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Title: Outside Directors and CSR in Japan: The Moderating Effect of Director Shareholding and Financial Leverage
Authors: Toft, Andrea
Keywords: CSR
Director shareholding
Financial leverage
Board composition
Board independence
M14
G30
Issue Date: Feb-2022
Publisher: Graduate School of Economics, Kyoto University
Journal title: The Kyoto Economic Review
Volume: 88
Start page: 1
End page: 33
Abstract: This paper aims to extend earlier research on the relationship between corporate governance and corporate social responsibility (CSR) in the Japanese context. Using a sample of 125 Japanese companies listed on Tokyo Stock Exchange from 2010–2020, this paper investigates how outside directors impact the CSR outcomes of firms, and further how this relation is moderated by director shareholding and financial leverage. The results show that the proportion of outside directors positively affects the CSR outcome of firms, and director shareholding negatively moderates this relationship. Only a weak support is found for the negative moderating effect of financial leverage on the relationship between outside directors and CSR outcomes.
Description: This paper is based on my Master's thesis titled "Outside Directors and CSR in Japan: The Moderating Effect of Director Shareholding and Financial Leverage" submitted to the Graduate School of Economics, Kyoto University, in July 2021. The thesis was awarded "Best Dissertation of Graduate School of Economics 2021".
DOI: 10.11179/ker.88.1
URI: http://hdl.handle.net/2433/269199
Appears in Collections:Vol.88

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