The Performance Implications of Ownership Driven Governance Reform

The Performance Implications of Ownership Driven Governance Reform

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...

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Bibliographic Details
Main Authors: YOSHIKAWA, Toru, PHAN, Phillip H.
Format: text
Language:English
Published: Institutional Knowledge at Singapore Management University 2003
Subjects:
Corporate governance
Stakeholder governance
Agency theory
Board of directors
Ownership structure
Business Law, Public Responsibility, and Ethics
Corporate Finance
Entrepreneurial and Small Business Operations
Online Access:https://ink.library.smu.edu.sg/lkcsb_research/2289
https://ink.library.smu.edu.sg/context/lkcsb_research/article/3288/viewcontent/Ownership_driven_goverance_av.pdf
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Institution: Singapore Management University
Language: English
Description
Summary: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.

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