{"@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/1360869854374021760.json","@type":"Article","productIdentifier":[{"identifier":{"@type":"DOI","@value":"10.1111/corg.12640"}},{"identifier":{"@type":"URI","@value":"https://onlinelibrary.wiley.com/doi/pdf/10.1111/corg.12640"}}],"resourceType":"学術雑誌論文(journal article)","dc:title":[{"@value":"The Differential Effect of Regulatory Signals on Shareholder Dissent: The Case of Shareholder Voting in Director Elections"}],"description":[{"type":"abstract","notation":[{"@value":"<jats:title>ABSTRACT</jats:title><jats:sec><jats:title>Research Question/Issue</jats:title><jats: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.</jats:p></jats:sec><jats:sec><jats:title>Research Findings/Insights</jats:title><jats: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.</jats:p></jats:sec><jats:sec><jats:title>Theoretical/Academic Implications</jats:title><jats: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.</jats:p></jats:sec><jats:sec><jats:title>Practitioner/Policy Implications</jats:title><jats: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.</jats:p></jats:sec>"}]}],"creator":[{"@id":"https://cir.nii.ac.jp/crid/1420282801194326144","@type":"Researcher","personIdentifier":[{"@type":"KAKEN_RESEARCHERS","@value":"10754806"},{"@type":"NRID","@value":"1000010754806"},{"@type":"NRID","@value":"9000342805365"},{"@type":"NRID","@value":"9000379565040"},{"@type":"NRID","@value":"9000329007712"},{"@type":"NRID","@value":"9000010153214"},{"@type":"NRID","@value":"9000367431009"},{"@type":"NRID","@value":"9000396131294"},{"@type":"NRID","@value":"9000006420731"},{"@type":"NRID","@value":"9000340445178"},{"@type":"NRID","@value":"9000009785919"},{"@type":"NRID","@value":"9000391752588"},{"@type":"NRID","@value":"9000015237573"},{"@type":"NRID","@value":"9000375910094"},{"@type":"RESEARCHMAP","@value":"https://researchmap.jp/daisuke-uchida"}],"foaf:name":[{"@value":"Daisuke Uchida"}],"jpcoar:affiliationName":[{"@value":"Faculty of Business and Commerce Keio University  Tokyo Japan"}]},{"@id":"https://cir.nii.ac.jp/crid/1380869854374021888","@type":"Researcher","foaf:name":[{"@value":"Toru Yoshikawa"}],"jpcoar:affiliationName":[{"@value":"School of Social Sciences Waseda University  Tokyo Japan"}]}],"publication":{"publicationIdentifier":[{"@type":"PISSN","@value":"09648410"},{"@type":"EISSN","@value":"14678683"}],"prism:publicationName":[{"@value":"Corporate Governance: An International Review"}],"dc:publisher":[{"@value":"Wiley"}],"prism:publicationDate":"2025-01-22","prism:volume":"33","prism:number":"5","prism:startingPage":"1107","prism:endingPage":"1125"},"reviewed":"false","dcterms:accessRights":"http://purl.org/coar/access_right/c_abf2","dc:rights":["http://creativecommons.org/licenses/by-nc-nd/4.0/"],"url":[{"@id":"https://onlinelibrary.wiley.com/doi/pdf/10.1111/corg.12640"}],"createdAt":"2025-01-22","modifiedAt":"2025-09-12","project":[{"@id":"https://cir.nii.ac.jp/crid/1040285300703859840","@type":"Project","projectIdentifier":[{"@type":"KAKEN","@value":"20K13557"},{"@type":"JGN","@value":"JP20K13557"},{"@type":"URI","@value":"https://kaken.nii.ac.jp/grant/KAKENHI-PROJECT-20K13557/"}],"notation":[{"@language":"ja","@value":"株主の異質性と制度環境の変容：株主による議決権行使に関する実証研究"},{"@language":"en","@value":"Shareholder Heterogeneity and Institutional Change: An Empirical Research on Shareholder Voting"}]}],"relatedProduct":[{"@id":"https://cir.nii.ac.jp/crid/1360011146226337664","@type":"Article","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"Meta-analytic reviews of board composition, leadership structure, and financial performance"}]},{"@id":"https://cir.nii.ac.jp/crid/1360013170709985280","@type":"Article","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"What Do Interlocks Do? An Analysis, Critique, and Assessment of Research on Interlocking Directorates"}]},{"@id":"https://cir.nii.ac.jp/crid/1360021396337723136","@type":"Article","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"More than a Metaphor: Assessing the Historical Legacy of Resource Dependence and its Contemporary Promise as a Theory of Environmental Complexity"}]},{"@id":"https://cir.nii.ac.jp/crid/1360025433764354944","@type":"Article","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"The power of shareholder votes: Evidence from uncontested director elections"}]},{"@id":"https://cir.nii.ac.jp/crid/1360025436289038080","@type":"Article","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"The Wheel Comes Full Circle? An Integrated View of Organizational Responses to Institutional