Corporate Governance and Transparency in Japan

Hiroyuki Aman, Wendy Beekes () and Philip Brown
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Hiroyuki Aman: School of Business Administration, Kwansei Gakuin University, 1-155 Uegahara-1bancho, Nishinomiya, Hyogo, 662-8501, Japan
Philip Brown: The University of Western Australia (M252), 35 Stirling Highway, CRAWLEY WA 6009, Australia

The International Journal of Accounting (TIJA), 2021, vol. 56, issue 01, 1-40

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 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.

Keywords: Corporate governance; transparency; disclosure; price discovery; timeliness (search for similar items in EconPapers)
Date: 2021
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DOI: 10.1142/S1094406021500037

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