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Stakeholder-Oriented Corporate Governance and Firm-Specific Human Capital: Wage analysis of employer-employee matched data

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  • ODAKI Kazuhiko
  • KODAMA Naomi

Abstract

Theories of economic institutions predict that complementarity exists between the nature of corporate governance of a firm and the nature of its human capital investment. The complementarity theory insists that the commitment of a firm and its employees to invest in firm-specific human capital will be reinforced by the commitment of the firm to adopt stakeholder-oriented corporate governance. Using employer-employee matched data from the headquarters of large Japanese firms, this paper investigates the relationship between the wage-tenure profile of a firm and the nature of its corporate governance. Analysis of the wage-tenure profiles shows that firms with stakeholder-oriented corporate governance invest in firm-specific human capital more heavily than those with shareholder-oriented corporate governance.

Suggested Citation

  • ODAKI Kazuhiko & KODAMA Naomi, 2010. "Stakeholder-Oriented Corporate Governance and Firm-Specific Human Capital: Wage analysis of employer-employee matched data," Discussion papers 10014, Research Institute of Economy, Trade and Industry (RIETI).
    • Handle: RePEc:eti:dpaper:10014
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    Cited by:

    1. KODAMA Naomi & ODAKI Kazuhiko, 2012. "A New Approach to Measuring the Gap between Marginal Productivity and Wages of Workers," Discussion papers 12028, Research Institute of Economy, Trade and Industry (RIETI).
    2. Randall Jones & Yosuke Jin, 2017. "Boosting productivity for inclusive growth in Japan," OECD Economics Department Working Papers 1414, OECD Publishing.

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