Researcher Database


Freeword

SAKAWA Hideaki

FacultyGraduate School of Economics Department of Management
PositionAssociate Professor
Mailsakawaecon.nagoya-cu.ac.jp
HomepageURL
Birthday
Last Updated :2019/11/30

Researcher Profile and Settings

Academic & Professional Experience

  •   2017 09  - 2018 09 , Columbia Business School, CJEB, Fulbright Visiting Scholar

Research Activities

Published Papers

  • Family control and ownership monitoring in Stakeholder-oriented corporate governance, Hideaki Sakawa, Naoki Watanabel, Management Decision, 57, 1712 - 1728, 07 08 , © 2018, Emerald Publishing Limited. Purpose: Principal–principal conflicts between family shareholders and other shareholders have been investigated in emerging economies, but fewer studies have examined the effect of concentrated ownership on firm profitability and dividend payout in stakeholder-oriented systems. The purpose of this paper is to examine whether family control leads to principal–principal conflicts resulting in wealth expropriation of minority shareholders by family owners in stakeholder-oriented systems. Design/methodology/approach: This study uses large listed firms of the Tokyo Stock Exchange (TSE) in Japan during 2007–2016. Using 14,991 firm year observations, the authors analyze the effect of family control on dividend payout and firm performance to test the possibility of exploitation by family owners. Findings: The authors find that family board members do not exploit minority shareholders and rather behave as stewards of the firm. The authors also find that foreign shareholders interact with family control to increase firm profitability, suggesting that foreign shareholders enhance the role of family board members as stewards. Originality/value: Existing research on principal–principal conflicts tends to examine expropriation by family board members in emerging markets. This research reveals that family board members behave like stewards in the presence of stakeholder-oriented corporate governance mechanisms. In addition, foreign shareholders strengthen the stewardship role of family controlled firms.
  • IPO underpricing and ownership monitoring in Japan, Hideaki Sakawa, Naoki Watanabel, Asian Business and Management, 01 01 , © 2019, Springer Nature Limited. We examine how Japanese corporate governance characteristics affect IPO underpricing. The results show that parent ownership does not affect underpricing in IPO firms. We also find that greater CEO ownership is expected to cause principal–principal conflicts and to exacerbate underpricing in IPO firms. Our empirical results also reveal that bank ties mitigate underpricing and function as effective monitoring mechanisms. Furthermore, the positive correlation between CEO ownership and IPO firm underpricing is moderated by the parent–subsidiary relationship. Finally, independent venture capital firms do not mitigate underpricing of IPO firms with parent–subsidiary relationships.
  • Parent control and ownership monitoring in publicly listed subsidiaries in Japan, Hideaki Sakawa, Naoki Watanabel, Research in International Business and Finance, 45, 7 - 14, 10 , Refereed, © 2017 Elsevier B.V. Although agency theory implies that greater parent ownership can help mitigate agency conflict, principal–principal conflicts could arise among controlling and other minority shareholders. This study investigates corporate governance in publicly listed subsidiary firms after the establishment of small-cap markets, which is a unique setting in Japan. The results show that parent control has a negative relationship to dividend payout and firm profitability. However, parent control enhances sales growth, which is not consistent with parent control exploitation. Foreign shareholders moderate the conflict between parent firms and other shareholders related to dividends and firm profitability.
  • Board structures and performance in the banking industry: Evidence from Japan, Hideaki Sakawa, Naoki Watanabel, International Review of Economics and Finance, 56, 308 - 320, 07 , Refereed, © 2017 Elsevier Inc. This paper presents an examination of the relation between board size and composition and firm performance for the Japanese banking industry during 2006–2011. Our results for the banking industry show that the advisory and monitoring roles of larger boards and outside directors are ineffective. Results also show that banks which received taxpayer funds cannot reform their board structure and that taxpayer funds do not strengthen the advisory role of outside directors. We conclude that Japanese bank boards have not performed well during recent periods and that taxpayer funds have tended to rescue banks with weaker governance.
