{"@context":{"@vocab":"https://cir.nii.ac.jp/schema/1.0/","rdfs":"http://www.w3.org/2000/01/rdf-schema#","dc":"http://purl.org/dc/elements/1.1/","dcterms":"http://purl.org/dc/terms/","foaf":"http://xmlns.com/foaf/0.1/","prism":"http://prismstandard.org/namespaces/basic/2.0/","cinii":"http://ci.nii.ac.jp/ns/1.0/","datacite":"https://schema.datacite.org/meta/kernel-4/","ndl":"http://ndl.go.jp/dcndl/terms/","jpcoar":"https://github.com/JPCOAR/schema/blob/master/2.0/"},"@id":"https://cir.nii.ac.jp/crid/1360021390585412608.json","@type":"Article","productIdentifier":[{"identifier":{"@type":"DOI","@value":"10.3390/su14138078"}},{"identifier":{"@type":"URI","@value":"https://www.mdpi.com/2071-1050/14/13/8078/pdf"}}],"resourceType":"学術雑誌論文(journal article)","dc:title":[{"@value":"The Board Structure and Performance in IPO Firms: Evidence from Stakeholder-Oriented Corporate Governance"}],"description":[{"type":"abstract","notation":[{"@value":"<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>"}]}],"creator":[{"@id":"https://cir.nii.ac.jp/crid/1380021390585412622","@type":"Researcher","foaf:name":[{"@value":"Naoki Watanabel"}],"jpcoar:affiliationName":[{"@value":"Graduate School of Economics, Nagoya City University, Nagoya 4678501, Japan"}]},{"@id":"https://cir.nii.ac.jp/crid/1380021390585412770","@type":"Researcher","foaf:name":[{"@value":"Shohei Yamauchi"}],"jpcoar:affiliationName":[{"@value":"Graduate School of Economics, Nagoya City University, Nagoya 4678501, Japan"}]},{"@id":"https://cir.nii.ac.jp/crid/1380021390585412629","@type":"Researcher","foaf:name":[{"@value":"Hideaki Sakawa"}],"jpcoar:affiliationName":[{"@value":"Graduate School of Economics, Nagoya City University, Nagoya 4678501, Japan"}]}],"publication":{"publicationIdentifier":[{"@type":"EISSN","@value":"20711050"}],"prism:publicationName":[{"@value":"Sustainability"}],"dc:publisher":[{"@value":"MDPI AG"}],"prism:publicationDate":"2022-07-01","prism:volume":"14","prism:number":"13","prism:startingPage":"8078"},"reviewed":"false","dcterms:accessRights":"http://purl.org/coar/access_right/c_abf2","dc:rights":["https://creativecommons.org/licenses/by/4.0/"],"url":[{"@id":"https://www.mdpi.com/2071-1050/14/13/8078/pdf"}],"createdAt":"2022-07-04","modifiedAt":"2025-10-10","foaf:topic":[{"@id":"https://cir.nii.ac.jp/all?q=expertise;%20Horizontal%20Keiretsu;%20internal%20control;%20independent%20directors;%20IPO%20underpricing;%20sustainable%20developments","dc:title":"expertise; Horizontal Keiretsu; internal control; independent directors; IPO underpricing; sustainable developments"}],"project":[{"@id":"https://cir.nii.ac.jp/crid/1040299826878541312","@type":"Project","projectIdentifier":[{"@type":"KAKEN","@value":"23K22132"},{"@type":"JGN","@value":"JP23K22132"},{"@type":"URI","@value":"https://kaken.nii.ac.jp/grant/KAKENHI-PROJECT-23K22132/"}],"notation":[{"@language":"ja","@value":"企業の国際化とコーポレート・ガバナンスの変遷：実証的課題の解明"},{"@language":"en","@value":"Internationalization and Transition of Corporate Governance"}]}],"relatedProduct":[{"@id":"https://cir.nii.ac.jp/crid/1360004232250347264","@type":"Article","resourceType":"学術雑誌論文(journal article)","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"Can Anglo-Saxon audit committee scheme improve earnings quality in non-Anglo-Saxon environments?"}]},{"@id":"https://cir.nii.ac.jp/crid/1360004232418395904","@type":"Article","resourceType":"学術雑誌論文(journal article)","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"Board members' influence on resource investments to start-ups and IPO outcomes: Does prior affiliation matter?"}]},{"@id":"https://cir.nii.ac.jp/crid/1360009142924286720","@type":"Article","resourceType":"学術雑誌論文(journal article)","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"Main bank relationships and risk taking in Japanese listed firms"}]},{"@id":"https://cir.nii.ac.jp/crid/1360011144102237312","@type":"Article","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"Underpricing and long-term performance of IPOs in China"}]},{"@id":"https://cir.nii.ac.jp/crid/1360013173153716224","@type":"Article","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"Family Control and Corporate Innovation in Stakeholder-Oriented Corporate Governance"}]},{"@id":"https://cir.nii.ac.jp/crid/1360017285686973696","@type":"Article","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"Corporate Stakeholder Orientation in an Emerging Country Context: A Longitudinal Cross Industry