Personnel Economics Workshop (PEW)

Notice

PEW in 2026 will be held on the fourth Saturday of each month. The workshop starts at 3:00 p.m.
Each workshop basically consists of two sessions: a 1-hour presentation and a 1.5-hour presentation.

April 25 (Sat.) 2026

Venue: Waseda University; classroom TBA
Speaker: Kiyonori Iwata (Tokyo Keizai University)
Title: The Dark Side of Dual Loyalty: How Internal Organizational Frictions Stifle Corporate Governance Reform in Japan
Abstract:
In economies where corporate norms are traditionally employee-centric, boards of directors often function as the pinnacle of the employee hierarchy and thus represent their interests, not just those of shareholders. This dual loyalty suggests a firm’s internal logic—its unwritten rules and power dynamics within organization—play a decisive role in shaping formal corporate governance, a process overlooked by standard agency perspectives. To test this mechanism, I quantify five dimensions of these informal institutions that create organizational frictions, applying textual analysis to a large corpus of employee reviews in Japan: sectionalism, bureaucracy, accountability avoidance, conformity pressure, and internal politics. Results reveal that higher levels of organizational frictions are negatively associated with both governance improvements and equity valuation during periods of shareholder-focused reform in Japan. These findings suggest that the impediment to reform is not a rational trade-off between stakeholder and shareholder interests, but a spillover of internal organizational inefficiencies that structurally stifles the adoption of shareholder-oriented architecture.
Language: Japanese (日本語)
Time: 16:00-17:30

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In-person venues or/and Zoom meeting URL will be announced via the mailing list.

May 30 (Sat.) 2026

1st Session

2nd Session

June 27 (Sat.) 2026

July 25 (Sat.) 2026

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