Corporate Governance-An International Review最新文献

{"title":"From “Who Cares” to “What They Care About”: The Impact of Corporate Governance on Environmental and Social Performance in China","authors":"Mohammed Zakriya,&nbsp;Nour Chams","doi":"10.1111/corg.12648","DOIUrl":"https://doi.org/10.1111/corg.12648","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Question/Issue</h3>\u0000 \u0000 <p>This study investigates whether and how corporate governance influences environmental and social performance in Chinese firms. Two mechanisms of corporate governance are examined: external (shareholder-focused) and internal (CSR strategy- and management-focused).</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Research Findings/Insights</h3>\u0000 \u0000 <p>The findings reveal a significant positive effect of corporate governance on environmental and social performance in China, mainly driven by firms' CSR strategy-focused governance practices. State ownership of enterprises significantly moderates how governance affects both environmental and social performance, with positive and negative moderation observed for external and internal governance mechanisms, respectively. Furthermore, an environmental regulation shock accentuates the positive influence of corporate governance on environmental performance but not on social performance.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Theoretical/Academic Implications</h3>\u0000 \u0000 <p>The main theoretical insight reflects a shift in the governance discourse from “conflict of interest” to “differentiation of interest” between shareholders and managers regarding sustainability concerns. The results shed light on the considerable differences between shareholder and manager behaviors toward environmental and/or social practices.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Practitioner/Policy Implications</h3>\u0000 \u0000 <p>This study informs firms and regulators on corporate governance's nonfinancial implications in China. Reforming governance characteristics can be a key factor for firms aiming to improve their environmental and social performance, specifically by re-envisioning their internal governance mechanisms that are CSR strategy-oriented. From the government perspective, we provide insights into how, through ownership and regulatory interventions, governance mechanisms tend to balance environmental and social performance in China.</p>\u0000 </section>\u0000 </div>","PeriodicalId":48209,"journal":{"name":"Corporate Governance-An International Review","volume":"33 5","pages":"1277-1298"},"PeriodicalIF":5.5,"publicationDate":"2025-03-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/corg.12648","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145038205","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Do Big Inequalities in Executive Pay Hurt Firm Performance?","authors":"Richard Yiu-Ming Chung,&nbsp;Jed DeVaro,&nbsp;Scott Fung","doi":"10.1111/corg.12647","DOIUrl":"https://doi.org/10.1111/corg.12647","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Question/Issue</h3>\u0000 \u0000 <p>Do large, within-firm executive pay differences hurt firm performance? Prior literature shows mixed results concerning the sign of the relationship between executive pay disparity and firm performance. This study evaluates that literature, clarifies what tournament theory predicts about the relationship, identifies methodological pitfalls and how to address them, and guides future scholarship in this area of considerable importance to firms and policy makers.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Research Findings/Insights</h3>\u0000 \u0000 <p>We estimate the relationship using improved methodology and find evidence of an inverted-<i>U</i>-shaped relationship between the executive pay spread and firm performance. However, the peak of this inverted <i>U</i> occurs at such a high level of the executive pay spread that it is practically irrelevant in most firms. The inverted <i>U</i> is found using a market-based measure of firm performance, but not a returns-based measure (i.e., ROA).</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Theoretical/Academic Implications</h3>\u0000 \u0000 <p>This study addresses the theoretical and empirical limitations of the prior literature, thereby providing more credible estimates of the relationship between pay disparity and firm performance. Tournament theory offers a unified framework that can explain an inverted-<i>U</i>-shaped relationship between the executive pay spread and firm performance.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Practitioner/Policy Implications</h3>\u0000 \u0000 <p>Our results should reduce public concerns that CEOs increase their own compensation to exorbitant levels, to the detriment of firm performance.