Search Results (78)

Sustainable human resource management (HRM) has attracted growing attention as a new paradigm for enhancing organizational resilience. However, prior studies mainly examined the effects of individual practices, offering a limited explanation of how organizational resilience emerges as an integrated mechanism. To address this theoretical gap, we conceptualize sustainable HRM as an integral talent management process in which multiple practices operate interdependently and investigate the configurational mechanisms through which organizational resilience is generated in Japanese firms and discuss these from the perspective of socioformation. Based on six analytical dimensions derived from a tertiary literature review, we conducted a crisp-set qualitative comparative analysis (csQCA) using securities report data from 36 listed Japanese companies. The results revealed that organizational resilience is not achieved through a single best practice, but rather points to a new form of integrated human resource management aimed at sustainable value creation. From a socioformation perspective, employees are viewed not merely as productive inputs but as agents capable of continuous development through sustained investment in human potential. From this perspective, sustainable social development cannot be reduced to well-being or inclusion indicators alone but also encompasses ethical, collaborative, territorial, and interdisciplinary dimensions of transformation. The findings clarify the theoretical role of integral talent management in sustainable value creation and provide practical implications for human-centred management. Full article

Background: The COVID-19 pandemic has underscored the critical importance of supply chain resilience. However, little is known about firms’ willingness to implement logistics and supply chain resilience strategies (SCRESTs), and how this willingness varies across contexts. This study investigates the willingness of Japanese manufacturing firms to implement SCRESTs and examines how the pandemic has influenced this willingness. Methods: Using survey data from 549 Japanese manufacturing firms collected from March to April 2022, we employed binary choice models and the average treatment effect on the treated (ATET) analysis to examine the factors influencing the willingness to implement SCRESTs before and during/after the pandemic. Results: Firms demonstrated significantly higher willingness to implement SCRESTs during/after the pandemic compared with before. Company size, industry sector, logistics strategy, implementation obstacles, and past SCREST implementation significantly influenced willingness across both periods. The ATET analysis confirmed that past SCREST implementation positively affects future willingness. Conclusions: The pandemic served as a catalyst for enhanced supply chain resilience awareness among Japanese manufacturers. Sector-specific interventions addressing both informational and structural barriers are essential to sustain and strengthen the willingness to implement SCRESTs, particularly in strategically important sectors where financial incentives alone may prove insufficient. Full article

This paper examines the relationship between corporate carbon-reduction pledges and the subsequent adoption of renewable energy by pledging firms, and whether this relationship depends on the institutional conditions in which they operate. We propose a pressure-capacity model, highlighting two different institutional dimensions, (1) environmental policy stringency (institutional pressure) and (2) renewable energy infrastructure (institutional capacity), that may shape when firms’ symbolic pledges lead to observable change in their energy procurement behavior. We estimate random-effects logistic regression models with panel data on 552 publicly listed firms in South Korea, China, and Japan from 2002 to 2017. We find that the relationship between carbon-reduction pledges and renewable energy adoption is strengthened by both the stringency of environmental policy and the availability of renewable energy infrastructure. The marginal effects analysis indicates that the pledge effect is close to zero when institutional capacity is low. However, it increases to about 13 percentage points when policy stringency is high and 9 percentage points when renewable supply is high. The country-specific subsample analysis further uncovers that the conditional effect of institutional capacity is particularly pronounced among Japanese companies. The analysis of correlated random effects shows that these patterns remain robust even after controlling for between-firm confounding. Overall, our findings indicate that the extent to which voluntary corporate climate change commitments translate into actual green implementation depends on the regulatory and infrastructural environment in which firms operate. Full article

Cost–benefit analysis (CBA), particularly the economic internal rate of return (EIRR), continues to play an important role in infrastructure project appraisal. Using EIRR data from 387 infrastructure projects financed under Japan’s ODA loans (Japanese fiscal years 2001–2020), this study identifies clear sectoral trends: economic infrastructure and brownfield projects generally exhibit higher EIRRs, while no significant differences are observed between tied projects (i.e., projects whose contracts are primarily tied to Japanese firms) and untied projects. A comparison of ex ante and ex post EIRRs for 84 projects shows that estimates may vary due to factors such as changes in demand, project costs, and implementation periods, indicating the practical challenges involved in estimating EIRRs. Qualitative analysis further suggests that non-economic considerations—such as humanitarian needs, national development priorities, and diplomatic interests—may also influence financing decisions. Overall, while CBA remains a valuable and widely used tool, the findings highlight the importance of complementing it with broader sustainability-oriented appraisal approaches that capture the multidimensional value of infrastructure projects. Full article

