Publication Type
Journal Article
Version
acceptedVersion
Publication Date
12-2003
Abstract
This paper explores the performance impact of recent changes in foreign shareholdings and boardroom reforms in Japan. Empirical research on the impact of reform on the Japanese corporate governance system could provide useful lessons for their European counterparts who are themselves facing similar pressures to reform. We found that although participation of outside directors in strategic decision-making was associated with positive stock returns, the increase in the ratio of outside directors, the separation of the board members and executive officers, and the reduction of board size were not related to firm performance.
Keywords
Corporate governance, Stakeholder governance, Agency theory, Board of directors, Ownership structure
Discipline
Business Law, Public Responsibility, and Ethics | Corporate Finance | Entrepreneurial and Small Business Operations
Research Areas
Strategy and Organisation
Publication
European Management Journal
Volume
21
Issue
6
First Page
698
Last Page
706
ISSN
0263-2373
Identifier
10.1016/j.emj.2003.09.013
Publisher
Elsevier
Citation
YOSHIKAWA, Toru and PHAN, Phillip H..
The Performance Implications of Ownership Driven Governance Reform. (2003). European Management Journal. 21, (6), 698-706.
Available at: https://ink.library.smu.edu.sg/lkcsb_research/2289
Copyright Owner and License
Authors
Creative Commons License
This work is licensed under a Creative Commons Attribution-NonCommercial-No Derivative Works 4.0 International License.
Additional URL
https://doi.org/10.1016/j.emj.2003.09.013
Included in
Business Law, Public Responsibility, and Ethics Commons, Corporate Finance Commons, Entrepreneurial and Small Business Operations Commons