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The impact of corporate governance on debt service obligations: evidence from automobile companies listed on the Tokyo stock exchange

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Listed:
  • Richard Arhinful

    (Cyprus International University)

  • Leviticus Mensah

    (Cyprus International University)

  • Jerry Seth Owusu-Sarfo

    (Cyprus International University)

Abstract

This study investigates the influence of corporate governance mechanisms on debt service obligations within the context of 34 automobile companies listed on the Tokyo Stock Exchange from 2006 to 2021, utilizing a purposive sampling approach. Employing a range of statistical models including the random effect model, fixed effect model, and the generalized method of moments (GMM), the study yields several key findings. Firstly, it reveals a significant and positive correlation between the presence of independent board members and the debt service obligations of Japanese automobile firms. Secondly, a noteworthy negative association is uncovered when the CEO holds a dual role, impacting debt service obligations negatively. Thirdly, the inclusion of non-executive board members on corporate boards is found to be linked to a significant and adverse effect on debt service obligations among these firms. Finally, the study underscores the positive impact of board members' knowledge, skills, and the frequency of meetings on the debt service obligations of automobile companies in Japan.

Suggested Citation

  • Richard Arhinful & Leviticus Mensah & Jerry Seth Owusu-Sarfo, 2024. "The impact of corporate governance on debt service obligations: evidence from automobile companies listed on the Tokyo stock exchange," International Journal of Disclosure and Governance, Palgrave Macmillan, vol. 21(4), pages 501-519, December.
    • Handle: RePEc:pal:ijodag:v:21:y:2024:i:4:d:10.1057_s41310-023-00215-2
    DOI: 10.1057/s41310-023-00215-2
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