PlayWorldCasino/プレイワールドカジノ 入金不要ボーナスあり

This page uses Javascript. Please enable Javascript in your browser. Skip to Content Japanese English Chinese About RIETI Site Map Help Contact Discussion Papers Search Site Search Menu Research Areas Research Programs (FY2024-2028) Research Programs (FY2020-2023) Research Programs (FY2016-2019) Research Programs (FY2011-2015) Policy Research Domains (FY2006-2010) Projects Survey Fellows According to Title Alphabetical order RIETI Alumni Research/Policy Papers Discussion Papers (English) Discussion Papers (Japanese) Policy Discussion Papers (English) Policy Discussion Papers (Japanese) Technical Papers (English) Technical Papers (Japanese) Non Technical Summaries List of Articles in Journals Research Digest Discussion Papers Search Publications RIETI Books (English) RIETI Books (Japanese) History of Japan's Trade and Industry Policy Authors' Words Other Publications (English) Other Publications (Japanese) Events Symposiums Workshops BBL Seminars Archived Seminar Series Data JIP Database R-JIP Database CIP Database Industry-Specific Nominal and Real Effective Exchange Rates AMU and AMU Deviation Indicators JSTAR RIETI-TID RIETI FDI Database ICPA Project Links Articles Column Special Series Newspapers & Magazines Fellows' Works VoxEU Column From IZA Perspectives from Around the World Other Contents RIETI Report Policy Update Keizai Sangyo Journal (METI Journal) Research Areas Fellows Research/Policy Papers Publications Events Data Articles Site Map Technical Issues Coontact Discussion Papers Search Close HomeResearch/Policy PapersDiscussion Papers (English)FY2023 Using High-dimensional Corporate Governance Variables to Predict Firm Performance Print Author Name Nicholas BENES (BDTI) / Ben GARTON (BDTI) / MIYAKAWA Daisuke (Waseda University) / YAMANOI Junichi (Waseda University) 　　　　 Creation Date/NO. February 2024 24-E-030 Research Project Frontiers in Corporate Governance Analysis Download / Links Download paper [PDF:1.4MB] 　　　　 Abstract The purpose of this paper is to empirically identify and quantify correlations between corporate governance practices of firms and their future financial performance. LASSO estimation technique was used on a comprehensive set of corporate governance-related variables provided by The Board Director Training Institute of Japan (BDTI) and compared to firms’ total shareholder returns (TSR) as well as other performance measures for the listed firms in Japan. Through LASSO, we find the following: First, a number of corporate governance policies or attributes that relate to external monitoring have positive correlations with future TSR as expected. Second, somewhat unexpectedly, only a few variables associated with internal monitoring and incentive practices show correlations with future TSR. Third, such unconditional associations between specific corporate governance practices and TSR are affected by other governance practices. After confirming the stability of these results through OLS estimation, we constructed a prediction model of firms’ future TSR and further show that the investment strategy based on the model’s predictions could generate non-negligible improvement in returns by including the corporate governance-related variables in the predictors. These results suggest that high-dimensional corporate governance variables contain more informative signals associated with future firm performance than simple reliance on purely financial data can provide. Research/Policy Papers Discussion Papers (English) FY2024 FY2023 FY2022 FY2021 FY2020 FY2019 FY2018 FY2017 FY2016 FY2015 FY2014 FY2013 FY2012 FY2011 FY2010 FY2009 FY2008 FY2007 FY2006 FY2005 FY2004 FY2003 FY2002 FY2001 MITI/RI (before FY2001) Discussion Papers (Japanese) Policy Discussion Papers (English) Policy Discussion Papers (Japanese) Technical Papers (English) Technical Papers (Japanese) Non Technical Summaries List of Articles Published in Peer-reviewed Academic Journals Research Digest Links Discussion Papers Search Communications Newsletter RSS Feed Facebook X YouTube Research Areas Research Programs (FY2024-2028) Research Programs (FY2020-2023) Research Programs (FY2016-2019) Research Programs (FY2011-2015) Policy Research Domains (FY2006-2010) Projects Survey Fellows Research/Policy Papers Discussion Papers (English) Discussion Papers (Japanese) Policy Discussion Papers (English) Policy Discussion Papers (Japanese) Technical Papers (English) Technical Papers (Japanese) Non Technical Summaries List of Articles in Journals Research Digest Discussion Papers Search Publications RIETI Books (English) RIETI Books (Japanese) History of Japan's Trade and Industry Policy Authors' Words Other Publications (English) Other Publications (Japanese) Events Symposiums Workshops BBL Seminars Archived Seminar Series Data JIP Database R-JIP Database CIP Database Industry-Specific Nominal and Real Effective Exchange Rates AMU and AMU Deviation Indicators JSTAR RIETI-TID RIETI FDI Database ICPA Project Links Articles Column Special Series Newspapers & Magazines Fellows' Works VoxEU Column From IZA Perspectives from Around the World Other Contents RIETI Report Policy Update Keizai Sangyo Journal (METI Journal) About RIETI Privacy Policy Site Policy Site Map Help Contact METI Web Site Research Institute of Economy, Trade and Industry, IAA (JCN 6010005005426)JCN: Japan Corporate Number Opinions expressed or implied on this website are solely those of the author, and do not necessarily represent the views of the Research Institute of Economy, Trade and Industry (RIETI).Titles, numbers, specific names, etc. on this website are as of the date of publication. In the case of reposting material from our website, contact us beforehand. Top