  • Relation between executive compensation and performance: Evidence from Japanese Shinkin banks, Hideaki Sakawa, Naoki Watanabel, Noriko Tanahashi, Economics Bulletin, 37, 1310 - 1317, 06 , Refereed, This paper presents new insights on the executive incentive structure of the Japanese banking industry. Using data of Shinkin banks over 2003-2006, we investigate the incentive structure of executives at Shinkin banks post financial deregulation when they face competition with other banks in their region and need to earn higher profits. Our empirical results reveal that executive compensation packages at Shinkin banks are designed to provide positive incentives for executives to increase their banks' higher ordinary profit and higher than their belonging region's average profit. This finding implies that executive compensation at Shinkin banks can incentivize executives to make their banks compete more effectively with other Shinkin banks in their region.
  • The effects of Great East Japan Earthquake on the Market Liquidity : Evidence from Nagoya Stock Exchange, 坂和 秀晃, 国際地域経済研究 : 名古屋市立大学大学院経済学研究科附属経済研究所年報, (17) 5 - 13
  • Activity, Time, and Subjective Happiness: An Analysis Based on an Hourly Web Survey, Sakawa, H., Ohtake, F., Tsutsui, Y., 行動経済学研究, 7, 84 - 87
  • 東京市場の国際的な魅力を高めるための、制度・規制改革や市場整備の諸施策についての理論的視座の構築, 坂和秀晃, 金融庁ディスカッションペーパー, 2014-9
  • 地域金融機関の問題点と革新, 坂和秀晃、佐々木均、棚橋則子, オイコノミカ, 51, (1)
  • 金融機関の情報管理とCIOの役割についての検証 : アンケート調査を用いた分析, 坂和秀晃、渡辺直樹, オイコノミカ, 52, (1)
  • 機関投資家が市場流動性に及ぼす影響に対する実証分析, 坂和秀晃, ゆうちょ資産研究, 22, 99 - 120
  • 証券市場変遷期の名証上場企業の市場流動性, 坂和秀晃, 国際地域経済研究, 15
  • The Role of Outside Statutory Auditors in Bank-dominated Corporate Governance: Evidence From Japan, Watanabel, N., Sakawa, H., Journal of Corporate Board: role, duties and composition, 10, (1) 39 - 48, Refereed
  • Market Liquidity and Bank-dominated Corporate Governance: Evidence from Japan, Sakawa, H., Ubukata, M., Watanabel, N., International Review of Economics&Finance, 31, 1 - 11, Refereed
  • Executive Compensation and Firm Performance in Japan: The role of Keiretsu and Bank-appointed Monitors, Sakawa, H., Watanabel. N.., Journal of Modern Accounting and Auditing, Vol.9, (No.8) 1119 - 1130, Refereed
  • Does Statutory Auditor Matter in Bank-dominated Corporate Governance?: Evidence from Japan, Watanabel, N., Sakawa., H., Corporate Ownership and Control, Vol10, (Issue 3(1)) 228 - 235
  • Does Pre-trade Transparency Affect Market Quality in the Tokyo Stock Exchange?, Sakawa. H., Ubukata. M, Economics Bulletin, Vol.32.., (No.3) 2103 - 2112, Refereed
  • Relation between Top Executive Compensation Structure and Corpoarte Governance: Evidence from Japanese Public Disclosed Data, Sakawa, H., Moriyama, K., Watanabel. N.., Corporate Governance: An International Review, Vol.20., (No.6) 593 - 608, Refereed
  • 東京証券取引所の改革と証券市場の透明性, 坂和秀晃・生方雅人, ゆうちょ資産研究, 第18巻, 17 - 36, Refereed
  • スプレッドで見た市場流動性への東証改革の影響, 坂和秀晃・生方雅人, 経営財務研究, 第31巻, (第1号) 26 - 34, Refereed
  • 経営者報酬と企業パフォーマンスに関するサーベイ, 坂和秀晃・渡辺直樹, 証券アナリストジャーナル, 第46巻, (6号) 5 - 14, Refereed
  • Relation between board composition and firm performance in Japan, Sakawa, H., Watanabel. N.., Problems and Perspectives in Management, Vol.7, (No.3) 27 - 30, Refereed
  • A Sufficient Condition for Synchronization Risk and Delayed Arbitrage, Sakawa. H., Watanabel. N., IUP Journal of Financial Economics, Vol.7, (No.2) 40 - 46
  • 経営者報酬と取締役会の経営監視機能についての検証, 坂和秀晃・渡辺直樹, 金融経済研究, 第29巻, 66 - 83, Refereed
  • Market Makers' Piece Correction behavior towards Synchronizaition Risk, Sakawa, H, Osaka Economic Paper, Vol.57, (No.4) 292 - 310
  • Relationship between Managerial Compensation and Business Performance in Japan:New Evidence Using Micro Data, Sakawa. H., Watanabel. N., Asian Economic Journal, Vol.22, (No,4) 431 - 455, Refereed
  • An Examination of Board Size Effects in a relationship-oriented System:Evidence from Japan, Sakawa, H., Watanabel. N.., Journal of Corporate Board, role, duties, and Composition, Vol.3, (No.2) 24 - 27, Refereed
  • 商法改正は取締役会のモニタリング機能を高めるか?, 今村光雅・坂和秀晃・渡辺直樹, 大阪大学経済学, Vol.56, (No.4) 65 - 76
  • 注文駆動型市場におけるIR活動のスプレッド要因への影響, 生方雅人・坂和秀晃, 現代ファイナンス, 第22巻, 97 - 113, Refereed
  • A Note on Synchronization Risk and Delayed Arbitrage, Sakawa. H., Watanabel. N., Economics Bulletin, Vol.7, (No.7) 1 - 12, Refereed