Honeyberry (Lonicera caerulea L.) is a recently domesticated fruit crop, and there has been rather limited research on its phenological characteristics. In this study, we comprehensively evaluated the phenological and fruit quality traits of a honeyberry germplasm collection comprising 45 accessions. The annual growth period of the 45 accessions ranged from 153 (part of Russian accessions) to 173 days (part of Japanese accessions) in Harbin, China. The accessions of Japanese origin (‘Ri–5’, ‘Ri–68’, ‘RiM–3’, ‘Riwan’, ‘Riwandianlan’, and ‘Riwan–13’) consistently exhibited delayed flowering and ripening, as well as higher single fruit weights and fruit firmness. In contrast, the accessions of Russian and Chinese origins displayed relatively early to mid-season phenology, along with higher levels of vitamin C, anthocyanins, and soluble solids. Furthermore, there were great coefficients of variation (CVs) in total anthocyanins (CV = 35%), flavonoids (CV = 30%), phenolics (CV = 21%), and titratable acidity (CV = 19%) among the 45 accessions. Principal component analysis and hierarchical clustering revealed distinct clustering patterns among Japanese accessions. Among these accessions, ‘RiM–3’ exhibited both a relatively large fruit size and high firmness, implying its potential to overcome the inevitable trade-off between fruit size and firmness typically observed in Chinese and Russian honeyberry accessions. Our investigation and findings provide valuable information for honeyberry breeding aimed at optimizing the maturity period and enhancing fruit quality, as well as a reference for the current cultivation and management methods. Full article

Understanding how investors maintain positions during adverse market conditions, investment grip, is increasingly important as retail participation rises and information environments diversify. While prior research identifies demographic, psychological, and economic determinants of investment grip, little is known about how information sources influence investors’ tolerance for losses. This study examines the relationship between investment information channels and investment grip among Japanese retail investors using a large-scale dataset of 161,677 respondents from the 2025 Survey on Life and Money. Investment grip is measured through a hypothetical loss scenario, and ordered probit and probit models are used to analyze associations between loss tolerance, information sources, and investor characteristics. Results show that reliance on professional information sources such as outsourced independent financial advisors, one’s own securities company, other securities firms, and external financial experts is negatively associated with investment grip. Free information sources, including mass media and personal networks, are also linked to lower loss tolerance. In contrast, reliance on social media is consistently associated with higher investment grip. Financial literacy, wealth, and age increase investment grip, whereas risk aversion, short-term outlooks, and family responsibilities reduce it. These results have implications for policy design, advisory practices, and digital and AI-enhanced investment platforms. Full article

Due to the allergenicity of soy protein, this study aimed to develop a hypoallergenic, dysphagia-friendly matrix using pea protein isolate. We investigated the effects of three hydrocolloid thickeners—xanthan gum (XG), guar gum (G), and carrageenan (C)—at various concentrations on the matrices’ rheological properties, textural characteristics, and dysphagia diet classification. The unthickened pea protein base was unstable, exhibiting rapid phase separation and low viscosity, unsuitable for dysphagia diets. The addition of XG (0.4–0.6 g), G (0.5–1.0 g), and C (0.8–1.2 g) successfully produced food matrices meeting the slightly, mildly, and moderately thick levels of the Japanese Society of Dysphagia Rehabilitation (JSDR) framework. However, discrepancies were noted between instrumental viscosity and syringe flow test classifications. Rheological analysis revealed that XG samples were in elastic (G′ > G″) domain in the linear viscoelastic region (LVR) and exhibited shear-thinning behavior. In contrast, G and C samples were in viscous (G″ > G′) domain. Frequency sweeps characterize XG samples as weak gels, G samples as dilute polymer solutions, and C samples as gel-like structures. Texture profile analysis further showed that xanthan gum imparted the highest firmness and thickness, whereas guar gum provided the best flowability. Full article

