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Building on the institutional theory perspective on corporate governance change and based on interviews with investor relations (IR) managers in large Japanese companies, this study aims to examine Japanese IR managers’ perceptions of the influence of foreign shareholders on Japan’s corporate governance reform and stakeholder-based system. The paper examines tensions, conflicts and collaborations among different stakeholders involved in corporate governance changes in Japan, especially in the areas of firm ownership, employment relations and boards of directors. The paper explains why convergence does not happen in some large Japanese companies by investigating Japanese managers’ responses to and perceptions of foreign shareholders in multiple corporate contexts.

The author conducted in-depth interviews with ten IR managers at large, listed Japanese companies in Kyoto and Tokyo and two managers at foreign investment banks in Tokyo, between 2018 and 2021.

This paper explores five themes that emerged from my interviews: Chief executive officers’ (CEOs’) mixed perceptions of foreign investors, the effectiveness of CEO compensation and outside directors, managers’ reluctance to accept stock price-driven business strategies, foreign investors’ engagement vs investments in index funds and gender patterns, including the effectiveness of token female outside directors. The Japanese companies the author looked at incorporated foreign shareholders as consultants and adopted a few major shareholder-based customs, such as CEOs communicating with investors, having outside directors, increasing CEO compensation and slimming down unprofitable parts of the business via restructuring and downsizing. Simultaneously, they resisted a few major shareholder-based practices. Foreign shareholders’ pressure revealed tensions and contradictions between the Japanese stakeholder system and shareholder primacy-based customs.

This paper is one of the few qualitative studies that explores Japanese IR managers’ responses to and perceptions of foreign shareholders in corporate governance reform, with a particular focus on ownership, employment relations and board members. This paper provides examples of tension, conflict and cooperation between Japanese managers and foreign investors, as seen through the eyes of Japanese IR managers. Examining changes in Japan’s stakeholder-based system of corporate governance reform enables us to better understand the processes by which, with vigorous pressure from government and foreign shareholders, a non-western country like Japan may adopt shareholder-based customs and how such a change may also lead to institutional changes.

The aim of this study was threefold: to examine companies' e-mail handling performance, to ascertain whether companies' view corporate websites and respond to e-mail requests as mutually exclusive or complementary, and finally to gauge the strategic importance of retail investors.

The findings are based on an analysis of the corporate websites and e-mail handling performance of the 77 smallest companies listed on a South African stock exchange. A “mystery investor” approach was employed to measure companies' e-mail handling performance in terms of responsiveness, timeliness and relevance of responses. A disclosure score was calculated for each company based on a content analysis of corporate websites.

The opportunity for improvement exists, as evidenced in the fact that only 53% of companies responded to an e-mail request from a retail investor. The results suggest that corporate websites and the e-mail functionality are not used in isolation but as complementary. Although the results suggest that companies neglect retail investors, companies that provided a dedicated investor relations (IR) contact address prioritised both their corporate websites aimed to a wide range of stakeholders, as well as responding to an e-mail request received from a retail investor.

This study contributes to research on the association between one-way and two-way communication channels, aimed at retail investors. It is the first study to explore these relationships using data from the smallest companies listed on the stock exchange of an emerging economy.

This paper examines whether long-term foreign investors may force firms to use a costly dividend to mitigate inefficient managerial behavior. The authors also hypothesize that the relation between foreign investment horizons and payout policy depends upon the extent of the corporate governance. The authors find that firms held by long-term foreign investors make dividend more often in the subsequent years. The authors also find that foreign investors with long-term investments do not cause firms to pay dividends when firms have strong corporate governance. It suggests that long-term foreign investors serve as a substitute for strong corporate governance with respect to controlling agency conflicts.

Health risks associated with coronavirus disease 2019 (COVID-19) have severely affected the financial stability of airline companies globally. Recapturing financial stability following this crisis depends heavily on these companies’ ability to attain efficient and productive operations. This study uses several empirical approaches to examine key factors contributing to carriers sustaining high productivity prior to, during and after a major recession. Findings suggest, regardless of economic conditions, that social distancing which requires airline companies in the Asia Pacific region to fly with a significant percentage of unfilled seats weakens the performance of those companies. Furthermore, efficient operations do not guarantee the avoidance of productivity declines, especially during a recession.

The purpose of the paper is to empirically explore the economic effect of advertising spending on the performance of banks on a sample consisting of all banks listed on the Dhaka Stock Exchange over the period spanning from 2011 to 2019.

A dynamic panel data autoregressive approach of two-step system generalized method of moments (2-SGMM) estimation technique has been adopted in this study to analyze the contemporary and carryover effect of advertising on the financial performance of banks.

The findings indicate that advertising expenditure boosts banks' accounting returns but not their market value. Furthermore, advertising has a negative carryover effect on the financial performance of banks and is statistically significant for operating profit and return on equity. This finding demonstrates that the economic benefits of advertising expenditure lapse entirely within the current period and ought to be treated as an expense since it does not bring any future return for the banks in Bangladesh. In addition, this paper also offers no critical contrast between the impact of advertising spending on the performance of both conventional and Islamic banks operating in Bangladesh.