Books etc

  • Essays on Asymmetric Information Problems: Economic Analysis of Bubble and Corporate Governance, VDM-Verlag,   2009 , ISBN:978-3639106015
  • Corporate Governance and Initial Public Offerings in Japan: In Zattoni and Judge (Eds) Corporate Governance and Initial Pubic Offerings; An International Perspective, Cambridge University Press,   2012 , ISBN:978-1139061513
  • 自然・社会科学者のための英文Eメールの書き方, 朝倉書店,   2012 , ISBN:978-4254102585
  • 金融自由化で日本の証券市場はどう変わったか-市場流動性とマーケット・マイクロストラクチャー分析-、渡辺直樹氏との共著, ミネルヴァ書房,   2016 , ISBN:978-4623076079
  • Bank Risk-taking and the Board of Directors Role: Evidence from Japan, Co-author: N. Watanabel, Eds: E. Klein, Corporate Governance: Principles, Practices and Challenges, Nova Science Publishers,   2016 , ISBN:978-1-63484-971-5

Conference Activities & Talks

  • Institutional Ownership and Corporate Risk-Takingin Japanese Listed Firms , SAKAWA Hideaki, Asian Finance Association Annual Conference,   2019 07 08
  • Family Control and Corporate Innovation in Bank-dominated Corporate Governance: Evidence from Japan, SAKAWA Hideaki, Association of Japanese Business Studies Annual Conference,   2019 06 24
  • Institutional Institutional Ownership and Firm Performance in Stakeholder Oriented Corporate Governance, SAKAWA Hideaki, Association of Japanese Business Studies Annual Conference,   2019 06 23
  • Family Control and Corporate Innovation in Bank-dominated Corporate Governance: Evidence from Japan, SAKAWA Hideaki, Australian and New Zealand Academy of Management International(ANZAM) Annual Conference,   2018 12
  • Does Institutional Ownership Matter in Stakeholder-oriented Corporate Governance?, SAKAWA Hideaki, Asian Pacific Conference on International Accounting Issues Annual Meetings,   2018 11
  • Family Control and Ownership Monitoring in Stakeholder-oriented Corporate Governance, SAKAWA Hideaki, 4th Conference of International Corporate Governance Society,   2018 10
  • Main Bank Relationship and Accounting Conservatism: Evidence from Japan, SAKAWA Hideaki, American Accounting Association Annual Meetings,   2018 08
  • Ownership Stability, Research and Development Intensity and Performance: Evidence from Japanese Listed Firms, Duppati G et al., 3rd Conference of International Corporate Governance Society,   2017 09
  • Earnings Management and Internal Control in Bank-dominated Corporate Governance: Evidence from Japan, SAKAWA Hideaki, American Accounting Association Annual Conference,   2017 08
  • Bank Risk-taking and the Role of Board of Directors: Evidence from Japan, SAKAWA Hideaki, International Conference on Business and Information 2016,   2016 07
  • Earnings Management and Main Bank Monitoring: Evidence from Japan, SAKAWA Hideaki, 2015 Annual Meeting of the Midwest Finance Association,   2015 03
  • Bank Ownership Monitoring and Parent Company Control in Publicly Listed Firms in Japan, 2015 Annual Meeting of the Academy of Japanese Business Studies,   2015
  • Activity, Time, and Subjective Happiness: An Analysis Based on an Hourly Web Survey, 行動経済学会,   2014
  • Market Liquidity and Bank-dominated Corporate Governance: Evidence from Japan, 2014 Annual Meeting of the Southwestern Finance Association,   2014
  • Board Structures and Performance in the Banking Industry: Evidence from Japan, 2014 Annual Meeting of the Academy of Japanese Business Studies,   2014
  • Parent Company Control and Bank Monitoring: Evidence from Japan, Project Development Workshop of Annual Meeting of the Academy of Japanese Business Studies,,   2014
  • Earnings Management and Main Bank Monitoring: Evidence from Japan, 26th Asian Pacific Conference on International Accounting Issues,   2014
  • Market Liquidity andBank-dominated Corporate Governance: Evidence from Japan, Academy of International Business Annual Meetings,   2013
  • IPO Underpricing and Bank-centererd Corporate Governance: Evidence from Japan, Annual Meetings of Association of Japanese Business Studies,   2013
  • Corporate Board Structures and Performance in the Banking Industry: Evidence from Japan, JCAE 2013 Symposium,   2013
  • Market Liquidity and Bank-dominated Corporate Governance: Evidence from Japan, 大阪証券取引所寄付部門ワークショップ「証券市場の諸問題,   2013
