【Papers】　＊refereed journal
 

・“Does Paying Passive Managers to Engage Improve ESG Performance?”, RIETI Discussion Paper 23-E-077, pp.1-55, November 2023 (with Marco Becht, Julian Franks, Kazunori Suzuki)

・“Does Paying Passive Managers to Engage Improve ESG Performance?”, European Corporate Governance Institute Finance Working Paper No. 922/2023, pp.1-64, September 2023 (with Marco Becht, Julian Franks, Kazunori Suzuki)

・“Psychological Characteristics of Outside Directors: Their impact on board monitoring and advice and counsel provision”, RIETI Discussion Paper 23-E-038, pp.1-28, June 2023 (with Junichi Yamanoi, Hakaru Iguchi)

・“Managing Ownership by Management”, RIETI Discussion Paper 23-E-022, pp.1-56, March 2023 (with Julian Franks, Colin Mayer, Ryo Ogawa)

・＊“Corporate governance reform, and ownership, and control: perspective from Japan”, Asian Journal of Political Science 30(3), pp.260-272, January 3 2023

・“Outsourcing Active Ownership in Japan”, RIETI Discussion Paper 21-E-051, pp.1-34, July 2021 (with Marco Becht, Julian Franks, Kazunori Suzuki)
・“Corporate Governance Reforms under Abenomics: The Economic Consequences of Two Codes”, Takeo Hoshi and Phillip Y. Lipscy eds., The Political Economy of the Abe Government and Abenomics Reforms, Cambridge University Press, pp.357-393, February 2021 (with Takuji Saito)
・“Does Regulation Matter?: Effects of Corporate Governance Reforms on Relational Shareholdings in Japan”, RIETI Discussion Paper 20-E-003, pp.1-42, January 2020 (withi Johan Jidinger)
・“Does Regulation Matter? Effects of Corporate Governance Reforms on Relational Shareholdings in Japan”, Waseda, Corporate Governance Research Working Paper Series, Waseda Institute for Advanced Studies, WCG WP 2019-002, pp. 1-48, 2019 (with Johan Jidinger)
・“Corporate Governance Reforms under the Abenomics: the Economic Consequences of Two Codes”, Waseda, Corporate Governance Research Working Paper Series, Waseda Institute for Advanced Studies, WCG WP 2019-001, pp. 1-50, October 2019 (with Takuji Saito)
・“Stock Repurchases and Corporate Control: Evidence from Japan”, Waseda, Corporate Governance Research Working Paper Series, Waseda Institute for Advanced Studies, WCG WP 2018-003, pp. 1-53, 2018 (with Julian Franks, Colin Mayer, Ryo Ogawa)
・“Stock Repurchases and Corporate Control: Evidence from Japan”, RIETI Discussion Paper, No.18-E-074, pp. 1-52, October 2018 (with Julian Franks, Colin Mayer, Ryo Ogawa)
・“Does Employee Stock Ownership Work? Evidence from Publicly-Traded Firms in Japan”, IZA Discussion Paper, No.11671, pp. 1-45, August 2018 (with Takao Kato, Hideo Owan)
・＊“Changes in Corporate Governance and Top Executive Turnover: The Evidence from Japan”, Journal of The Japanese and International Economies, No.47, pp. 17-31, March 2018 (with Ryo Ogawa, Takuji Saito)
・“The Bank-Firm Relationship after the Formation of Megabanks”, Waseda, Corporate Governance Research Working Paper Series, Waseda Institute for Advanced Studies, WCG WP 2017-006, pp. 1-51, 2017 (with Yasuhiro Arikawa, Ryo Ogawa)
・“Changes in Corporate Governance and Top Executive Turnover: The Evidence from Japan”, NBER Working Paper, No.23812, pp. 1-49, September 2017 (with Ryo Ogawa, Takuji Saito)
・“Are Smaller (Larger) Corporate Headquarters Better?”, RIETI Discussion Paper, No.17-E-004, pp. 1-34, January 2017 (with Ryo Ogawa, Tatsuo Ushijima)
・“The Effects of Employee Stock Ownership on Productivity, Profitability, Wages, and Tobin’s Q: Evidence from Publicly-Traded Firms in Japan”, Waseda, Corporate Governance Research WORKING PAPER Series, Waseda Institute for Advanced Studies, WCG WP 2016-006, pp. 1-36, 2016 (with Takeo Kato, Hideo Owan)    
・“Changes in the Corporate Governance System and Presidential Turnover”, Waseda, Corporate Governance Research WORKING PAPER Series, Waseda Institute for Advanced Studies, WCG WP 2016-004, pp. 1-43, 2016 (with Ryo Ogawa, Takuji Saito)
・“Does Ownership Really Matter?: The Role of Foreign Investors in Corporate Governance in Japan”, Waseda, Corporate Governance Research WORKING PAPER Series, Waseda Institute for Advanced Studies,  WCG WP 2016-001, pp. 1-41, 2016 (with Takaaki Hoda, Ryo Ogawa)