</p>\u0000 </section>\u0000 </div>","PeriodicalId":48209,"journal":{"name":"Corporate Governance-An International Review","volume":"33 5","pages":"1251-1276"},"PeriodicalIF":5.5,"publicationDate":"2025-02-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145038565","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Does the Corporate Lifecycle Affect Board Structure? International Evidence","authors":"Hamza Nizar,&nbsp;Ali Uyar,&nbsp;Faten Lakhal,&nbsp;Abdullah S. Karaman","doi":"10.1111/corg.12645","DOIUrl":"https://doi.org/10.1111/corg.12645","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Question/Issue</h3>\u0000 \u0000 <p>This paper examines the impact of corporate lifecycle on board structure offering insights into how firms evolve and adapt their governance practices over time and across different institutional environments.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Research Findings/Insights</h3>\u0000 \u0000 <p>Based on a sample of 23,530 firm-year observations from 51 countries over the period 2013–2021, we find that corporate lifecycle has a positive effect on board gender diversity and board tenure. This positive effect is more pronounced in firms operating in countries with stronger investor protection and in firms facing higher external market discipline. However, the corporate lifecycle has a negative effect on the proportion of board members with financial or industry expertise. This negative relationship turns positive when investor protection strengthens, and market pressure intensifies. The results also show that gender quota adoption positively influences the association between corporate lifecycle and board gender diversity.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Theoretical/Academic Implications</h3>\u0000 \u0000 <p>The findings support lifecycle and legitimacy theory perspectives suggesting that organizations face different challenges and legitimacy pressures at various phases of their lifecycle. To overcome those challenges, companies are likely to adjust their internal governance structures accordingly. The results also provide support for regulations on gender quotas in the boardroom.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Practitioner/Policy Implications</h3>\u0000 \u0000 <p>Our results suggest that in the early stages, a company considers appointing financial or industry skilled directors who offer essential knowledge for corporate growth and success. As the company matures, the focus shifts toward bolstering corporate legitimacy and gaining social acceptance. This transition indicates a shift toward holistic governance, where the company prioritizes the representation of stakeholders' interests, both in substantive and symbolic ways.</p>\u0000 </section>\u0000 </div>","PeriodicalId":48209,"journal":{"name":"Corporate Governance-An International Review","volume":"33 5","pages":"1223-1250"},"PeriodicalIF":5.5,"publicationDate":"2025-02-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145038491","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"From Conflict to Counsel: The Interplay of Board-TMT Cognitive Conflict, TMT Tenure, and Board Tenure on Board Advice Giving","authors":"Dennis B. Veltrop,&nbsp;Irene Mostert,&nbsp;Paula M. G. Dirks,&nbsp;Jakob de Haan","doi":"10.1111/corg.12643","DOIUrl":"https://doi.org/10.1111/corg.12643","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Question/Issue</h3>\u0000 \u0000 <p>We recognize the collaborative nature of board advice giving and investigate (1) how the level of cognitive conflict between boards and top management teams (TMTs) is associated with board advice giving and (2) how this relation is shaped by TMT tenure and board tenure.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Research Findings/Insights</h3>\u0000 \u0000 <p>Using insights from a unique multi-source dataset from 285 board members of 102 Dutch financial firms, we find that TMT tenure and board tenure both moderate the relation between board-TMT cognitive conflict and board advice giving. In addition, when considering the combined moderating effect of TMT tenure and board tenure, we find that board-TMT cognitive conflict is most positively (negatively) associated with board advice giving when TMT tenure is low (high), while board tenure is high (low).</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Theoretical/Academic Implications</h3>\u0000 \u0000 <p>Our work complements prior work by integrating insights from group research and resource dependence theory. It provides a nuanced view on the link between board-TMT cognitive conflict and board advice giving. We highlight that the way cognitive conflict translates into board advice depends not only on the TMT's receptiveness to board challenge but also on the board's in-depth understanding of organizational affairs.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Practitioner/Policy Implications</h3>\u0000 \u0000 <p>Our work points out that boards taking a critical stance may backfire if boards do not “measure up” to TMTs' organizational experience. We contest that longer-tenured boards are ill-equipped to provide critical advice and highlight the crucial role of TMT tenure therein. As such, policymakers and organizations should consider the combined impact of TMT tenure and board tenure when trying to stimulate that boards effectively challenge management.