The Board Structure and Performance in IPO Firms: Evidence from Stakeholder-Oriented Corporate Governance
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- Naoki Watanabel
- Graduate School of Economics, Nagoya City University, Nagoya 4678501, Japan
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- Shohei Yamauchi
- Graduate School of Economics, Nagoya City University, Nagoya 4678501, Japan
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- Hideaki Sakawa
- Graduate School of Economics, Nagoya City University, Nagoya 4678501, Japan
書誌事項
- 公開日
- 2022-07-01
- 資源種別
- journal article
- 権利情報
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- https://creativecommons.org/licenses/by/4.0/
- DOI
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- 10.3390/su14138078
- 公開者
- MDPI AG
説明
<jats:p>This study investigates the internal mechanisms as an important factor for shareholders and stakeholders in initial public offering (IPO) firms with stakeholder-oriented corporate governance. Over the period of 2009–2016, we examine the role of independent directors in Japanese stakeholder-oriented corporate governance. According to previous research, the monitoring role of independent directors is strengthened in countries with a market-based financial system. Our empirical analyses show that independent directors do not effectively mitigate conflicts among shareholders such as IPO underpricing in a stakeholder-oriented corporate governance framework. Alternatively, accounting expertise may contribute to mitigating IPO underpricing in accordance with U.S. corporations. The participation of bank-affiliated directors in IPO firms further contributes to the mitigation of underpricing. Accordingly, these findings imply that bank ties through Horizontal Keiretsu’s bank-appointed directors are critical for mitigating conflicts among shareholders in IPO firms. These results imply that stakeholder-oriented corporate governance systems contribute to reducing conflicts among stakeholders.</jats:p>
収録刊行物
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- Sustainability
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Sustainability 14 (13), 8078-, 2022-07-01
MDPI AG
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詳細情報 詳細情報について
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- CRID
- 1360021390585412608
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- ISSN
- 20711050
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- 資料種別
- journal article
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- データソース種別
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- Crossref
- KAKEN
- OpenAIRE
