Sanpo-yoshi, top management personal values, and ESG performance

Thi Khanh Giang Nguyen, Tomoyuki Ozawa and Pengda Fan

Journal of Behavioral and Experimental Finance, 2024, vol. 41, issue C

Abstract: While ESG is a relatively recent concept, the traditional Japanese business philosophy of Sanpo-yoshi, which prioritizes harmonious relationships with stakeholders over profitability, has been deeply ingrained in Japan's corporate culture for more than three centuries and has contributed to the longevity of Japanese businesses. Despite the lasting impact of Sanpo-yoshi on Japanese corporate culture and its similarities to the ESG framework, there is a notable absence of literature examining its influence on the ESG performance of Japanese companies. With a sample of Japanese listed companies from 2001 to 2018, this study reveals that top management born in regions heavily influenced by Sanpo-yoshi are more likely to exhibit better ESG performance. The importance of national culture in elucidating the variations observed in ESG performance is highlighted by our findings, which carry significant policy implications.

Keywords: Sanpo-yoshi; Japanese culture; Personal values; ESG; CSR (search for similar items in EconPapers)
JEL-codes: G30 M14 Z12 (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:eee:beexfi:v:41:y:2024:i:c:s2214635024000182

DOI: 10.1016/j.jbef.2024.100903

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