Authorship：Lead author   Language：English   Publishing type：Research paper (scientific journal)   Publisher：School of Advanced Study  

Environmental, social, and governance (ESG) considerations have become a key aspect of global investment and corporate governance. A substantial amount of capital is allocated worldwide with ESG considerations in mind. While the rules for ESG continue to evolve, their precise legal and governance implications remain ambiguous. Scholars debate whether ESG can prompt a shift in the corporate focus from shareholder wealth to broader stakeholder interests. Drawing on Japan’s experience, this study posits that ESG, when combined with specific legal frameworks such as environmental and labour laws, can influence the way companies are managed by influencing the perception of executives of ESG-related risks. The findings contribute to the ongoing discourse on ESG’s role in corporate governance and its potential to reshape managerial decision-making.
Keywords: ESG; company law; corporate governance; investor engagement; sustainability disclosure; shareholder value.

DOI： 10.14296/ac.v6i3.5794

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Language：English   Publishing type：Research paper (scientific journal)   Publisher：Cambridge University Press (CUP)  

Abstract

Independent directors (IDs) in listed Japanese companies have gradually increased with the transplant of the Western model of the monitoring board. In practice, however, IDs act more like the mediating hierarch in team production theory than the agent of the shareholders, albeit with a number of differences from Blair and Stout’s seminal model. Japanese IDs mediate formally and informally, resolving vertical disputes between groups of executives as they contest control of the company. Given the norm of lifetime employment, such vertical disputes are common in Japanese companies and are economically significant, since failure to resolve them can result in destruction of firm-specific human capital. The article explores the scope for mediating hierarchy in Japanese law and corporate governance practice, then develops three case-studies which highlight the role played by IDs. Their practice is shaped by and supports social norms that emphasize the importance of continuity in team production.

DOI： 10.1017/als.2022.22

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Language：Japanese   Publishing type：Research paper (bulletin of university, research institution)  

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Language：Japanese   Publishing type：Research paper (conference, symposium, etc.)   Publisher：商事法務研究会  

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Language：English   Publishing type：Research paper (scientific journal)   Publisher：Emerald Publishing Limited  

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Language：Japanese   Publishing type：Article, review, commentary, editorial, etc. (trade magazine, newspaper, online media)  

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Language：Japanese   Publishing type：Article, review, commentary, editorial, etc. (trade magazine, newspaper, online media)  

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Language：Japanese   Publishing type：Article, review, commentary, editorial, etc. (trade magazine, newspaper, online media)  

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Language：Japanese   Publishing type：Article, review, commentary, editorial, etc. (trade magazine, newspaper, online media)  

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Language：Japanese   Publishing type：Article, review, commentary, editorial, etc. (trade magazine, newspaper, online media)  

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Language：Japanese   Presentation type：Symposium, workshop panel (nominated)  

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Language：Japanese   Presentation type：Oral presentation (general)  

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Language：Japanese   Presentation type：Oral presentation (general)  

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