This paper intends to scrutinize the Japan’s Corporate Governance Code from the perspective of its subtitle “sustainable growth of the company and improvement of medium- to long-term corporate value.” The first half of the paper focuses on the significance of this Code and related issues...

In July 2020, the European Commission published the “Study on directors’ duties and sustainable corporate governance” by EY. The Report purports to find evidence of debilitating short-termism in EU corporate governance and recommends many changes to support sustainable corporate...

Stock-market short-termism—stemming from rapid trading and activists looking for quick cash—is, a widespread view has it, hurting the American economy. Because stock markets will not support corporate long-term planning, the thinking goes, companies fail to invest enough, do not do enough...

In corporate law policymaking, there is considerable attention to stock market short-termism. Public discourse pins some noticeable part of the blame for climate change, environmental damage, and mistreatment of stakeholders on stock market short-termism. Presidential candidates raise the issue...

The animated discourse on corporate social responsibility towards stakeholders in the last two years, particularly as embodied through the terms ESG, corporate purpose and stakeholderism (which will be used in this article interchangeably) had reached a turning point even before the COVID-19...

Under a powerful narrative, Wall Street and its obsession with short-term profits are one of the main reasons why corporations—and by extension our economic system—are failing society. In Missing the Target: Why Stock-Market Short-Termism Is Not the Problem, Professor Mark Roe challenges...

The notion of stock-market-driven short-termism relentlessly whittling away at the American economy’s foundations is widely accepted and highly salient. Presidential candidates state as much. Senators introduce bills assuming as much. Corporate interests argue as much to the Securities and...

What precisely is stock market short-termism? For an issue that pervades corporate governance thinking, rhetoric, and policymaking, one would think that we know well what it is. But much that’s called stock market short-termism is not properly categorized as such. This distinction—between...

To investigate the widespread claim that stock market short-termism is a major drag on U.S. corporate investment, R&D, and the broad economy, the author examines trends in corporate capital investment, buybacks, and R&D that stretch back, in some cases, over the past 50 years. (He briefly...

Can better firm ESG policies be attributed to a CEO’s style? We find that firms led by CEOs with not-for-profit sector work experience (socially engaged CEOs) possess better ESG ratings and superior real ESG outcomes. They receive higher satisfaction ratings from their employees, develop more...