Corporate governance beyond the shareholder–stakeholder dichotomy: Lessons from Japanese corporations' environmental performance
研究了日本上市公司2012-2015年间董事会结构和所有权结构对环境绩效的影响，发现董事会规模和独立性提升环境绩效，而外国大股东反而抑制环境绩效，为调和股东与利益相关者导向的公司治理提供借鉴。
Abstract Although corporate environmental performance (CEP) is determined by corporate governance (CG) typified by board and ownership structures, in‐depth research on stakeholder‐oriented CG is sparse. This study seeks to fill this void and promote an alternative vision of good governance. Japanese corporations have often been criticized for their stakeholder‐oriented practices such as less independent boards and the dominance of stable domestic shareholders. However, these practices are not necessarily problematic if effective monitoring mechanisms are in place. Using a database of Japanese listed corporations over 2012–2015, this study shows that both board size and composition enhance CEP, confirming the advisory function of boards. Contrastingly, foreign blockholders, who are expected to play a monitoring role, significantly constrain CEP. Japanese corporations are evolving toward a hybrid CG that aims to narrow the shareholder–stakeholder divide, and the findings will offer useful lessons for the modification of shareholder‐oriented CG.