This study conceptualizes transformational leadership not as an evaluation by others but as the leader’s self-recognition—self-perceived transformational leadership (STFL)—and examines the roles of two psychological resources, Vigor and challenge-oriented coping (Overcoming), together with subjective well-being (SWB). Using validated scales, we surveyed approximately 600 employees from large Japanese corporations. After confirming the validity of a four-factor measurement model via confirmatory factor analysis (CFA), we tested structural relationships using structural equation modeling (SEM) with maximum likelihood estimation; indirect effects were assessed with Monte Carlo confidence intervals. The results showed that the strongest direct effect on STFL was from Overcoming, with a moderate and significant direct effect from Vigor. In contrast, the direct effect of SWB on STFL was small and marginal; however, the indirect effects of Vigor and Overcoming on STFL via SWB were small but significant, indicating a pattern of partial mediation. Overall, the primary pathway to STFL is the direct effect of psychological resources, while SWB contributes secondarily as an affective route. These findings refine the dynamics proposed by the broaden-and-build framework: positive affect broadens behavioral repertoires and fosters resource formation, and those resources, in turn, are reflected in self-recognition as a transformational leader—yet with a dominance of the direct resource pathway. Given the cross-sectional, self-report design and the focus on employees of large Japanese firms, additional longitudinal and intervention studies are needed to enhance the generalizability of the conclusions. Full article

This study examined the impact of organizational capital (OC) on the cost stickiness of Japanese firms and analyzed whether this effect varies with the magnitude of sales changes. Using 12,727 firm-year observations from Tokyo Stock Exchange-listed firms between 2007 and 2024, we estimated the economic value of OC by capitalizing and amortizing selling, general, and administrative (SG&A) expenses, then classified firms into high- and low-OC groups based on the median. Cost stickiness was then compared across groups using the basic, ABJ, and extended models, with robustness checks based on adjusted OC and two-way fixed effects models. The results indicate that high-OC firms exhibit stronger cost stickiness, while low-OC firms display weaker or insignificant stickiness. The effect depends on the magnitude of sales fluctuations: stickiness is pronounced under small changes but diminishes or disappears under larger shocks. Overall, this study contributes by highlighting the role of organizational resources in shaping asymmetric cost behavior, extending explanations beyond adjustment costs or managerial incentives, and providing novel evidence from Japan, where firms generally exhibit cost stickiness regardless of OC level, reflecting institutional and cultural contexts. Full article

This study investigates the bidirectional relationship between biodiversity conservation, an increasingly important dimension of corporate social responsibility (CSR), and corporate financial performance (CFP). Specifically, it compares the manufacturing sector, which has substantial environmental impact and close ties to ecosystems, and the nonmanufacturing sector. The analysis draws on 1079 firm-year observations of Japanese companies from 2017 to 2022, employing the ratio of biodiversity-related expenditures to total environmental costs as the independent variable. CFP is measured by return on assets (ROA) and the price-to-book ratio (PBR). The results show that the effects on ROA significantly differ between manufacturing and nonmanufacturing sectors, with more positive impacts in manufacturing. In contrast, no clear sectoral differences are identified for the PBR. The reverse analysis suggests that, in the nonmanufacturing sector, firms with a higher PBR tend to allocate less to biodiversity conservation, whereas in manufacturing firms, both ROA and the PBR indicate positive effects, although statistical significance was not established. These findings indicate that biodiversity conservation in the manufacturing sector can be regarded as a strategic investment that contributes to profitability, and that its effects differ across industries. The study further suggests that investors and policymakers should consider industry-specific characteristics when evaluating corporate initiatives and designing institutional frameworks. Full article

