Although current corporate governance studies have emphasized that institutions matter for the diffusion of corporate practices, less attention has been paid to how different institutions matter for the implementation of corporate practices, especially when different shareholders who have been embedded in different institutional environments coexist. To answer the question, from the institutional perspective, we develop a theoretical framework to explain how a corporate earnings disclosure practice is implemented by different owners (i.e. Relation-oriented vs. Transaction-oriented owners) who represent different institutional features (i.e. Stakeholderism vs. Shareholderism). We also examine how a board of directors functions differently in earnings disclosure, depending on ownership structure in a corporation. We test our hypotheses with the analysis of 2,151 Japanese firms for the 2005-2011 period.