Dear all,<\/p>\n
We are happy to announce that the upcoming Personnel Economics Workshop will be held on Saturday, April 25 th.<\/p>\n
Date:\u00a0April 25th (Sat.)<\/b>,\u00a016:00 \u30fc 17:<\/span>30<\/span><\/b> Format: Hybrid<\/p>\n \n We are planning to have dinner after the workshop. \nPlease register the following Zoom link for participants online. Speaker: Kiyonori Iwata (Tokyo Keizai University) \n Abstract:<\/p>\n In economies where corporate norms are traditionally employee-centric, boards of directors often function as the pinnacle of the employee hierarchy and thus represent their interests, not just those of shareholders. This dual loyalty suggests a firm\u2019s internal logic\u2014its unwritten rules and power dynamics within organization\u2014play a decisive role in shaping formal corporate governance, a process overlooked by standard agency perspectives. To test this mechanism, I quantify five dimensions of these informal institutions that create organizational frictions, applying textual analysis to a large corpus of employee reviews in Japan: sectionalism, bureaucracy, accountability avoidance, conformity pressure, and internal politics. Results reveal that higher levels of organizational frictions are negatively associated with both governance improvements and equity valuation during periods of shareholder-focused reform in Japan. These findings suggest that the impediment to reform is not a rational trade-off between stakeholder and shareholder interests, but a spillover of internal organizational inefficiencies that structurally stifles the adoption of shareholder-oriented architecture.<\/p>\n Language: Japanese<\/p>\n Please check the website of the Personnel Economics Workshop below for the upcoming workshops.
\nVenue:\u00a0Room 710, Building 3, Waseda University<\/b><\/p>\n
\nPlease fill in the following form by\u00a0Friday, April 17th,<\/b>\u00a0if you would like to participate.<\/u>
\nhttps:\/\/forms.gle\/bFuoEKhXdecyhnHYA<\/a><\/p>\n
\nhttps:\/\/list-waseda-jp.zoom.us\/meeting\/register\/bY4idDGuRou_Vbvd00tp5Q<\/a><\/p>\n
\nTitle: The Dark Side of Dual Loyalty: How Internal Organizational Frictions Stifle Corporate Governance Reform in Japan<\/p>\n
\nhttps:\/\/sites.google.com\/view\/peworkshop\/home<\/a><\/p>\n