  • Market Liquidity and Bank-dominated Corporate Governance: Evidence from Japan, Midwest Finance Associaion Annual Meeting,   2013
  • Relation between Top Executive Compensation Structure and Corporate Governance: Evidence from Japanese Public Disclosed Data, Midwest Finance Associaion Annual Meeting,   2012
  • Relation between Top Executive Compensation Structure and Corporate Governance: Evidence from Japanese Public Disclosed Data, Southwestern Finance Association Annual Meetings,   2012
  • Corporate Governance and Initial Public Offerings:Evidence from Japan, AJBS-PDW Annual Conference,   2012
  • Market Liquidity and Bank-dominated Corporate Governance: Evidence from Japan, CGIR-Cambridge International Conference on National Governance Bundles,   2012
  • Market Liquidity and Bank-dominated Corporate Governance: Evidence from Japan, Asian Academy of Accounting Association Annual Meeting,   2012
  • Auditor Committee Formation and Corporate Governance Mechanisms: Evidence from Japan, 日本経営財務研究学会全国大会,   2011
  • Corporate Board Structures and Performance in the Banking Industry: Evidence from Japan, Midwest Finance Associaion Annual Meeting,   2011
  • Corporate Board Structures and Performance in the Banking Industry: Evidence from Japan, Academy of International Business Annual Meetings,   2011
  • 証券市場の透明性と東京証券取引所の改革日本経営財務学会西日本部会, 日本経営財務研究学会西日本部会,   2010
  • 証券市場の透明性と東京証券取引所の改革, 日本ファイナンス学会年次大会,   2010
  • Corporate Board Structures and Performance in the Banking Industry: Evidence from Japan, Asian Finance Association Annual Meetings,   2010
  • Corporate Board Structures and Performance in the Banking Industry: Evidence from Japan, Corporate Governance and Glonal Financial Crisis International Conference,   2010
  • An Empirical Investigation of Executive Compensation and Business Performance in Japan: The Role of Bank-appointed Monitors, Intenational Conference on Socio-network Strategy,   2009
  • Does Pre-trade Transparency Affect Market Quality in the Tokyo Stock Exchange?, Asian Finance Association Annual Meetings,   2009
  • Auditor Committee Formation and Corporate Governance Mechanisms: Evidence from Japan, Asian Pacific Conference on International Accounting Issues,   2009
  • Executive Compensation and Firm Performance in Japan: The Role of Bank-appointed Monitors, 日本金融学会全国大会,   2008
  • Managerial Compensation, Corporate Governance, and Business Performance in Japan: Evidence Using Micro Data, Asian Finance Association/Nippon Finance Association Annual Conference,   2008
  • Executive Compensation and Firm Performance in Japan: The Role of Bank-appointed Monitors, 日本経営財務研究学会年次大会,   2008
  • Managerial Compensation, Corporate Governance, and Business Performance inJapan: Evidence Using Micro Data, Asian Pacific Conference on International Accounting Issues,   2008
  • The Relationship between Managerial Compensation and Business Performance in Japan: New Evidence Using Micro Data, East Asian Economic Association Bi-Annual Meetings,   2008
  • The Relationship between Managerial Compensation and Business Performance in Japan : New Evidence using Micro Data”, 日本ファイナンス学会年次大会,   2007
  • 商法改正は取締役会のモニタリング機能を高めるか?: 法律学、経済学の観点からの検証, 法と経済学会年次大会,   2007
  • The Relationship between Managerial Compensation and Business Performance in Japan: New Evidence Using Micro Data, Ph. D. Consoritium of FMA/Asian FA Joint Conference,   2007
  • Managerial Compensation, CorporateGovernance, and Business Performance in Japan: Evidence Using New Micro Data, 日本経済学会春季大会,   2007
  • コーポレートガバナンスと常務会の報酬、企業業績の関係, 日本金融学会全国大会,   2006
  • 注文駆動型市場におけるIR活動のスプレッド要因への影響, 日本ファイナンス学会年次大会,   2006
  • 裁定者とノイズトレーダの存在する市場におけるマーケットメーカーの価格改定, 日本経済学会秋季大会,   2005

Awards & Honors

  •   2018 06 , Association of Japanese Business Studies, Finalist for Best Paper
  •   2018 04 , BEFB Conference, Best Paper Award
  •   2016 , BAI 2016 Best Paper Awards
  •   2014 , Osaka Bankers Association - Special Award

Research Grants & Projects

  • 日本の企業統治と取締役会の機能について, KAKENHI,   2009  - 2011 , 坂和秀晃
  • 主観的幸福度の決定要因の解明:リアルタイム幸福度データによる検証, KAKENHI,   2014  - 2016 , 坂和秀晃


Copyright (c) MEDIA FUSION Co.,Ltd. All rights reserved.