Search Results (116)

Based on firm-level data of Japanese listed companies for the period of 2013–2022, this study conducts an empirical analysis to investigate how the issuance of green bonds influences corporate environmental and financial performance. The results show that the green bond issuance demonstrates a reduction in corporate greenhouse gas emission intensity and energy consumption intensity in the long term. Moreover, the issuance of green bonds enhances the financial performance of firms in the long run. However, the positive effect of green bond issuance on corporate environmental and financial performance is significant only among firms that have set specific quantitative environmental targets. In addition, for manufacturing and transportation green bond issuers that have set specific quantitative environmental targets, the improvement in environmental performance is evident in both the long and short term. Full article

Demands for companies to comply with environmental, social, and governance (ESG) requirements are growing, and companies are also expected to play a role in promoting sustainable development. For companies to achieve sustainable growth while addressing ESG, it must be understood whether ESG activities promote improved corporate financial performance. We conducted a five-year panel data analysis of 635 Japanese firms from FY 2019 to FY 2023, using the PBR, PER, and ROE financial indicators as the dependent variables and CSR ratings in the human resource utilization (HR), environment (E), governance (G), and social (S) categories as the independent variables. The results revealed that, depending on the combination of ESG field and financial indicators, companies with advanced ESG initiatives had greater financial performance, with some cases showing a nonlinear relationship; differences in the results between manufacturing and nonmanufacturing industries were also observed. For companies to effectively advance ESG activities, it is important to clarify the objectives and results for each ESG category. For policymakers to consider measures to encourage companies’ ESG activities, it is also important to design finely tuned regulations and incentives according to the ESG category and industry characteristics. Full article

This study investigates the yield-seeking behavior of income-oriented institutional investors, who are essential players in financial markets. While external pressures compelling firms to “reach for yield” are well-documented, the firm-level behavioral drivers underlying this phenomenon remain largely underexplored. Drawing on the behavioral theory of the firm, this study argues that an investor’s performance relative to their social aspiration level (the peer average) influences their yield-seeking decisions, and that this effect is moderated by “portfolio slack,” defined as unrealized gains or losses. To test this theory in the context of persistent low-yield pressure, this study constructs and analyzes a panel dataset of Japanese life insurance companies from 2000 to 2019. The analysis reveals that these investors increase their portfolio income yield after underperforming their peers and decrease it after outperforming. Furthermore, greater portfolio slack amplifies yield increases after underperformance and mitigates yield decreases after outperformance. In contrast, organizational slack primarily mitigates yield reductions after outperformance. This research extends the behavioral theory of the firm to the asset management context by identifying distinct performance feedback responses and proposing portfolio slack as an important analytical construct, thereby offering key insights for investment managers and financial regulators. Full article

Background/Objectives: With the globalization of companies, the cross-cultural adjustment of expatriates working overseas is becoming an increasingly important topic. However, little research has been carried out on the brain, which is the source of the ability to adapt. Methods: Therefore, we conducted a pilot study on 10 expatriates working for Japanese local subsidiaries in the United States to analyze the relationship between their gray matter volume (GMV) measured by the Gray Matter Brain Healthcare Quotient and their cross-cultural adjustment and lifestyle. Results: As a result, in a partial correlation analysis controlled for demographic variables, there was a significant correlation between whole-brain GMV and general adjustment. A relationship was also shown between the local GMV of the default mode network and central executive network and interaction adjustment. Conclusions: This is the first pilot study to clarify the relationship between expatriates’ brain structure and cross-cultural adjustment, suggesting the effectiveness of a biological approach in cross-cultural adjustment research. Full article

The value of environmental, social, and governance (ESG) has been increasingly emphasized across various industries, particularly in the automotive sector, where its importance has become especially prominent. In this study, the environmental initiatives of Japanese electric vehicle (EV) manufacturers were evaluated from an ESG perspective. Leading Japanese companies in EV production, such as Toyota, Nissan, and Honda, were included in the analysis. Using text mining techniques on sustainability and CSR reports from the past five years, key environmental keywords were extracted, and word clouds were generated to visualize the trends in each company’s environmental efforts. A correlation analysis was conducted between the frequency of environmental keywords and CO₂ emissions data. Based on past trends in keywords and emissions data, predictive analysis was performed to analyze the potential for future emissions reductions and the strategic direction of each company’s sustainability initiatives. Full article