Analysis"}]},{"@id":"https://cir.nii.ac.jp/crid/1360021393801126912","@type":"Article","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"Financial executive qualifications, financial executive turnover, and adverse SOX 404 opinions"}]},{"@id":"https://cir.nii.ac.jp/crid/1360021393801158912","@type":"Article","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"Does board independence influence financial performance in IPO firms? The moderating role of the national business system"}]},{"@id":"https://cir.nii.ac.jp/crid/1360021394478213632","@type":"Article","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"Bankers on boards:"}]},{"@id":"https://cir.nii.ac.jp/crid/1360021396154213376","@type":"Article","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"Financial Expert CEOs and Earnings Management Around Initial Public Offerings"}]},{"@id":"https://cir.nii.ac.jp/crid/1360021396154223360","@type":"Article","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"How environmental regulations and corporate social responsibility affect the firm innovation with the moderating role of Chief executive officer (CEO) power and ownership concentration?"}]},{"@id":"https://cir.nii.ac.jp/crid/1360285710444492160","@type":"Article","resourceType":"学術雑誌論文(journal article)","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"The Role of Bank-Affiliated Venture Capital for Parent Banks in Japan: New Evidence"}]},{"@id":"https://cir.nii.ac.jp/crid/1360286993718172416","@type":"Article","resourceType":"学術雑誌論文(journal article)","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"IPO underpricing and ownership monitoring in Japan"}]},{"@id":"https://cir.nii.ac.jp/crid/1360292620625240448","@type":"Article","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"Sources of funds and investment activities of venture capital funds: evidence from Germany, Israel, Japan and the United Kingdom"}]},{"@id":"https://cir.nii.ac.jp/crid/1360292620895698816","@type":"Article","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"Dynamics of bank relationships in entrepreneurial finance"}]},{"@id":"https://cir.nii.ac.jp/crid/1360294648135293440","@type":"Article","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"Accounting Frauds and Main-Bank Monitoring in Japanese Corporations"}]},{"@id":"https://cir.nii.ac.jp/crid/1360298761433489280","@type":"Article","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"Leverage and IPO under‐pricing: high‐tech versus low‐tech IPOs"}]},{"@id":"https://cir.nii.ac.jp/crid/1360302870463027200","@type":"Article","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"Internal corporate governance strength as a mechanism for achieving sustainable development goals"}]},{"@id":"https://cir.nii.ac.jp/crid/1360302870463248000","@type":"Article","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"Outside directorships and corporate performance"}]},{"@id":"https://cir.nii.ac.jp/crid/1360302870463906176","@type":"Article","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"THE UK STEWARDSHIP CODE: ON THE ROAD TO NOWHERE?"}]},{"@id":"https://cir.nii.ac.jp/crid/1360302870986116096","@type":"Article","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"Does the Market Value Financial Expertise on Audit Committees of Boards of Directors?"}]},{"@id":"https://cir.nii.ac.jp/crid/1360567182436369024","@type":"Article","resourceType":"学術雑誌論文(journal article)","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"Parent control and ownership monitoring in publicly listed subsidiaries in Japan"}]},{"@id":"https://cir.nii.ac.jp/crid/1360568468694883328","@type":"Article","resourceType":"学術雑誌論文(journal article)","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"Main bank relationship and accounting conservatism: evidence from Japan"}]},{"@id":"https://cir.nii.ac.jp/crid/1360568619110101248","@type":"Article","resourceType":"学術雑誌論文(journal article)","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"Institutional Ownership and Firm Performance under Stakeholder-Oriented Corporate Governance"}]},{"@id":"https://cir.nii.ac.jp/crid/1360574093543105536","@type":"Article","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"Will the U.S. bank recapitalization succeed? Eight lessons from Japan"}]},{"@id":"https://cir.nii.ac.jp/crid/1360574095870959744","@type":"Article","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"Institutional affiliation and the role of venture capital: Evidence from initial public offerings in