Language：English   Publishing type：Research paper (scientific journal)   Publisher：ROUTLEDGE JOURNALS, TAYLOR & FRANCIS LTD  

I examine whether foreign investors invest in firms that encourage the career advancement of women by using data from a sample of Japanese firms during the period 2008-2011. First, I find that corporate governance reform and work-life balance practices facilitate the promotion of women to higher positions in firms. Furthermore, I find that foreign investors hold more shares of firms that encourage the career advancement of women. Overall, these results indicate that the career advancement of women, as a part of corporate social responsible activities, benefits foreign investors.

DOI： 10.1080/00036846.2015.1016212

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Language：English   Publishing type：Research paper (scientific journal)   Publisher：ACADEMIC PRESS INC ELSEVIER SCIENCE  

This paper explores the relationship between corporate governance mechanisms and the cost of public debt financing in Japan. Using a sample of corporate bonds newly issued in Japan during the period 2005-2008, I find that CEO ownership is associated with higher yield spreads after controlling for other governance, bond, and firm characteristics. Founding family ownership is also positively related to yield spreads. In contrast, firms with large corporate shareholders enjoy lower yield spreads. These results are robust to various alternative specifications. Overall, my results indicate the importance of corporate governance mechanisms in Japanese corporate bond markets. J. Japanese Int. Economies 34 (2014) 315-335. Faculty of Economics, Ritsumeikan University, 1-1-1 Nojihigashi, Kusatsu, Shiga 525-8577, Japan. (C) 2014 Elsevier Inc. All rights reserved.

DOI： 10.1016/j.jjie.2014.03.002

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Language：English   Publishing type：Research paper (scientific journal)  

This article explores the impact of gender-diverse boards on the cost of publicly traded corporate debt. Using a sample of Japanese corporate bond issues, we find that firms with female outside directors enjoy lower cost of corporate public debt after controlling for corporate governance, bond and firm characteristics. In addition, the results using matching methods also show that the cost of corporate public debt is lower for firms with female outside directors. Overall, these findings indicate the importance of gender-diverse boards in corporate bond markets. © 2014 © 2014 Taylor &amp
Francis.

DOI： 10.1080/09603107.2013.877571

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Language：English   Publishing type：Research paper (scientific journal)   Publisher：SPRINGER  

In this paper, we examine the nature of the shocks that hit the small- and medium-sized enterprises (SMEs) in Japan during the global financial crisis that occurred in the wake of the massive number of non-performing subprime loans in the U.S. We examine how the SMEs responded to the shocks, using the unique surveys that were conducted by the Research Institute of the Economy, Trade and Industry in 2008 and 2009. The shocks were identified as demand, supply, and financial shocks. The demand shock was the most prevalent of the shocks, while the financial shock was least frequent. The SMEs took a spectrum of measures against the demand shock by seeking help from suppliers and financial institutions. We find that the measures taken by the SMEs crucially depended on the bank-firm relationship as well as the customer-supplier relationship. The bank-dependent SMEs asked their closely-affiliated financial institutions for help, while the SMEs less dependent on financial institutions sought help primarily from their suppliers. A long customer-supplier relationship plays an important role in mitigating the supply shock.

DOI： 10.1007/s11187-012-9434-z

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Language：English   Publishing type：Research paper (scientific journal)   Publisher：ROUTLEDGE JOURNALS, TAYLOR & FRANCIS LTD  

This article provides new insights on determinants that affect the allocation of bankers to firm boards by focusing on the benefits and costs they bring to the boards. Using data on Japanese firms during the period 2003-2007, we find that firms with lower credit ratings have higher proportions of bankers on their boards to gain easier access to bank credit. In contrast, firms with large shareholders face potential costs arising from conflicts of interest between large shareholders and banks, and accept fewer bankers on their boards. The results indicate that availability of public debt financing and ownership structures are important factors affecting the allocation of bankers to firm boards.

DOI： 10.1080/13504851003689650

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Language：English   Publishing type：Research paper (scientific journal)   Publisher：ROUTLEDGE JOURNALS, TAYLOR & FRANCIS LTD  

This article investigates whether managerial entrenchment of controlling shareholders affects corporate bond financing. Using data on Japanese manufacturing firms, we find that firms with large corporate shareholders as controlling shareholders issue less straight corporate bonds than other firms. The results show that managerial entrenchment of controlling shareholders has an influential impact on corporate bond financing.

DOI： 10.1080/13504850903051508

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