The choice between domestic and foreign production is one of the most important decisions not only for international business management but also for economic diplomacy and industrial policy. The reality is not a binary choice, but some firms use both. Why do companies maintain labour-intensive production in developed countries in the globalised world? To understand business challenges and strategies, this study examines small and medium-sized enterprises (SMEs) in the garment factory agglomeration in the North (Kenpoku) area of Iwate Prefecture, Japan. The in-depth case study, with a special focus on the six competitiveness factors of Japanese apparel firms, recognises that the ‘Made in Japan’ branding strategy is one of the effective ways to attract Japanese customers. This marketing strategy may motivate some firms to consider international market development. However, most Japanese SME apparel manufacturers play the role of original equipment manufacturer (OEM) for specific domestic market-oriented apparel companies. To meet customers’ strict delivery requirements, our case SMEs are developing multi-skilled workers to cope with high-mix small-lot production and fast delivery simultaneously. This management innovation is essential for building long-term business relationships and trust with corporate apparel buyers and surviving competition from products made in China and other developing countries. Full article

The article presents the results of research on the resilience of companies using management concepts such as Lean Management, Agile, and Six Sigma to the crises that companies have had to face in recent years: the COVID-19 pandemic, rising energy prices, and the war in Ukraine. The implementation of these management concepts should lead to process improvements and a reduction in the consumption of production resources, including energy. The aim of the study was to determine how these crises have affected the efficiency of companies and to determine whether the solutions used so far are sufficient or require modification. The authors used three research methods. Firstly, they analyzed the literature—scientific publications, studies, and expert reports. Secondly, they analyzed the financial results (net profits and share of Costs of Goods Sold in the value of Revenues) in the period before (2016–2019) and after the outbreak of the COVID-19 pandemic (2020–2023) of companies using Lean Management, Agile, and Six Sigma strategies and their combinations. To compare the effectiveness of these management methods, they also analyzed the financial results of international corporations and Polish companies. Third, they conducted a survey among Polish companies applying the Lean Management concept. The results of this research show that the crises of recent years, even if they caused a deterioration in financial performance, were short-lived as companies were able to adapt to the new conditions. Japanese companies using Lean Management increased their profits by an average of 55.56% between 2020 and 2023, and “Lean” American organizations even more (71.64%). Polish companies have been steadily increasing their profits for years (134.14% before the pandemic and 143.27% after the outbreak). The share of COGS will remain at a similar (high) level for many years to come. There are no significant increases in these costs due to crises in the companies’ environment (e.g., increase in energy prices), and, on the other hand, there is no tendency for them to decrease in a large proportion of companies. In the years 2020–2023, the largest decreases in the share of these costs occurred in companies combining Lean and Six Sigma (−11.85%). In companies that use the Agile strategy, there was an increase of 8.05%. However, these are average data, and the analysis of the results of companies from individual groups leads to the conclusion that it is not only the management concept that is important, but also how it is implemented in a given company. In addition, streamlining processes only by eliminating waste is not enough these days. It is necessary to use modern technologies (digital technologies, Industry 4.0). Increasing the efficiency of production or logistics processes leads to a reduction in energy consumption and external costs. However, new, specialized solutions are needed. The issue of energy efficiency is indeed gaining more and more importance in companies and is included in management concepts, e.g., in Lean Management. Full article

