This study investigates whether the stewardship code mitigates the free-rider problem of institutional investors. We construct panel data of listed firms in 56 countries and examine the effects of the introduction of stewardship codes in 13 countries using a difference-in-differences approach....

This study examines whether the sustained lower profitability and market valuation of Japanese firms compared to global peer firms can be explained by the structure of insider dominate board of directors and the employment system which hinders flexible employment adjustments by using...

The purpose of this paper is to provide an overview of relationship banking in Japan, a country in which banks have assumed a more prominent role than that played by counterparts in other countries. First, we survey corporate finance trends for listed firms in the 1990s and present two puzzling...

This paper presents evidence using Japanese data that shows that the principal–agent problem between underwriter and issuing firms is the cause of the underpricing of initial public offerings. We find that the initial return is lower when the venture capital is a subsidiary of the lead...

We propose an alternative method for investigating whether firms improve performance through mergers after taking into account the selection bias of merging firms. We simultaneously consider the dynamics of firm performance and the merger decision by employing full information maximum likelihood...