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The purpose of this paper is to explore corporate social performance attained by listed family and non-family firms in Japan. They are measured by the composite CSP index…
The purpose of this paper is to explore corporate social performance attained by listed family and non-family firms in Japan. They are measured by the composite CSP index and five attributes composed of employ relations, social contributions (SCs), firm security and product safety, internal governance and risk control, and environment concern.
The authors employ univariate and regression analyses on the quantitatively aggregated CSP score data of Japanese firms from 2007 to 2009.
Japan non-family firms tend to perform better than family firms in terms of attaining corporate social performance overall. Family CEOs positively affect CSP in the foods, textiles and apparels, and pharmaceutical industries as well as in retail trade, wholesale, and services industries, but negatively affect CSP in the heavy manufacturing industry. In these industries the joint effect of the percentage of family shareholdings and the fraction of family members on the board also augments the positive role played by family CEO. The findings are robust when the sample is ranked by Tobin’s q.
The observation period is short due to the data availability of CSP by Toyo Keizai Inc. This data covers all the listed firms which answered the questionnaire, which may also contain sample selection problems.
Positive role of CEO and negative effects of shareholdings among listed family firms in Japan call for attention and corrective measures for top management and family shareholders.
While family firms in Japan may accumulate socioemotional wealth, they should exert more efforts to advance CSP and create social capital.
This is the first comprehensive quantitative study in the field, which explored CSP of all the listed family firms vs non-family firms in Japan with large sample.
This study examines the determinants of performance of foreign manufacturing subsidiaries in Japan. The study finds that a foreign parent’s size, the subsidiary’s age, and…
This study examines the determinants of performance of foreign manufacturing subsidiaries in Japan. The study finds that a foreign parent’s size, the subsidiary’s age, and a complicated distribution system influence a subsidiary’s performance. There was little significant change in these determinants over a 20-year period. However, for subsidiaries that survived over the observation period of this study, some determinants changed. We also found that by forming joint ventures with Japanese firms, foreign firms can overcome the obstacle of distribution and circumvent the disadvantage of inexperience. Moreover, the mitigating effects of joint ventures vary, depending on the type of Japanese partner.