Stakeholder-Oriented Corporate Governance and Firm-Specific Human Capital: Wage analysis of employer-employee matched data
AbstractTheories 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.
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Bibliographic InfoPaper provided by Research Institute of Economy, Trade and Industry (RIETI) in its series Discussion papers with number 10014.
Length: 24 pages
Date of creation: Mar 2010
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This paper has been announced in the following NEP Reports:
- NEP-ALL-2010-04-11 (All new papers)
- NEP-BEC-2010-04-11 (Business Economics)
- NEP-HRM-2010-04-11 (Human Capital & Human Resource Management)
- NEP-LAB-2010-04-11 (Labour Economics)
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- 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).
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