Passenger transportation in Japan’s main metropolitan areas is operated by the JR companies, which were privatized and divested from Japan National Railways (JNR) in 1987 and by 16 major private railway companies with large-scale operations. Although their core business is transportation, the major private railway companies have adopted a strategy of diversification, and they engage, e.g., in real estate and distribution businesses. This study examines the relationship between the degree of business diversification and the production efficiency of Japan’s major private railway companies from the perspective of a future business model. To this aim, this study applies data envelopment analysis combined with the Malmquist index to the data of the railway companies from 1987 to 2019. We focus on four phases of activities: cost, operational resource, operational output, and total revenue. This study is the first to analyze the diversified management of Japanese railroad companies by evaluating their production efficiency and its changes over time. The results of the analysis reveal that, while all companies’ earnings have generally increased, the less diversified they are, the more they struggle to optimize personnel and other overhead expenses and resources, lowering production efficiency. Full article

Traveling to locations featured in anime has become a significant tourism behavior as the number and popularity of Japanese anime works have increased. The widespread phenomenon of anime-induced tourism has called for destination marketing that welcomes anime fans. This study focuses on the dyadic relationship between destination marketers and anime production teams, who hold definitive discretion over copyrights in anime-induced tourism. Using the concept of joint dependence derived from the theoretical assumptions of resource dependency theory, this research investigates how organizations with imbalanced power relations choose to collaborate. By comparing three qualitative cases that distinctly demonstrate temporal structural changes in anime tourism, this study reveals that joint dependence facilitates interorganizational cooperation through domain consensus between destination marketers and anime production teams. The current study makes a significant theoretical contribution to the fields of interorganizational relations, destination marketing studies, and anime-induced tourism research. Additionally, it provides highly practical insights into tourism development strategies for destination marketers and anime production companies. Full article

Drug discovery and development require significant costs and time, making investment acquisition crucial. However, there are few biopharmaceutical startups with high valuations in Japan. Unlike other countries, entrepreneurship in Japan is relatively inactive, and startups have a minimal presence in the drug-discovery field. Instead, in Japan’s innovation system, research and development (R&D) has been led by large incumbent companies, which are believed to have a wealth of promising assets and talent. This study tested the hypothesis that biopharmaceutical startups leveraging these assets and talent might be more attractive to investors by regression analysis using a dataset of Japanese unlisted biopharmaceutical startups. The results demonstrated that Japanese biopharmaceutical startups showed significantly higher valuations and total funding amounts if they were corporate spin-offs (CSOs). Additionally, they achieved significantly higher valuations and total funding amounts if their R&D lead persons had corporate backgrounds. These findings suggest that in Japan’s innovation system, which is centered on large companies, CSOs and startups leveraging R&D talent with corporate experience may be more appealing to investors. Full article

Background: The reddening of the face and neck following alcohol consumption is known as Asian flush. Although genetic factors related to Asian flush have been reported to be inversely associated with duration of sleep, no study has reported an association between Asian flush and sleep satisfaction. Methods: A cross-sectional study of 3823 Japanese people, aged 20 to 64 years was conducted. The target population comprised general public resident monitors of Osaka Prefecture who were registered with an internet research company. Results: A significant inverse association was observed between Asian flush and satisfaction of sleep. The potential confounder-adjusted odds ratio (OR) and 95% confidence interval (CI) of satisfied sleep was 0.81 (0.69–0.96). The alcohol consumption status-specific analysis revealed essentially the same associations between consumers and non-consumers of alcohol. The adjusted ORs (95% CIs) were 0.81 (0.65–0.997) for non-consumers and 0.80 (0.61–1.05) for consumers of alcohol. Conclusion: The genetic characteristics of physical reactions to alcohol exposure may influence sleep quality. One’s alcohol consumption status may not influence the effects of having a lower tolerance to alcohol on sleep quality. Full article

