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  • ABB_20200805

    Rights statement: Preprint of an article published in The International Journal of Accounting 2021 Vol. 56 (1) [10.1142/S1094406021500037] © World Scientific Publishing Company

    Accepted author manuscript, 324 KB, PDF document

    Available under license: CC BY-NC: Creative Commons Attribution-NonCommercial 4.0 International License

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Corporate governance and transparency in Japan

Research output: Contribution to Journal/MagazineJournal articlepeer-review

Published
Article number2150003
<mark>Journal publication date</mark>13/01/2021
<mark>Journal</mark>The International Journal of Accounting
Issue number1
Volume56
Publication StatusPublished
<mark>Original language</mark>English

Abstract

Corporate governance (CG) reformists typically presume better-governed companies are more transparent to investors. We focus on CG and transparency in Japan, where CG has been an ongoing issue. Using local ratings of Japanese companies’ CG, and data on corporate disclosures and their associated stock returns, we do find better-governed Japanese companies have made more frequent and timelier disclosures, and that their share prices have reflected value-relevant information earlier. While these results hold for good news, they do not hold for bad. Consequently, governance guidance in Japan may not have resulted in both timelier and more balanced release of newsworthy information.

Bibliographic note

Preprint of an article published in The International Journal of Accounting 2021 Vol. 56 (1) [10.1142/S1094406021500037] © World Scientific Publishing Company