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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Main Authors: YOSHIKAWA, Toru, PHAN, Phillip H.
Format: text
Language:English
Published: Institutional Knowledge at Singapore Management University 2003
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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
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spelling sg-smu-ink.lkcsb_research-32882019-10-04T08:36:17Z The Performance Implications of Ownership Driven Governance Reform YOSHIKAWA, Toru PHAN, Phillip H. 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. 2003-12-01T08:00:00Z text application/pdf https://ink.library.smu.edu.sg/lkcsb_research/2289 info:doi/10.1016/j.emj.2003.09.013 https://ink.library.smu.edu.sg/context/lkcsb_research/article/3288/viewcontent/Ownership_driven_goverance_av.pdf http://creativecommons.org/licenses/by-nc-nd/4.0/ Research Collection Lee Kong Chian School Of Business eng Institutional Knowledge at Singapore Management University Corporate governance Stakeholder governance Agency theory Board of directors Ownership structure Business Law, Public Responsibility, and Ethics Corporate Finance Entrepreneurial and Small Business Operations
institution Singapore Management University
building SMU Libraries
continent Asia
country Singapore
Singapore
content_provider SMU Libraries
collection InK@SMU
language English
topic Corporate governance
Stakeholder governance
Agency theory
Board of directors
Ownership structure
Business Law, Public Responsibility, and Ethics
Corporate Finance
Entrepreneurial and Small Business Operations
spellingShingle Corporate governance
Stakeholder governance
Agency theory
Board of directors
Ownership structure
Business Law, Public Responsibility, and Ethics
Corporate Finance
Entrepreneurial and Small Business Operations
YOSHIKAWA, Toru
PHAN, Phillip H.
The Performance Implications of Ownership Driven Governance Reform
description 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.
format text
author YOSHIKAWA, Toru
PHAN, Phillip H.
author_facet YOSHIKAWA, Toru
PHAN, Phillip H.
author_sort YOSHIKAWA, Toru
title The Performance Implications of Ownership Driven Governance Reform
title_short The Performance Implications of Ownership Driven Governance Reform
title_full The Performance Implications of Ownership Driven Governance Reform
title_fullStr The Performance Implications of Ownership Driven Governance Reform
title_full_unstemmed The Performance Implications of Ownership Driven Governance Reform
title_sort performance implications of ownership driven governance reform
publisher Institutional Knowledge at Singapore Management University
publishDate 2003
url 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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