</p>\u0000 </section>\u0000 </div>","PeriodicalId":48209,"journal":{"name":"Corporate Governance-An International Review","volume":"33 5","pages":"1178-1202"},"PeriodicalIF":5.5,"publicationDate":"2025-02-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/corg.12643","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145038407","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Impact of CEO's IT Background on Green Technology Innovation: Evidence From China","authors":"Xue Zhang,&nbsp;Wensong Zhang,&nbsp;Jiayuan Wang,&nbsp;Baolian Chen","doi":"10.1111/corg.12644","DOIUrl":"https://doi.org/10.1111/corg.12644","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Question/Issue</h3>\u0000 \u0000 <p>Considering the important role of CEO's background characteristics in formulating firms' innovation strategy decisions, we investigate the relationship between the CEO's information technology (IT) background and corporate green technology innovation.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Research Findings/Insights</h3>\u0000 \u0000 <p>We find that the CEO with an IT background results in an addition of 19.6% in corporate green technology innovation outputs. The result is robust to identification tests, including 2SLS, PSM, DID, and system GMM. The channel test shows that the CEO's IT background positively affects green technology innovation by promoting firms' digital transformation. And the financial-industrial integration strengthens the positive relationship between the CEO's IT background and corporate green technology innovation. Heterogeneity analysis indicates that the relationship is pronounced in state-owned enterprises, mature enterprises, and non-high-tech enterprises.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Theoretical/Academic Implications</h3>\u0000 \u0000 <p>The findings of this paper not only enrich the research literature on antecedent variables of green technology innovation but also provide theoretical support for listed companies to improve the background configuration of the executive team.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Practitioner/Policy Implications</h3>\u0000 \u0000 <p>Against the backdrop of China's booming digital economy, our results provide important insights for practitioners, suggesting that they should employ more IT professionals to improve their green technology innovation capabilities and gain a sustainable competitive advantage.</p>\u0000 </section>\u0000 </div>","PeriodicalId":48209,"journal":{"name":"Corporate Governance-An International Review","volume":"33 5","pages":"1203-1222"},"PeriodicalIF":5.5,"publicationDate":"2025-02-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145037859","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Carbon Emission Trading System and Corporate Tax Avoidance","authors":"Wanyi Chen,&nbsp;Fanli Meng,&nbsp;Ying Wang","doi":"10.1111/corg.12642","DOIUrl":"https://doi.org/10.1111/corg.12642","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Question/Issue</h3>\u0000 \u0000 <p>The existence of tax spillover effects from environmental policies has been a subject of ongoing debate. While companies may face cost pressures that drive them to engage in increased tax avoidance, they may also suppress tax avoidance due to considering social responsibility. This study explores the impact of the carbon emission trading system (ETS) on corporate tax avoidance behavior.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Research Findings/Insights</h3>\u0000 \u0000 <p>We find that tax avoidance activities are suppressed after companies participate in ETS. ETS curbs corporate tax avoidance by enhancing corporate social responsibility and strengthening regulatory deterrence. This effect is more pronounced in firms located in more economically developed regions, those with stronger tax enforcement, and companies undergoing digital transformation.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Theoretical/Academic Implications</h3>\u0000 \u0000 <p>This study enriches research on the economic consequences of ETS and the factors influencing corporate tax avoidance, expanding the relationship between tax policies and environmental governance.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Practitioner/Policy Implications</h3>\u0000 \u0000 <p>This study provides government implications in further improving ETS policies to enhance positive spillover effects on taxation and to refine corporate carbon disclosure systems. It also provides guidance for companies to promote tax sustainability by actively participating in ETS and leveraging digital transformation strategies.</p>\u0000 \u0000 <section>\u0000 \u0000 <h3> JEL Classification</h3>\u0000 \u0000 <p>G10, G23, G30</p>\u0000 </section>\u0000 </section>\u0000 </div>","PeriodicalId":48209,"journal":{"name":"Corporate Governance-An International Review","volume":"33 5","pages":"1145-1177"},"PeriodicalIF":5.5,"publicationDate":"2025-02-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145037662","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Does Shareholder Activism Create Value? A Meta-Analysis","authors":"Josef Bajzik,&nbsp;Tomas Havranek,&nbsp;Zuzana Irsova,&nbsp;Jiri Novak","doi":"10.1111/corg.12637","DOIUrl":"https://doi.org/10.1111/corg.12637","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Question/Issue</h3>\u0000 \u0000 <p>This study identifies the determinants of shareholder value created by investor activism. It quantifies and corrects the pool of published empirical estimates for bias due to the selective reporting of empirical results. It examines how various institutional, investor, and research design characteristics affect the shareholder value created by activism.