Japan"}]},{"@id":"https://cir.nii.ac.jp/crid/1360574096104343936","@type":"Article","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"The determinants of corporate board size and composition: An empirical analysis"}]},{"@id":"https://cir.nii.ac.jp/crid/1360848657348497792","@type":"Article","resourceType":"学術雑誌論文(journal article)","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"The dark side of independent venture capitalists: Evidence from Japan"}]},{"@id":"https://cir.nii.ac.jp/crid/1360855569367105664","@type":"Article","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"The Determinants of Board Structure at the Initial Public Offering"}]},{"@id":"https://cir.nii.ac.jp/crid/1360855569428396288","@type":"Article","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"Whose company is it? The concept of the corporation in Japan and the west"}]},{"@id":"https://cir.nii.ac.jp/crid/1360855570127875968","@type":"Article","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"Determinants of the Size and Composition of US Corporate Boards: 1935‐2000"}]},{"@id":"https://cir.nii.ac.jp/crid/1360861288374847744","@type":"Article","resourceType":"学術雑誌論文(journal article)","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"Internationalization and the reliance of analyst forecasts in stakeholder-oriented corporate governance: Evidence from Japanese MNEs"}]},{"@id":"https://cir.nii.ac.jp/crid/1360865819409158656","@type":"Article","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"Executive Board Member Financial Expertise and IPO Performance"}]},{"@id":"https://cir.nii.ac.jp/crid/1361131418648328704","@type":"Article","resourceType":"学術雑誌論文(journal article)","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"Earnings quality and internal control in bank-dominated corporate governance"}]},{"@id":"https://cir.nii.ac.jp/crid/1361137044138031616","@type":"Article","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"Banks and Corporate Decisions: Evidence from Business Groups"}]},{"@id":"https://cir.nii.ac.jp/crid/1361418518972126336","@type":"Article","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"Auctions versus book building of Japanese IPOs"}]},{"@id":"https://cir.nii.ac.jp/crid/1361418520386850176","@type":"Article","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"Underpricing of Chinese A-share IPOs and short-run underperformance under the approval system from 2001 to 2005"}]},{"@id":"https://cir.nii.ac.jp/crid/1361418521402711680","@type":"Article","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"Wealth and the effects of founder management among IPO‐stage new ventures"}]},{"@id":"https://cir.nii.ac.jp/crid/1361699994557990272","@type":"Article","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"The Effects of Board Composition and Direct Incentives on Firm Performance"}]},{"@id":"https://cir.nii.ac.jp/crid/1361975844920229120","@type":"Article","resourceType":"学術雑誌論文(journal article)","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"Family control and ownership monitoring in Stakeholder-oriented corporate governance"}]},{"@id":"https://cir.nii.ac.jp/crid/1361981469115529728","@type":"Article","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"International Corporate Governance"}]},{"@id":"https://cir.nii.ac.jp/crid/1361981469929802752","@type":"Article","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"The size and composition of corporate boards in Japan"}]},{"@id":"https://cir.nii.ac.jp/crid/1361981470887569792","@type":"Article","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"A Theory of Friendly Boards"}]},{"@id":"https://cir.nii.ac.jp/crid/1362262943615737728","@type":"Article","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"Anatomy of Initial Public Offerings of Common Stock"}]},{"@id":"https://cir.nii.ac.jp/crid/1362262944461958528","@type":"Article","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"Corporate Boards, Audit Committees, and Earnings Management: Pre‐ and Post‐SOX Evidence"}]},{"@id":"https://cir.nii.ac.jp/crid/1362262945107308928","@type":"Article","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"UNIVERSAL BANKS ARE NOT THE ANSWER TO AMERICA'S CORPORATE GOVERNANCE “PROBLEM”: A LOOK AT GERMANY, JAPAN, AND THE U.S."