・“Does Employee Stock Ownership Work? Evidence from publicly-traded firms in Japan”, RIETI Discussion Paper, No.16-E-073, pp. 1-39, June 2016 (with Takao Kato, Hideo Owan)
・“Convergence or Emerging Diversity? Understanding the impact of foreign investors on corporate governance in Japan” RIETI Discussion Paper, No.16-E-053, pp. 1-48, March 2016 (with Ryo Ogawa)
・“Ownership Structure and Corporate Governance: Has an Increase in Institutional Investors’ Ownership Improved Business Performance?”, Public Policy Review, Vol.11 No.3, pp. 361-393, July 2015 (with Takaaki Hoda)
・“Does Ownership Really Matter? The role of foreign investors in corporate governance in Japan”, RIETI Discussion Paper, No.15-E-078, pp. 1-41, June 2015
・“Perspectives for Corporate Governance Reform in Japan”, RIETI Policy Update, 057, November 25 2014
・＊“The Ownership of Japanese Corporations in the 20th Century”, Review of Financial Studies, Vol.27, No.9, pp. 2580-2625, September 2014 (with Julian Franks, Colin Mayer)
・"The diversification of corporate governance arrangement: ownership structure and the board of directors", Zenichi Shishido ed., Enterprise Law: Contracts, Markets, and Laws in the US and Japan, Edward Elgar, pp.267-274, 2014
・“Moving toward a Hybrid System in Japan: The Case of Corporate Governance Reform”, in Hong Yung Lee ed, A Comparative Study of East Asian Capitalism, Institute of East Asian Studies, pp. 137-160, 2014 (with Yul Sohn)
・＊“Benchmarking Business Unit Governance in Turbulent Times : The Case of Japanese Firms“, Benchmarking: An International Journal, Emerald Group Publishing Limited, Vol.19 No.4/5, pp. 548-566, August 2012 (with Hidetaka Aoki)
・“Institutional Change and its Economic Consequence in Japan: The bright and dark sides of hybridization”, RIETI Discussion Paper, No.12-E-049, pp. 1-43, August 2012
・“The Comparative Features and Economic Role of Mergers and Acquisitions in Japan”, in Chin Hee Hahn, Sang-Hyop Lee eds, Reforms for Korea’s Sustained Growth, KDI Press, pp. 345-388, 2011
・“Debt, Ownership Structure, and R&D Investment: Evidence from Japan”, RIETI Discussion Paper,　No11-E-013, pp. 1-32, 2011
・＊“Corporate mission, corporate policies and business outcomes: evidence from Japan”,　Management Decision, 48 (7), pp. 1134-1153, September 2010 (with Shinichi Hirota, Katsuyuki Kubo, Paul Hong, Young Won Park)
・“Business Groups in Prewar Japan: Historical Formation and Legacy”, in Asli M Colpan, Takashi Hikino, James R Lincoln eds, The Oxford Handbook of Business Groups (Oxford Handbooks in Business & Management), Oxford University Press, pp. 97-126, July 2010　(with Shinya Kawamoto)
・“The competitive capabilities and cost of prewar business groups”, WIAS Discussion Paper, No.2009-006, pp. 1-37, 2009 (with Shinya Kawamoto)
・“Corporate Ownership and Performance in Twentieth Century Japan”, WIAS Discussion Paper, No2009-001, pp. 1-39, May 2009 (with Shinya Kawamoto, Yusuke Omi, and Nao Saito) in Youssef Cassis and Andrea Colli eds, Performance in the 20th Century, Cambridge University Press, forthcoming.
・“Equity Markets and Institutions: The case of Japan”, RIETI Discussion Paper, No.09-E-039, pp. 1-50, 2009 (with Julian Franks, Colin Mayer)
・“A Comparison of Mergers and Acquisitions in Japan, Europe and the United States”, in R Strange and G Jackson eds, Corporate Governance and International Business, Palgrave Macmillan, 2008 (with Gregory Jackson)
・“Understanding the M&A boom in Japan: What drives Japanese M&A?“, in Masao Nakamura ed, Changing Corporate Governance Practices in China and Japan: Adaptations of Anglo-American Practices, Palgrave Macmillan, 2008 (with Yasuhiro Arikawa)
・“Equity Market and Institutions: The Case from Japan”, SSRN Discussion Paper, No1362613, 2008  (with Julian Franks, Colin Mayer)
・“Does Corporate Culture Matter?  Evidence from Japan”, WIAS Discussion Paper, No2008-001, 2008  (with Shinichi Hirota, Katsuyuki Kubo)
・“Upheaval in the Board Reforms: The Causes and Effects of Corporate Governance Reform”, in Aoki, Jackson and Miyajima, Corporate Governance in Japan: Institutional Change and Organizational Diversity, Oxford University Press, 2007
・“The Performance Effects and Determinants of Corporate Governance Reform”, in Aoki, Jackson and Miyajima, Corporate Governance in Japan：Institutional Change and Organizational Diversity, Oxford University Press, 2007