To the best of the authors' knowledge, no study so far has looked into the effect of advertising on the profitability and the market value of the banks operating in Bangladesh, and this is the first study that explores this relationship.

This paper aims to construct a process model of business founding in the biotech industry.

An inductive method is used, and five case studies analyzed. Data are coded by applying Gioia’s method.

Aspirant entrepreneurs conduct resource analysis and industry analysis to formulate research and development targets. They perform transactions and networks because they require resources, and they then deploy and coordinate these resources. Such coordination generates activities with social and financial impacts.

The results are specific to the biotech industry. A future study could examine business founding processes in other industries (e.g. entertainment, fashion, public utilities and sport). Additionally, the paper argues that during the founding process entrepreneurs show little concern for knowledge-sharing risk, as they want to collaborate to implement their ideas. Quantitative papers could test the consequences of such behavior.

The process model provides insights into aspirant founders on how to start a business in the biotech industry.

The paper shows: the differences between the founding process in the biotech industry versus other industries; and the shape of the Bower–Burgelman model in the context of biotech business founding. The paper delineates how private companies discover competencies in the public sector; a model of technology transfer from public to private sector; entrepreneurs’ absence of risk perceptions regarding knowledge-sharing during founding; and how conferences can serve as vehicles for benchmarking in networking.

Despite corporate communications having an immense impact on corporate success, there is a lack of dedicated techniques for their management and visualization. A potential strategy is to apply business process management (BPM) approach with business process model and notation (BPMN) modeling techniques.

The goal of this study was to gain empirical insights into the cognitive effectiveness of BPMN-based corporate communications modeling. To this end, experimental research was performed in which subjects tested two modeling notations – standardized BPMN conversation diagrams and a BPMN extension with corporate communications-specific concepts.

Standard conversation diagrams were demonstrated to be more time-efficient for designing and interpreting diagrams. However, the subjects made significantly fewer mistakes when interpreting the diagrams modeled in the BPMN extension. Subjects also evolved positive perceptions toward the proposed extension.

BPMN-based corporate communications modeling may be applied to organizations to depict how formal communications are or should be performed consistently, effectively and transparently by following and integrating with BPM approaches and modeling techniques.

The paper provides empirical insights into the cognitive effectiveness of corporate communications modeling based on BPMN and positions the corresponding models into typical process architecture.

We examine the relation between investor sentiment proxies and the risk neutral skewness of S&P 500 index option. The risk neutral skewness is estimated by the method of Bakshi, Kapadia and Madan (2003), which is non-parametric method, and the interpolation-extrapolation method and trapezoidal rule is used. We use four sentiment proxies: Michigan Consumer Sentiment Index, non-commercial trader's net position of S&P 500 futures market, Baker and Wurgler (2006)'s sentiment index, and bull-bear survey of American Association of Individual Investors. We firstly conduct the regression to find the general relations of two variables, and then examine the lead-lag relation between investor sentiment proxies and risk neutral skewness through VAR analysis. Contrary to the previous studies, we observe that sentiment proxies show different signs by the economic conditions. Overall, the sentiment proxies explain the three-dimension moment better in the crisis in U.S, and especially non-commercial trader's net position of S&P 500 futures market explains bet among the proxies.

The author investigates whether investors’ online information demand measured by Google search query and the changes in the numbers of Wikipedia page view can explain and predict stock return, trading volume and volatility dynamics of companies listed on the Nigerian Stock Exchange.

The multiple regression model which encompasses both the univariate and multivariate regression framework was employed as the research methodology. As part of our pre-analysis, we test for multicollinearity and applied the Wu/Hausman specification test to detect whether endogeneity exist in the regression model.

We provide novel and robust evidence that Google searches neither explain the contemporaneous nor predict stock return, trading volume and volatility dynamics. Similarly, results also indicate that trading volume and volatility dynamics have no relationship with changes in the numbers of Wikipedia pages view related to stock activities.

This study opens new strand of empirical literature of “investors' attention” in the context of African stock markets as empirical evidence. No evidence from previous studies on investors' attention exist, whether in Google search query or Wikipedia page view, with respect to African stock markets, particularly the Nigerian stock market. This study seeks to bridge these knowledge gaps by examining these relations.

The purpose of this paper is to present a review of the literature on two lines of research, corporate governance and innovation, explaining how different internal corporate governance mechanisms may be determinants of business innovation.

It explores the theoretical background and the empirical evidence regarding the influence of both ownership structure and the board of directors on company innovation. Then, conclusions are drawn and possible future research lines are presented.

No consensus was observed regarding the relation between corporate governance and innovation, with both positive and negative arguments being found, and with empirical evidence not always pointing in the same direction. Thus, new studies trying to clarify this relationship are needed.

Over recent years, interest has grown in the influence of governance mechanisms on innovation decisions taken by the management. Innovation efforts and results depend on factors that are influenced by corporate governance, such as ownership structure or the functioning of the board of directors. Thus, the paper shows an updated state of the art in this field proposing future lines for empirical research.