Darla Moore School of Business-Hitotsubashi University
International Conference on Corporate Finance:
New Perspectives on Corporate Governance
August 6, 2016
Hitotsubashi University
2-1, Naka, Kunitachi, Tokyo 186-8601
Aim of the Conference:
This one-day academic conference aims at creating a forum of discussion among
distinguished scholars on the most recent and relevant practices and issues related tocorporate governance, including, for instance, the role of institutional investors, crosslisting, and national culture.

The Program:
09:00-09:20 Registration @ 7th floor of Mercury Tower
09:20-09:30 Opening Remarks @ Conference Room, 7th floor of Mercury Tower
09:30-10:50 Session 1: Institutional Investors
10:50-11:10 Coffee break
11:10-12:30 Session 2: Cross-listing
12:30-13:40 Lunch Break @ Mercury Hall, 7th floor of Mercury Tower
13:40-15:40 Session 3: Stakeholders, Business Groups, and Culture
15:40-16:00 Coffee Break
16:00-17:00 Panel Discussion by Distinguished Scholars
17:00-17:10 Closing Remarks
17:15-19:15 Reception (Dinner) @ Mercury Hall, 7th floor of Mercury Tower
20 mins for presentation, 15 mins for discussant, and 5 mins for questions

Graduate School of Commerce and Management
Hitotsubashi University Center for Financial Research
Sponsored by Mizuho Financial GroupThe Detailed Program:
09:00-09:20 Registration at the 7th floor of Mercury Tower

09:20-09:30 Opening Remarks at the Conference Room, 7th floor of Mercury Tower
Toyohiko Hachiya (Dean of the Graduate School of Commerce andManagement, Hitotsubashi University)

09:30-10:50 Session 1: Institutional Investors
Geographic Concentration of Institutions, Corporate Governance, andFirm Value
Jun-Koo Kang (Nanyang Technological University)
Discussant: Iichiro Uesugi (Hitotsubashi University)
Do Long-Term Investors Improve Corporate Decision Making?
Satter Mansi (Virginia Tech)
Discussant: Masaharu Hanazaki (Hitotsubashi University)

10:50-11:10 Coffee Break

11:10-12:30 Session 2: Cross-Listing
The Impact of Cross-Listing on Corporate Governance: An Examination ofthe Governance Bonding Hypothesis
Paul Brockman (Lehigh University)
Discussant: Omrane Guedhami (University of South Carolina)
Cross-listing and Corporate Social Responsibility
Sadok El Ghoul (University of Alberta)
Discussant: Yoko Shirasu (Aoyama Gakuin University)
12:30-13:40 Lunch Break at the Mercury Hall, 7th floor of Mercury Tower

13:40-15:40 Session 3: Stakeholders, Business Groups, and Culture
Do Firms Consider Stakeholder Interests as a Means to Create
Shareholder Value or as the Ultimate goal? Evidence from JapaneseDividend Policies
Masaru Konishi (Hitotsubashi University)
Discussant: Shinichi Hirota (Waseda University)
Internal and External Lending by Business and the Supply of Bank Credit
Yukihiro Yasuda (Hitotsubashi University)
Discussant: Sadok El Ghoul (University of Alberta)
National Culture, Corporate Governance Practices, and Firm
Performance
Omrane Guedhami (University of South Carolina)
Discussant: Konari Uchida (Kyushu University)

15:40-16:00 Coffee Break

16:00-17:00 Panel Discussion by Distinguished Scholars
Insights on the conference theme including recent research topics and avenues for future
research
Paul Brockman (Lehigh University)
Jun-Koo Kang (Nanyang Technological University)
Satter Mansi (Virginia Tech)

17:00-17:10 Closing Remarks
17:15-19:15 Reception (Dinner) at the Mercury Hall, 7th floor of Mercury Tower
20 mins for presentation, 15 mins for discussant, and 5 mins for questions

KUNITACHI CAMPUS MAP(About a 6-minute walk from the South Exit of JR Kunitachi Station)

From Kunitachi Station

Mercury Tower