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1 – 6 of 6Sriyalatha Kumarasinghe, Mitchell Will and Yasuo Hoshino
The purpose of this study is to investigate the value relevance of corporate social responsibility disclosures (CSRDs) in English language annual reports in Japanese companies…
Abstract
Purpose
The purpose of this study is to investigate the value relevance of corporate social responsibility disclosures (CSRDs) in English language annual reports in Japanese companies. Based on the stakeholder theory framework, the long-term effects of CSRD on financial and market performance are examined. There is relatively little research dealing with actual CSR reporting in Japanese companies.
Design/methodology/approach
Using modified versions of those given by Ohlson (1995) and Ruf et al. (2001), six dimensions of CSRD based on the Global Reporting Initiative (GRI) guidelines and three different measures of performance data are used to examine the relationship between CSRDs and performance in 101 dual-language-reporting Japanese firms.
Findings
The paper finds that the more a company discloses CSR on labour, human rights and product safety and health in the company’s annual report, the more it is rewarded with a higher level of financial and market performance.
Originality/value
To the best of the authors’ knowledge, this is the first paper to provide evidence of the incremental value of GRI-based CSRD to both financial and market performance in companies with dual-language reporting in Japan, a country with a high tendency to follow the Western practice of CSRD.
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Keywords
Ognjenka Zrilic and Yasuo Hoshino
Based on the event study methodology this chapter tests value creation, buying growth, and hubris hypotheses on the sample of 62 Japanese mergers with announcement in period…
Abstract
Based on the event study methodology this chapter tests value creation, buying growth, and hubris hypotheses on the sample of 62 Japanese mergers with announcement in period 1993–2005. We find an average 1.19% cumulative abnormal return in 3 days surrounding the merger announcement. The findings suggest that differences in financial resources allocation pattern may provide a source of value gain. Further, mergers with fast-growing target are value enhancing when acquirer has prior ownership in target. Announcement returns are adversely related to acquirer's past performance, implying that well-performing acquirers possibly overestimate the true value of deal and overpay target.
Suk-Joong Kim and Michael D. McKenzie
Perhaps the most significant development in the global business arena in the post-war period has been the emergence of the Asia-Pacific rim countries as a significant economic…
Abstract
Perhaps the most significant development in the global business arena in the post-war period has been the emergence of the Asia-Pacific rim countries as a significant economic force.
– The purpose of this paper is to shed some light on the Egyptian stock market and its macroeconomic environment in the wake of the Arab Spring.
Abstract
Purpose
The purpose of this paper is to shed some light on the Egyptian stock market and its macroeconomic environment in the wake of the Arab Spring.
Design/methodology/approach
The paper examines whether the averages of the EGX30 index price changes in addition to key macroeconomic variables are statistically significant pre and post Arab Spring.
Findings
High inflation in the period up to the Arab Spring was a major contributing factor for the uprising. The solutions for the EGX30 index troubles are political and macroeconomic.
Originality/value
The variables examined pre and post Arab Spring are EGX30 returns, EGX30 total market value, US$ reserves kept at the Egyptian Central Bank, US$ to Egyptian pounds exchange, and inflation.
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Yukio Tamura, Fumiaki Kobayashi, Osamu Suzuki, Yasushi Uematsu and Yasuo Okuda
Human beings spend their daily lives within the range of the atmospheric boundary layer, where airflow is affected by friction from Earth's surface. The airflow in this area is…
Abstract
Human beings spend their daily lives within the range of the atmospheric boundary layer, where airflow is affected by friction from Earth's surface. The airflow in this area is generally called wind. Strong wind occasionally causes severe damage to infrastructures and people because of its aerodynamic effects, but even weak and moderate winds can have serious environmental impacts on human society such as those seen with air-pollution problems and thermal effects.