Pressures"}]},{"@id":"https://cir.nii.ac.jp/crid/1360025436424676736","@type":"Article","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"Shareholder Activism"}]},{"@id":"https://cir.nii.ac.jp/crid/1360292618579504000","@type":"Article","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"The duality of collaboration: inducements and opportunities in the formation of interfirm linkages"}]},{"@id":"https://cir.nii.ac.jp/crid/1360292619096095232","@type":"Article","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"Business ties and proxy voting by mutual funds"}]},{"@id":"https://cir.nii.ac.jp/crid/1360292620334230272","@type":"Article","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"Strategic Responses to Institutional Processes"}]},{"@id":"https://cir.nii.ac.jp/crid/1360292621499720192","@type":"Article","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"Why is there a home bias? An analysis of foreign portfolio equity ownership in Japan"}]},{"@id":"https://cir.nii.ac.jp/crid/1360294647829920256","@type":"Article","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"Ownership of Corporations"}]},{"@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/1360306910012632064","@type":"Article","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"Stewardship Codes and the Role of Institutional Investors in Corporate Governance: An International Comparison and Typology"}]},{"@id":"https://cir.nii.ac.jp/crid/1360306910901575808","@type":"Article","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"Institutional Investors and Institutional Environment: A Comparative Analysis and Review"}]},{"@id":"https://cir.nii.ac.jp/crid/1360306912266048256","@type":"Article","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"Expressive Shareholder Democracy: A Multilevel Study of Shareholder Dissent in 15 Western European Countries"}]},{"@id":"https://cir.nii.ac.jp/crid/1360576121933151360","@type":"Article","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"Corporate Governance Codes: A Review and Research Agenda"}]},{"@id":"https://cir.nii.ac.jp/crid/1360579818407947136","@type":"Article","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"On the Efficiency of Internal and External Corporate Control Mechanisms"}]},{"@id":"https://cir.nii.ac.jp/crid/1360580237567074176","@type":"Article","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"Corporate Social Responsibility Reporting in China: Symbol or Substance?"}]},{"@id":"https://cir.nii.ac.jp/crid/1360588385479146624","@type":"Article","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"Shareholder Voting and Corporate Governance Around the World"}]},{"@id":"https://cir.nii.ac.jp/crid/1360588386274344192","@type":"Article","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"Evaluating Board Candidates: A Threat-Contingency Model of Shareholder Dissent Against Female Director Candidates"}]},{"@id":"https://cir.nii.ac.jp/crid/1360588386793949696","@type":"Article","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"Narrative, Politics and Legitimacy in an IT Implementation"}]},{"@id":"https://cir.nii.ac.jp/crid/1360588387154676736","@type":"Article","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"Proxy Advisors and Shareholder Dissent: A Cross-Country Comparative Study"}]},{"@id":"https://cir.nii.ac.jp/crid/1360588389208459264","@type":"Article","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"The link between foreign institutional owners and multinational enterprises’ environmental outcomes"}]},{"@id":"https://cir.nii.ac.jp/crid/1360845538929207808","@type":"Article","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"Alliances and networks"}]},{"@id":"https://cir.nii.ac.jp/crid/1360855568764999296","@type":"Article","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"Corporate Governance Reform as Institutional Innovation: The Case of Japan"}]},{"@id":"https://cir.nii.ac.jp/crid/1360855569044980864","@type":"Article","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"Institutional Change and the Transformation of Interorganizational Fields: An Organizational History of the U.S. Radio Broadcasting Industry"}]},{"@id":"https://cir.nii.ac.jp/crid/1360855569877608448","@type":"Article","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"Varieties of Asian capitalism: Toward an institutional theory of Asian enterprise"}]},{"@id":"https://cir.nii.ac.jp/crid/1360855571169620352","@type":"Article","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"Do Shareholders or Stakeholders Appropriate the Rents from Corporate Diversification? The