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Research Findings/Insights</h3>\u0000 \u0000 <p>Using a meta-analysis of 1973 estimates from 67 studies published between 1983 and 2021, we document that, after adjusting for selective reporting, activism creates a positive shareholder value ranging from 0% to 1.5%, which is smaller than commonly thought. More value is created in settings with better shareholder rights protection and in smaller markets. Activism by individual investors, more confrontational approaches, and campaigns aimed at the sale of the target company enhance firm value more.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Theoretical/Academic Implications</h3>\u0000 \u0000 <p>Our study identifies a specific channel through which the quality of institutional settings mitigates the conflict envisaged by agency theory between firm owners and managers. Our comprehensive synthesis of prior research literature also guides researchers in interpreting and comparing results reported in prior studies and helps them make more informed research design choices in future studies.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Practitioner/Policy Implications</h3>\u0000 \u0000 <p>Exploiting the heterogeneity in prior studies, our study informs investors about the value that specific forms of activism create, allowing them to better trade off the costs and benefits of alternative approaches. It also informs regulators about the relevance of institutional characteristics and offers estimates of the relative effectiveness of activism campaigns by various sponsors. These insights help in seeking optimal ways of regulating corporate governance and financial markets.</p>\u0000 </section>\u0000 </div>","PeriodicalId":48209,"journal":{"name":"Corporate Governance-An International Review","volume":"33 5","pages":"1039-1061"},"PeriodicalIF":5.5,"publicationDate":"2025-01-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/corg.12637","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145038574","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Alternative Data as an External Governance Mechanism","authors":"Emma Li,&nbsp;Zhengwei Wang,&nbsp;Le Zhao","doi":"10.1111/corg.12641","DOIUrl":"https://doi.org/10.1111/corg.12641","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Question/Issue</h3>\u0000 \u0000 <p>This study explores the relationship between the availability of alternative data and financial statement fraud among Chinese firms.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Research Findings/Insights</h3>\u0000 \u0000 <p>We first show that companies' online sales data, independently collected by a third-party data vendor, can detect financial statement fraud before 2018, before which such alternative data were not available to the public. Second, we find that the association between financial statement fraud and the proxy constructed from alternative data becomes weaker after the publicity of alternative data. Third, we find that the impact from alternative data availability on corporate financial statement fraud is greater among firms with weaker external governance, such as firms with less analyst coverage, as well as lower quality auditors.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Theoretical/Academic Implications</h3>\u0000 \u0000 <p>This study enhances the understanding of the relationship between information environment characteristics and corporate fraud. We suggest a new information intermediary, alternative data providers, and investigate the role that alternative data play in financial statement fraud. And we also add to the growing literature regarding the impact of technology on corporate fraud and corporate governance.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Practitioner/Policy Implications</h3>\u0000 \u0000 <p>This study proposes a new measure to capture company managers' hidden behavior and provide new insights regarding the usefulness of company-level online sales data, as provided by an independent entity in relation to financial statement fraud. These findings have important implications for investors, policymakers, and market participants in understanding the role of alternative data in detecting financial fraud and acting as an external governance mechanism.