・“Introduction: The Diversity and Change of Corporate Governance in Japan” in Aoki, Jackson and Miyajima, Corporate Governance in Japan：Institutional Change and Organizational Diversity, Oxford University Press, 2007 (with Gregory Jackson)
・“Relationship Banking in Post-Bubble Japan: Co-existence of Soft- and Hard-Budget Constraints”,  in Aoki, Jackson and Miyajima, Corporate Governance in Japan：Institutional Change and Organizational Diversity, Oxford University Press, 2007 (with Yasuhiro Arikawa)
・“Understanding the M&A Boom in Japan”, in Taehoon Youn and Randall Morck eds, Market for Corporate Control: Comparative Perspectives, Korea Development Institute, December 2007 (with Yasuhiro Arikawa)
・“The Unwinding of Cross-Shareholding in Japan: Causes, Effects, and Implications”, in Aoki, Jackson and Miyajima, Corporate Governance in Japan：Institutional Change and Organizational Diversity, Oxford University Press, 2007 (with Fumiaki Kuroki)
・“Causes and Effects of Ending Cross Shareholding: Why, How, and its Implications”, in Aoki, Jackson and Miyajima, Corporate Governance in Japan: Institutional Change and Organizational Diversity, Oxford University Press, 2007 (with Fumiaki Kuroki)
・＊“Japan’s Banking Crisis: An Event Study Perspective”, Journal of Banking and Finance, vol31-9, pp. 2866-2885, September 2007 (with Yishay Yafeh)
・“The Comparative Features and Economic Role of Mergers and Acquisitions in Japan”, RIETI Discussion Paper, 07-E-056, September 2007
・“Varieties of Capitalism, Varieties of Markets: Mergers and Acquisitions in Japan, Germany, France, the UK and USA”, RIETI Discussion Paper, 07-E-054, September 2007 (with Gregory Jackson)
・“Understanding the M&A Boom in Japan: What Drives Japanese M&A?”, RIETI Discussion Paper, 07-E-042, June 2007 (with Yasuhiro Arikawa)
・“Does Corporate Culture Matter?  Evidence from Japan”, RIETI Discussion Paper, 07-E-030, May 2007 (with Shinichi Hirota, Katsuyuki Kubo)
・“Overview of the Japan’s Development and Growth Process: Knowledge Economy Perspective”, Transition to the Knowledge-Based Economy and Its Success Elements, The World Bank, 2006
・“Evolution of Ownership: The Curious Case of Japan”, Working paper at Oxford, 2006 (with Julian Frank, Colin Mayer)
・“Varieties of Takeover Markets: Comparing Mergers and Acquisitions in Japan with Europe and the USA”, mimeo, March 2006 (with Gregory Jackson)
・“Relationship Banking and Debt Choice: Evidence from Japan”, Corporate Governance, vol.13-3, pp. 408-418, May 2005 (with Yasuhiro Arikawa)
・“Corporate Governance and Performance in Twentieth Century Japan”, Business and Economic History (online Journal), vol1, pp. 1-39, 2004 (with Yusuke Omi and Nao Saito)
・“Japan’s Banking Crisis: Who has the Most to Lose? ”, Discussion Paper, Center for Economic Policy Research, No4403, 2004 (with Yishay Yafeh)
・“Investment and Corporate Governance: Evidence from Japan in the 1990s”, in Proceeding on Comparative Corporate Governance: Changing Profiles of National Diversity Corporate Governance, Research Institute of Economy, Trade and Industry, January 2003 (with Yasuhiro Arikawa and Nao Saito)
・“Corporate Governance and Investment in the 20th Century Japan: Comparison between Prewar Zaibatsu and Postwar Keiretsu”, Waseda Institute of Financial Studies Discussion Papers, WIFS-02-03, 2002
・“Rethinking the Cash Flow Constraint on Investment: the Evidence from 20th Century Japan”, mimeo, Waseda University, 2002
・“Change and Overhaul in the J-type Firm: Stepp. ing back Bank-centred Governance and Increasing Role of Internal Governance”, in Syed Maswood and Hideaki Miyajima eds, Changes and Continuity in Japan, RoutledgeCurzon Press, 2002 (with Hidetaka Aoki)
・“Corporate Governance, Relational Banking and R & D: Evidence from Japanese Large Firms in the 1980s and 1990s”, International Journal of Technology Management, Vol23 (7-8), pp. 769-787, 2002 (with Yasuhiro Arikawa, Atsushi Kato)
・“Changing Corporate Finance and its Impact on Corporate Strategy After Bubble Period: Is Long-term Strategy of Japanese Firm Really Changing?”, in Usha CV Haley and Frank Jurgen Richter eds, Asian Post Crisis Management: Corporate and Government Strategies for Sustainable Competitive Advantage, Macmillan/St Martin Press, 2001 (with Yasuhiro Arikawa)
