Corporate reputation as a form of corporate social capital plays an important role in contemporary corporate governance. We investigate mechanisms of external control of corporations through corporate reputation, prestige and status among director-interlocked corporations. Large data sets of corporate directors and profiles of listed Japanese companies in 2014 enable us to detect such corporate mechanisms. Multiple regression analyses reveal that highly reputed corporations have long corporate history enjoying higher status and prestige despite their mediocre corporate performance. Honda, Sony, Panasonic are such corporations. However good corporate reputation does not lead to either high ROA or ROE. It is surprising to see that corporations with lower status and fewer outside directors enjoy higher ROA. There exists a tension between high corporate reputation and high corporate performance.
登録・公開について
登録・公開について
コーポレイト・レピュテーションは企業統治とパフォーマンスを向上させるか : 企業ソーシャル・キャピタルに注目した企業統治研究のフロンティア
KJ00009855879.pdf
(3.48MB)
