Stakeholder engagement as a sustainable development strategy: Managerial entrenchment for cross-shareholdings

研究成果: ジャーナルへの寄稿学術誌査読

1 被引用数 (Scopus)

抄録

We analyze the effect of managerial entrenchment on firms' corporate social responsibility (CSR) activities. We use the cross-shareholding ratio and the stable shareholders ratio, which characterize the Japanese corporate system, as proxy variables for managerial entrenchment. We choose two CSR/environmental, social, and corporate governance scores: those for vendors targeting only Japan and those for vendors targeting the entire world. The results show that increases in the cross-shareholding and stable shareholder ratios decrease CSR activities. These results are consistent with the view that CSR activities are considered a costly investment for managers rather than a type of agency cost. Finally, we reveal that after the enactment of Japan's Corporate Governance Code in 2015, the cross-shareholding and the stable shareholder ratios have not significantly affected CSR activities and that foreign institutional investors have promoted CSR activities.

本文言語英語
ジャーナルCorporate Social Responsibility and Environmental Management
DOI
出版ステータス印刷中 - 2022

!!!All Science Journal Classification (ASJC) codes

  • 開発
  • 戦略と経営
  • マネジメント、モニタリング、政策と法律

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