大阪大学　数理・データ科学教育研究センター
Center for Mathematical Modeling and Data Science,Osaka University

"Drivers and Consequences of Overcompliance in Japanese Corporate Governance" (with Arman Eshraghi and Hiromichi Iwaki)

折原正訓（筑波大学）

1. ホーム
2. セミナー・集中講義
3. セミナー
4. "Drivers and Consequences of Overcompliance in Japanese Corporate Governance" (with Arman Eshraghi and Hiromichi Iwaki)

大阪大学 数理・データ科学セミナー 金融・保険セミナーシリーズ 第104回

"Drivers and Consequences of Overcompliance in Japanese Corporate Governance" (with Arman Eshraghi and Hiromichi Iwaki)

折原正訓（筑波大学）

We show that the recent corporate governance reforms introduced by the Japanese government since 2013 have not been successful in increasing aggregate firm value. Inadvertently, these policies with voluntary disclosure rules have led to overcompliance by target firms listed in the first two sections of the Tokyo Stock Exchange as well as those firms which were not the primary subject of the policies. We link this overcompliance pattern, inter alia, to the Japanese cultural values such as respect for authority. We also show that the reforms have increased board size, which in turn have reduced firm value. We furthermore find this reduction in market value is more pronounced for younger and more R&D-intensive firms.