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- Publisher
- Springer Journals
- Copyright
- Copyright © The Author(s), under exclusive licence to Springer Nature Limited 2022
- ISSN
- 1741-3591
- eISSN
- 1746-6539
- DOI
- 10.1057/s41310-022-00149-1
- Publisher site
- See Article on Publisher Site
Abstract
This paper examines the relationship between ownership structure, corporate governance, and the adoption of assurance in sustainability reporting in Japan. Using stakeholder theory hypotheses, we test the impact of ownership structure (the mix of financial institution, business corporation, and foreign investors) and corporate governance characteristics (board size and independence) on assurance practices in the sustainability reporting of Nikkei 500 companies listed on the Tokyo Stock Exchange. Logit regression model results indicate that different stockholder groups and independent board directors can encourage management to publish credible sustainability reports with assurance, suggesting institutional ownership, board independence, and sustainability assurance play complementary roles in ensuring managerial accountability to external stakeholders. While this is an early analysis of the influence of recent changes in corporate governance on sustainability assurance practices in Japan, the findings have important implications for managerial practice and the policy analysis of corporate governance and sustainability reporting.
Journal
International Journal of Disclosure and Governance – Springer Journals
Published: Dec 1, 2022
Keywords: Assurance; Sustainability reporting; Japan; Ownership structure; Corporate governance