Influence of Ownership Structure"}]},{"@id":"https://cir.nii.ac.jp/crid/1360857593787230720","@type":"Article","resourceType":"学術雑誌論文(journal article)","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"Conflict or alignment? The role of return-oriented foreign shareholders and domestic relational shareholders in mitigating earnings management"}]},{"@id":"https://cir.nii.ac.jp/crid/1360865818517413760","@type":"Article","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"An Overview of the Logic and Rationale of Hierarchical Linear Models"}]},{"@id":"https://cir.nii.ac.jp/crid/1360865820100478720","@type":"Article","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"Organizational Legitimacy: Six\n\t\t\t\t\t\tKey Questions"}]},{"@id":"https://cir.nii.ac.jp/crid/1360869858718200320","@type":"Article","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"1 The Fundamental Agency Problem and Its Mitigation"}]},{"@id":"https://cir.nii.ac.jp/crid/1360869859439012224","@type":"Article","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"Institutional Investors and Proxy Voting on Compensation Plans: The Impact of the 2003 Mutual Fund Voting Disclosure Rule"}]},{"@id":"https://cir.nii.ac.jp/crid/1360869860178016640","@type":"Article","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"What I Like About You: A Multilevel Study of Shareholder Discontent with Director Monitoring"}]},{"@id":"https://cir.nii.ac.jp/crid/1360869861235705472","@type":"Article","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"Omitted Variable Bias: Examining Management Research With the Impact Threshold of a Confounding Variable (ITCV)"}]},{"@id":"https://cir.nii.ac.jp/crid/1360869863601871360","@type":"Article","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"The consequence of differences: How heterogeneity in practice adaptations affects the diffusion process"}]},{"@id":"https://cir.nii.ac.jp/crid/1360869863603487232","@type":"Article","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"Symbolic Shareholder Democracy: Toward a Behavioral Understanding of the Role of Shareholder Voting in CEO Dismissals"}]},{"@id":"https://cir.nii.ac.jp/crid/1360869863604063360","@type":"Article","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"From Governance of Innovation to Innovations in Governance"}]},{"@id":"https://cir.nii.ac.jp/crid/1361137044041856128","@type":"Article","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"Size and Composition of Corporate Boards of Directors: The Organization and its Environment"}]},{"@id":"https://cir.nii.ac.jp/crid/1361418518783184256","@type":"Article","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"Resource Dependence Theory: A Review"}]},{"@id":"https://cir.nii.ac.jp/crid/1361418519107097600","@type":"Article","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"Synthesizing and Extending Resource Dependence Theory"}]},{"@id":"https://cir.nii.ac.jp/crid/1361418521038242176","@type":"Article","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"Managing Legitimacy: Strategic and Institutional Approaches"}]},{"@id":"https://cir.nii.ac.jp/crid/1361699993430593664","@type":"Article","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"Institutional Complexity and Organizational Responses"}]},{"@id":"https://cir.nii.ac.jp/crid/1361699994410856064","@type":"Article","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"Interlocking Shareholdings and Corporate Governance"}]},{"@id":"https://cir.nii.ac.jp/crid/1361699994515680128","@type":"Article","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"Institutional Theory in the Study of Multinational Corporations: A Critique and New Directions"}]},{"@id":"https://cir.nii.ac.jp/crid/1362262943436978048","@type":"Article","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"Leveraging foreign institutional logic in the adoption of stock option pay among\n                    <scp>J</scp>\n                    apanese firms"}]},{"@id":"https://cir.nii.ac.jp/crid/1362262944574856704","@type":"Article","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"Politicians on the Board of Directors: Do Connections Affect the Bottom Line?"