From Productivity to Sustainability?: Formal Institutional Changes and Perceptual Shifts in Japanese Corporate HRM

The significance of human capital (HC) has been gaining attention worldwide. However, practices of human resource management (HRM) vary across countries. In Japan, these HRM practices have been shaped by top-down initiatives such as the Charter of Work–Life Balance, the Work Style (WS) Reform, and the mandatory disclosure of HC for publicly listed companies. This study examines the evolution of HRM perceptions in Japanese companies from 2008 to 2024, as well as the quantitative trends and semantic shifts in the mentions of a series of institutional reforms. This study performed text analysis on 51,666 narrative disclosure documents from 3970 listed Japanese companies. Results show that mandatory HC disclosure marked a semantic turning point, shifting the corporate focus from short-term productivity to long-term sustainability. Moreover, the sequential introduction of new concepts has fostered coexistence and semantic reconstruction, rather than competition or exclusion between HC and WS. This study empirically demonstrates that top-down institutional reforms can reshape corporate perceptions beyond mere compliance. It clarifies the dynamics of conceptual coexistence and semantic evolution when related ideas are introduced sequentially. In addition, the findings highlight the value of large-scale narrative disclosure documents in analyzing semantic change.