The balance of mental, physical, and technical aspects is essential in improving ballet performance. Ballet dancers’ emotional and behavioral characteristics vary, even under identical stress conditions. This study aimed to investigate the association between the pain candidate genes 5-HTTLPR and COMT and anxiety in Japanese ballet dancers. Participants were 18 youth elite ballet students with professional aspirations (Y-Elite) and 16 dancers in a professional ballet company (Pro). We administered psychological questionnaires, the State-Trait Anxiety Inventory (STAI) and Brunel Mood Scale (BRUMS), to participants under the following four different stress conditions: standard practice day, cast decision day, rehearsal day, and one week before competition day. In addition, the genotypes of 5-HTTLPR and COMT Val158Met were examined. The distribution of 5-HTTLPR was not different between Y-Elite and Pro dancers, although one of the COMT genotypes was different. Y-Elite dancers had higher trait anxiety scores than Pro dancers for these genotypes before competition (ps < 0.03), although no significant association was observed between both genotypes and scores on the STAI across conditions. Their moods were significantly different through the four conditions (p < 0.004). Pro dancers’ moods were also more stable than those of the Y-Elite dancers in the presence of pain. The results indicate that 5-HTTLPR and COMT play a crucial role in dancers’ anxiety and mood during pain (ps < 0.05). Pro dancers are probably predicted by their lower neuroticism and mood scores and their better adaptation to stress than Y-Elite dancers. The 5-HTTLPR and COMT genes may be influencing the sensitivity to the environment. Youth elite ballet dancers need to understand the relationship between pain and physical activity from an early stage. Full article

Ever since bachelor’s competencies were introduced as a reference standard in Japan, many Japanese higher education institutions have been exploring and practicing liberal arts education for the 21st century. This study posits that incorporating new elements into university education has been a significant trend in liberal arts education for the 21st century. Building on the results of a comprehensive survey, primarily involving universities and industry, this study provides an in-depth analysis of how 21st-century liberal arts education is evaluated and expected by companies and others. A questionnaire survey was administered to universities regarding their provision of 21st-century liberal arts education and the status of reforms toward this education, and to companies and other members of society regarding their expectations and evaluation of 21st-century liberal arts education provided by universities, as well as the content they evaluate as learning outcomes for university students and the qualities and skills they consider when employing them. The findings from the survey of universities and companies indicate that the average scores for curriculum reform and establishment of new courses at universities and host companies are relatively low, as indicated by the relatively low average scores for keywords that companies place importance on. Undeniably, universities’ efforts toward reform and the reality of such efforts should be conveyed to the public. Through dialogue with the industrial sector, we can understand the necessity of sharing and realizing openness to developing human resources through collaboration and innovation. Full article

Hanko or signature seals are widely used by Japanese companies to sign business contracts. However, the COVID-19 pandemic has caused Hanko culture in Japan to become ineffective, especially in teleworking. The pandemic has also negatively affected the global economy, including Japan. To face this issue, the Japanese government has expanded the use of electronic signatures since 2020. Regardless of the government’s efforts, many Japanese companies have not implemented the use of electronic signatures. Nevertheless, the prospects of utilizing electronic signatures in Japanese companies have increased due to post-COVID-19 socio-economic factors. We examined the problem of Hanko culture and how Hanko is replaced by electronic signatures in Japan’s society through an inductive, descriptive, and qualitative method. By using those approaches, we discovered that, in the short run, Japanese companies will be forced to adapt to the use of electronic signatures to increase productivity post-economic crisis. In the long run, Japanese companies will be inclined to use electronic signatures to adapt to global trade conditions. Full article

The Sustainable Development Goals (SDGs) have become a guiding framework for the public and private sectors. For companies, the SDGs offer a way to create value for investors while addressing local and global issues. Japan has embraced the SDGs to demonstrate its commitment to sustainable development but, despite its high ranking, faces challenges in improving its performance. This study aims to investigate how Japanese companies are considering the SDGs in their corporate governance. Using a database of corporate social responsibility activities in 1630 companies, the degree to which the 17 SDGs are being integrated was examined across 33 industrial sectors. Next, hierarchical clustering on principal components was applied and identified four distinct patterns in the integration of the SDGs, ranging from almost no consideration of the SDGs to the nearly full consideration of all 17 goals, with two transitionary patterns in between. Some sectors strongly tended to belong to one pattern of SDG integration, while other sectors exhibited more variability. While the direct implications of this study may be limited to the context of Japan, the methodologies and outcomes point to future research that could lead to a better understanding of how the SDGs are being approached by the private sector. Full article