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  • ABB_20200805

    Rights statement: 12M

    Accepted author manuscript, 324 KB, PDF document

    Embargo ends: 1/01/50

    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 journalJournal article

<mark>Journal publication date</mark>24/08/2020
<mark>Journal</mark>The International Journal of Accounting
Publication StatusAccepted/In press
<mark>Original language</mark>English


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.