |
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