The behavioral theory of the firm explains how firms react to performance feedback, yet little is known about how firms integrate backward-looking feedback with forward-looking assessments of market opportunity. This study proposes and tests a retrenchment model grounded in SWOT-based behavioral logic via the TOWS matrix. Changes in market share are conceptualized as an internal strength or weakness, and market attractiveness, as an external opportunity or threat. Using prefecture-level panel data on Japanese life insurance companies (2006–2019), the analysis showed that market attractiveness served as a cognitive frame that shapes a firm’s response to performance signals. In attractive markets (opportunity), firms reduced retrenchment, as share gains (strength) were leveraged and losses (weakness) triggered problem-solving. Conversely, in unattractive markets (threat), firms accelerated retrenchment, as losses (weakness) confirmed the need to exit and gains (strength) enabled a profitable withdrawal. The study extends behavioral theory by showing that the strategic meaning of an internal strength or weakness depends on the external context of an opportunity or threat. This mechanism helps explain why firms sometimes persist after failure and retrench after success. Practically, the findings offer a diagnostic framework that helps managers assess market portfolios and mitigate behavioral biases in resource allocation decisions. Full article

This study explores the impact of credit spreads—defined as the difference between corporate bond yields and matched government bond yields—and macro-financial conditions on Japanese firms’ decision-making regarding whether to issue corporate bonds in domestic or international markets. Using firm-level panel data from 2010 to 2019, we employ fixed-effects regressions to identify the determinants of credit spreads and assess their influence on issuance location. The results suggest that firms strategically opt for foreign markets when anticipating narrower spreads, despite the typically higher borrowing costs associated with overseas issuance. Sensitivity to credit spreads systematically varies with issuer characteristics—such as leverage and credit ratings—and market elements—including the United States volatility and stock performance. Interaction models further demonstrate that market selection dynamically responds to pricing signals and uncertainty. By connecting credit spread formation to venue choice, this study provides a new perspective on cross-border financing in segmented capital markets. These findings offer theoretical insights and practical implications for understanding how firms adapt their debt strategies in response to global financial conditions. Full article

Based on firm-level data of Japanese listed companies for the period of 2013–2022, this study conducts an empirical analysis to investigate how the issuance of green bonds influences corporate environmental and financial performance. The results show that the green bond issuance demonstrates a reduction in corporate greenhouse gas emission intensity and energy consumption intensity in the long term. Moreover, the issuance of green bonds enhances the financial performance of firms in the long run. However, the positive effect of green bond issuance on corporate environmental and financial performance is significant only among firms that have set specific quantitative environmental targets. In addition, for manufacturing and transportation green bond issuers that have set specific quantitative environmental targets, the improvement in environmental performance is evident in both the long and short term. Full article

Demands for companies to comply with environmental, social, and governance (ESG) requirements are growing, and companies are also expected to play a role in promoting sustainable development. For companies to achieve sustainable growth while addressing ESG, it must be understood whether ESG activities promote improved corporate financial performance. We conducted a five-year panel data analysis of 635 Japanese firms from FY 2019 to FY 2023, using the PBR, PER, and ROE financial indicators as the dependent variables and CSR ratings in the human resource utilization (HR), environment (E), governance (G), and social (S) categories as the independent variables. The results revealed that, depending on the combination of ESG field and financial indicators, companies with advanced ESG initiatives had greater financial performance, with some cases showing a nonlinear relationship; differences in the results between manufacturing and nonmanufacturing industries were also observed. For companies to effectively advance ESG activities, it is important to clarify the objectives and results for each ESG category. For policymakers to consider measures to encourage companies’ ESG activities, it is also important to design finely tuned regulations and incentives according to the ESG category and industry characteristics. Full article

This study examines the impact of cost stickiness on research and development (R&D) investment and corporate performance in Japanese firms. Additionally, it investigates the moderating effect of managerial overconfidence and financial slack. To do so, we analysed a sample of 4877 observations from Japanese firms listed on the Tokyo Stock Exchange between 2014 and 2020. The results show that cost stickiness generally promotes R&D investment while negatively affecting corporate performance. Further, although managerial overconfidence does not moderate the relationship between cost stickiness and R&D investment, it weakens the negative effect of cost stickiness on corporate performance. Meanwhile, financial slack strengthens the positive impact of cost stickiness on R&D investment, but it does not moderate the relationship between cost stickiness and corporate performance. These findings provide strategic insights into resource allocation behaviour in driving innovation and influencing corporate outcomes in the Japanese market context. Full article