Institutional Ownership and Firm Performance under Stakeholder-Oriented Corporate Governance
Institutional Ownership and Firm Performance under Stakeholder-Oriented Corporate Governance
复制标题
利益相关者导向公司治理下的机构持股与公司绩效
DOI：
10.3390/su12031021
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发表时间：
2020-01
期刊：
影响因子：
3.9
通讯作者：
H. Sakawa;Naoki Watanabel
中科院分区：
文献类型：
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作者：
H. Sakawa;Naoki Watanabel
本研究旨在揭示在日本这样的股东导向型经济中，以股东为导向的机构投资者的作用。在金融全球化的背景下，日本企业的法人股东数量不断增加，这使我们能够考察法人股东的观点是否有助于在法人股东导向的公司治理中发挥有效的监督作用。本研究的样本包括2010年至2016年期间TOPIX 500的日本大型上市公司。利用2924个公司年度的观察数据，分析了机构投资者对公司绩效的影响，以检验机构投资者在股东导向型公司治理中的作用。研究结果表明，法人股东或外国股东的监督作用在日本企业中发挥得很好。此外，我们还发现，这些机构的监督作用有望通过更高的增长机会加强企业。这些结果表明，机构股东有助于提高可持续的公司绩效和构建可持续的公司治理机制，在一个股东导向的制度。
This study aimed to reveal the role of institutional investors with shareholder-oriented scopes in a stakeholder-oriented economy such as Japan. With financial globalization, the increasing number of institutional shareholders in Japanese corporations enables us to investigate whether their shareholder-oriented perspectives are conducive to taking on effective monitoring roles under stakeholder-oriented corporate governance. This study’s sample included large listed firms of the TOPIX 500 in Japan during 2010-2016. Using 2924 firm-year observations, the effect of institutional investors on firm performance was analyzed to test the role of institutional investors in stakeholder-oriented corporate governance. Our study showed that the monitoring role of institutional shareholders, or foreign shareholders, functions effectively in Japanese corporations. In addition, we showed that the monitoring roles of these are expected to strengthen firms through higher growth opportunities. These results implied that institutional shareholders contribute to enhancing sustainable firm performance and constructing sustainable corporate governance mechanisms in a stakeholder-oriented system.