}]},{"@id":"https://cir.nii.ac.jp/crid/1362262946329146752","@type":"Article","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"Outside directors and firm performance during institutional transitions"}]},{"@id":"https://cir.nii.ac.jp/crid/1362544419259504384","@type":"Article","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"Organizational Legitimacy under Conditions of Complexity: The Case of the Multinational Enterprise"}]},{"@id":"https://cir.nii.ac.jp/crid/1362544420399714048","@type":"Article","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"A Behavioral Theory of Corporate Governance: Explicating the Mechanisms of Socially Situated and Socially Constituted Agency"}]},{"@id":"https://cir.nii.ac.jp/crid/1362544421053283584","@type":"Article","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"A Clash of Capitalisms: Foreign Shareholders and Corporate Restructuring in 1990s Japan"}]},{"@id":"https://cir.nii.ac.jp/crid/1362825893873661440","@type":"Article","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"RESEARCH NOTES. THE EFFECT OF INSTITUTIONAL INVESTORS ON THE LEVEL AND MIX OF CEO COMPENSATION."}]},{"@id":"https://cir.nii.ac.jp/crid/1362825895348177920","@type":"Article","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"Are Busy Boards Effective Monitors?"}]},{"@id":"https://cir.nii.ac.jp/crid/1363107368739297152","@type":"Article","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"On the Measurements of Board Composition: Poor Consistency and a Serious Mismatch of Theory and Operationalization"}]},{"@id":"https://cir.nii.ac.jp/crid/1363107369279256704","@type":"Article","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"Institutional Embeddedness and the Dynamics of Organizational Populations"}]},{"@id":"https://cir.nii.ac.jp/crid/1363107369339931136","@type":"Article","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"Multinational Firms, Labor Market Discrimination, and the Capture of Outsider’s Advantage by Exploiting the Social Divide"}]},{"@id":"https://cir.nii.ac.jp/crid/1363107369589731200","@type":"Article","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"A clash of governance logics: Foreign ownership and board monitoring"}]},{"@id":"https://cir.nii.ac.jp/crid/1363107370457344512","@type":"Article","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"Probing three-way interactions in moderated multiple regression: Development and application of a slope difference test."}]},{"@id":"https://cir.nii.ac.jp/crid/1363107370809709824","@type":"Article","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"Institutional Linkages and Organizational Mortality"}]},{"@id":"https://cir.nii.ac.jp/crid/1363388844095589376","@type":"Article","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"Shareholder Voting and Corporate Governance"}]},{"@id":"https://cir.nii.ac.jp/crid/1363670318650924288","@type":"Article","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"WHEN WORLDS COLLIDE: THE INTERNAL DYNAMICS OF ORGANIZATIONAL RESPONSES TO CONFLICTING INSTITUTIONAL DEMANDS."}]},{"@id":"https://cir.nii.ac.jp/crid/1363670321162460544","@type":"Article","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"Home bias and high turnover"}]},{"@id":"https://cir.nii.ac.jp/crid/1363951795975620736","@type":"Article","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"An Organizational Approach to Comparative Corporate Governance: Costs, Contingencies, and Complementarities"}]},{"@id":"https://cir.nii.ac.jp/crid/1364233268143260288","@type":"Article","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"Electing Directors"}]},{"@id":"https://cir.nii.ac.jp/crid/1364233268680235520","@type":"Article","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"Outside Directors on Korean Boards: Governance and Institutions"}]},{"@id":"https://cir.nii.ac.jp/crid/1364233268891889408","@type":"Article","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"Varieties of Capitalism"}]},{"@id":"https://cir.nii.ac.jp/crid/1364233270002476544","@type":"Article","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"MNE institutional advantage: How subunits shape, transpose and evade host country institutions"}]},{"@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/1370869854374021781","@type":"Product","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"Reviving Shareholder Stewardship: Critically Examining the Impact of Corporate Transparency Reforms in the UK"}]},{"@id":"https://cir.nii.ac.jp/crid/1370869854374021906","@type":"Product","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"Japanese Financial Instability and Weaknesses in the Corporate Governance Structure"}]},{"@id":"https://cir.nii.ac.jp/crid/1370869854374021920","@type":"Product","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"Investor Diversification and International Equity Markets"}]}],"dataSourceIdentifier":[{"@type":"CROSSREF","@value":"10.1111/corg.12640"},{"@type":"KAKEN","@value":"PRODUCT-25547764"}]}