A social-capital approach to corporate governance

2017 Fiscal Year Final Research Report

• Project/Area Number: 15H03387
• Research Category: Grant-in-Aid for Scientific Research (B)
• Allocation Type: Single-year Grants
• Section: 一般
• Research Field: Management
• Research Institution: Kyoto Sangyo University
• Principal Investigator: KANAMITSU Jun 京都産業大学, 経営学部, 准教授 (60414075)
• Co-Investigator(Kenkyū-buntansha): 稲葉 陽二 日本大学, 法学部, 教授 (30366520) ; 齋藤 卓爾 慶應義塾大学, 経営管理研究科(日吉), 准教授 (60454469)
• Research Collaborator: KITAMI Koichi
• Project Period (FY): 2015-04-01 – 2018-03-31
• Keywords: 企業統治 / コーポレイト・レピュテーション / ソーシャルキャピタル / 外部取締役

Outline of Final Research Achievements

Corporate reputation as a form of corporate social capital plays an important role in contemporary corporate governance. We investigate mechanisms of external control of corporations through corporate reputation, prestige and status among director-interlocked corporations. Large data sets of corporate directors and profiles of listed Japanese companies in 2014 enable us to detect such corporate mechanisms. Multiple regression analyses reveal that highly reputed corporations have long corporate history enjoying higher status and prestige despite their mediocre corporate performance. Honda, Sony, Panasonic are such corporations. However good corporate reputation does not lead to either high ROA or ROE. It is surprising to see that corporations with lower status and fewer outside directors enjoy higher ROA. There exists a tension between high corporate reputation and high corporate performance.

Free Research Field

経営学