</p>\u0000 </section>\u0000 </div>","PeriodicalId":48209,"journal":{"name":"Corporate Governance-An International Review","volume":"33 5","pages":"1126-1144"},"PeriodicalIF":5.5,"publicationDate":"2025-01-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145038562","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Influence of Ownership and Control on Corporate Social Responsibility in East Asia","authors":"Szu-Yu Chen,&nbsp;Emmanuel Adegbite,&nbsp;Judy N. Muthuri,&nbsp;Tam Huy Nguyen","doi":"10.1111/corg.12639","DOIUrl":"https://doi.org/10.1111/corg.12639","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Question/Issue</h3>\u0000 \u0000 <p>Underpinned by an eclectic theoretical framework of agency theory and stakeholder theory, this study examines whether control by family, institutional investors, or governments affects a firm's corporate social responsibility (CSR) in East Asian firms.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Research Findings/Insights</h3>\u0000 \u0000 <p>By examining 1236 firms in nine East Asian countries from 2010 to 2019, our findings show that family-controlled firms reduce their CSR engagement since family controller strengthens the agency problem. Additionally, agency conflicts between controlling shareholders and managers may be shifted onto the controller and other stakeholders. However, if institutional investors or the government have control power, they have a positive impact on firms' CSR since they act in the interests of stakeholders.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Theoretical/Academic Implications</h3>\u0000 \u0000 <p>This paper addresses a lacuna in the corporate governance and CSR literature by exploring the influence of ultimate control type in East Asia, a fast-developing but under-researched context. We contribute to the understanding of agency conflicts among institutional shareholders, government, family controllers, and stakeholders within East Asian firms, particularly highlighting how controllers' behavior influences CSR outcomes. We extend the discussions on the complementarity of agency and stakeholder theories to explain why different types of ultimate controllers affect CSR.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Practitioner/Policy Implications</h3>\u0000 \u0000 <p>This paper provides recommendations for embedding CSR through corporate governance, particularly in East Asia. First, for family-controlled firms, agency problems and shareholder primacy may become obstacles to achieving CSR. Corporate governance supervision policy should pay attention to when firms are controlled by a family. Second, external investors seeking a socially responsible firm may consider whether firms have higher institutional ownership or government control.</p>\u0000 </section>\u0000 </div>","PeriodicalId":48209,"journal":{"name":"Corporate Governance-An International Review","volume":"33 5","pages":"1086-1106"},"PeriodicalIF":5.5,"publicationDate":"2025-01-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145038537","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Differential Effect of Regulatory Signals on Shareholder Dissent: The Case of Shareholder Voting in Director Elections","authors":"Daisuke Uchida,&nbsp;Toru Yoshikawa","doi":"10.1111/corg.12640","DOIUrl":"https://doi.org/10.1111/corg.12640","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Question/Issue</h3>\u0000 \u0000 <p>In the Japanese context of shareholder voting in director elections, this study examines how regulatory signals differently influence shareholder dissent depending on their resource dependence relationship with regulatory bodies.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Research Findings/Insights</h3>\u0000 \u0000 <p>We find that the effect of a regulatory change in the disclosure of voting records on shareholder dissent is strengthened as shareholdings by domestic institutional investors increase, while it is mitigated as shareholdings by foreign institutional investors increase. Moreover, we find that this effect is pronounced under conditions where directors seemingly fail to fulfill or to qualify for their role.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Theoretical/Academic Implications</h3>\u0000 \u0000 <p>This study develops a resource dependence perspective of shareholder dissent and argues that shareholder dissent can be shaped by regulatory signals from regulatory bodies who provide them with legitimacy. This study enriches the existing insights on corporate governance role of institutional investors by focusing on their resource dependence on regulatory bodies.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Practitioner/Policy Implications</h3>\u0000 \u0000 <p>This study sheds light on the dynamic nature of shareholder behavior and suggests that shareholder preferences are not only heterogeneous but also mutable over time in response to regulatory signals. This implies that managers need to pay attention not only to current shareholder preferences but also to future anticipated shareholder preferences to successfully manage their relationships with shareholders.</p>\u0000 </section>\u0000 </div>","PeriodicalId":48209,"journal":{"name":"Corporate Governance-An International Review","volume":"33 5","pages":"1107-1125"},"PeriodicalIF":5.5,"publicationDate":"2025-01-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/corg.12640","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145038538","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}