}]},{"@id":"https://cir.nii.ac.jp/crid/1362825894376219008","@type":"Article","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"A Theory of Board Control and Size"}]},{"@id":"https://cir.nii.ac.jp/crid/1362825895038705024","@type":"Article","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"Economic Determinants of Audit Committee Independence"}]},{"@id":"https://cir.nii.ac.jp/crid/1362825895278308480","@type":"Article","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"Corporate Structure, Liquidity, and Investment: Evidence from Japanese Industrial Groups"}]},{"@id":"https://cir.nii.ac.jp/crid/1362825895668227328","@type":"Article","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"Corporate Governance Quality and CSR Disclosures"}]},{"@id":"https://cir.nii.ac.jp/crid/1362825896272811904","@type":"Article","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"Venture Capitalist Certification in Initial Public Offerings"}]},{"@id":"https://cir.nii.ac.jp/crid/1363107368909577600","@type":"Article","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"Higher market valuation of companies with a small board of directors"}]},{"@id":"https://cir.nii.ac.jp/crid/1363388843350713472","@type":"Article","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"Visibility versus Complexity in Business Groups: Evidence from Japanese<i>Keiretsu</i>"}]},{"@id":"https://cir.nii.ac.jp/crid/1363388843945721856","@type":"Article","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"Corporate Governance and Accounting Scandals"}]},{"@id":"https://cir.nii.ac.jp/crid/1363388844780308864","@type":"Article","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"The Cross-National Diversity of Corporate Governance: Dimensions and Determinants"}]},{"@id":"https://cir.nii.ac.jp/crid/1363388846281617920","@type":"Article","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"Effects of Institutional Investors’ Bidding Information on Offer Prices and Initial Returns of <scp>IPO</scp>s"}]},{"@id":"https://cir.nii.ac.jp/crid/1363670318901493504","@type":"Article","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"The investment and operating performance of Japanese initial public offerings"}]},{"@id":"https://cir.nii.ac.jp/crid/1363670318915141248","@type":"Article","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"Earnings management and corporate governance: the role of the board and the audit committee"}]},{"@id":"https://cir.nii.ac.jp/crid/1363670320074869888","@type":"Article","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"Propping and tunneling: Empirical evidence from Japanese keiretsu"}]},{"@id":"https://cir.nii.ac.jp/crid/1363951794113113728","@type":"Article","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"Stakeholders under Pressure: corporate governance and labour management in Germany and Japan"}]},{"@id":"https://cir.nii.ac.jp/crid/1363951794873036800","@type":"Article","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"Signaling Firm Value through Board Structure: An Investigation of Initial Public Offerings"}]},{"@id":"https://cir.nii.ac.jp/crid/1364233268236426624","@type":"Article","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"Theory of the firm: Managerial behavior, agency costs and ownership structure"}]},{"@id":"https://cir.nii.ac.jp/crid/1364233269300283520","@type":"Article","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"Boards: Does one size fit all☆"}]},{"@id":"https://cir.nii.ac.jp/crid/1364233269931993344","@type":"Article","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"Board Structure and Survival of New Economy IPO Firms"}]},{"@id":"https://cir.nii.ac.jp/crid/1364233270269211264","@type":"Article","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"Separation of Ownership and Control"}]},{"@id":"https://cir.nii.ac.jp/crid/1370021390585412634","@type":"Product","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"Endogenously chosen boards of directors and their monitoring of the CEO"}]},{"@id":"https://cir.nii.ac.jp/crid/1370021390585412738","@type":"Product","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"Toward an economic model of the Japanese firm"}]},{"@id":"https://cir.nii.ac.jp/crid/1370021390585412770","@type":"Product","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"The non-correlation between board independence and long-term firm performance"}]},{"@id":"https://cir.nii.ac.jp/crid/1370021390585412776","@type":"Product","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"The long-run performance of initial public offerings"}]}],"dataSourceIdentifier":[{"@type":"CROSSREF","@value":"10.3390/su14138078"},{"@type":"KAKEN","@value":"PRODUCT-25145387"},{"@type":"OPENAIRE","@value":"doi_dedup___::5e6d93f3a1dff8f66e046bfc41d38cea"}]}