・“The Evolution and Change of Contingent Governance Structure in the J-Firm System: An App. roach to Presidential Turnover and Firm Performance”, in Dirks D, J F, Huchet, and T Ribault eds, Japanese Management in the Low Growth Era: Between External Shock and Internal Evolution, Springer Verlag, 1999
・“Transformation of Economic System: A Reapp. raisal of Occupation”, Working Paper, No99-02, The Institute For Research in Business Administration, Waseda University, August 1999
・“Relational Banking, Less Market for Corporate Control, and Debt Choice : Evidence from the Liberalization in Japan”, Working paper, No9905, Institute for Research in Contemporary Political and Economic Affairs, Waseda University, 1999
・“Relational Banking and Debt Choice: Evidence from the Liberalization in Japan”, IFMP Discussion Paper Series, A00-07, 1999 (with Yasuhiro Arikawa)
・“The Impact of Deregulation on Corporate Governance and Finance”, in Tilton, Mark, and Lonny, Carlile eds, Is Japan Really Changing Its ways?  Regulatory Reform and the Japanese economy, Brooking Institution, pp. 33-75, 1998
・“Regulatory Framework, Government, Intervention and Investment in Postwar Japan: The Structural Dynamics of J-type Firm-Government Interaction”, in Hideaki Miyajima et al eds, Policies for Competitiveness; Business Government Relationships in the Golden Age, Oxford University Press, 1998
・“Strategic Intervention against International Competition in the Interwar Japan: the Case of Chemical Industries”, Waseda Business & Economic Studies, No33, pp. 81-103, 1997
・“Strategic Intervention against International Competition in the Interwar Japan; The Origin of the Developmental State?”, Working paper, No 9702, Institute for Research in Contemporary Political and Economic Affairs, Waseda University, 1997
・“Bank centered Corporate Groups and Investment: the Evidence from the First Phase of High Growth Era in Japan”, The Waseda Commercial Review, No367, pp. 33-76, July 1996
・“The Privatization of Ex-zaibatsu Holding Stocks and the Emergence of Bank centered Corporate Groups”, in Masahiko Aoki, ed, Corporate Governance in Transitional Economy, pp. 361-403, The World Bank, 1995
・＊“The Transformation of Zaibatsu to Postwar Corporate Groups: From Hierarchical Integrated Group to Horizontally Integrated Groups”, Journal of the Japanese and International Economies, Vol8 (3), pp. 293-328, 1994
・“Post World War Two Reform in Management: Managerial Revolution from Above and the Emergence of the "Japanese Type Firm"”, The Japanese Year Book of Business History, Vol 10, pp. 53-82, 1994
・“Strategic Intervention over International Cartel: The Case of the Japanese Chemical Industries in the Interwar Period”, in Dominique Barjot ed, International Cartel Revisited (1890-1980), Editions-Diffusion Du Lys, 1994
・＊“Organization of the Developmental State: Fostering Private Capabilities and the Roots of the Japanese "Miracle”, Business and Economic History, Second Series, Vol22 No1, pp. 151-168, 1993 (with William Mass)
・＊“Japanese Industrial Policy during the Interwar Period: Strategies for International and Domestic Competition”, Business and Economic History, Second Series, Vol21, pp. 270-79, 1992

【Contributions】
・“Corporate Governance: The role of institutional investors will become crucial” (in Nihon Keizai Shimbun), web article, RIETI, July 27 2016
・“20th lessons for Japan Inc.”, THE DAILY YOMIURI, January 18 2013
・“Increasing Overseas Investors & Corporate Governance in Japan”, Economy, Culture & History JAPAN SPOTLIGHT Bimonthly, vol165, pp. 23-25, May 2009
・“US Corporate Governance Not Suited to Japan, Says Ministry”, FINANCIAL TIMES, June21 2003
・Helmut Dietl, “Capital Markets and Corporate Governance in Japan, Germany and the United States: Organizational Response to Market Inefficiencies”, London and New York, Routledge Bhnet, 1998
・“Financial Market in Japan”, International Encyclopedia of Business and Management, Routledge, 1996
・Comment on Devos Paper, in Terushi Hara and Akira Kudo eds, International Cartel in Business History, pp. 134-136, University of Tokyo Press, 1992