When Do Board Interlocks Matter? The Adoption of Share Buyback and Stock Option Pay in Japanese Firms

This study examines the adoption of stock buyback and executive stock option compensation in Japanese firms. We investigate whether the presence of interlocking directors who sit on boards of other firms that adopted those practices is related to the adoption of the same practices by the focal firm....

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Main Authors: YOSHIKAWA, Toru, Shim, J.W.
Format: text
Language:English
Published: Institutional Knowledge at Singapore Management University 2012
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Online Access:https://ink.library.smu.edu.sg/lkcsb_research_smu/73
http://prague.strategicmanagement.mobi/tools/schedule/sessionDetails?id=114
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spelling sg-smu-ink.lkcsb_research_smu-10722012-12-06T07:24:03Z When Do Board Interlocks Matter? The Adoption of Share Buyback and Stock Option Pay in Japanese Firms YOSHIKAWA, Toru Shim, J.W. This study examines the adoption of stock buyback and executive stock option compensation in Japanese firms. We investigate whether the presence of interlocking directors who sit on boards of other firms that adopted those practices is related to the adoption of the same practices by the focal firm. We also examine whether there are any differences in the effects of such board interlocks between family-controlled firms and non family-controlled firms. Our findings show that the presence of interlocking directors is significantly related to the adoptions. We also found that while the effect of such directors on the adoption of a stock buyback plan is stronger for non family-controlled firms, the effect on the adoption of a stock option pay is stronger for family-controlled firms. 2012-10-01T07:00:00Z text https://ink.library.smu.edu.sg/lkcsb_research_smu/73 http://prague.strategicmanagement.mobi/tools/schedule/sessionDetails?id=114 Research Collection Lee Kong Chian School Of Business (SMU Access Only) eng Institutional Knowledge at Singapore Management University Strategic Management Policy
institution Singapore Management University
building SMU Libraries
country Singapore
collection InK@SMU
language English
topic Strategic Management Policy
spellingShingle Strategic Management Policy
YOSHIKAWA, Toru
Shim, J.W.
When Do Board Interlocks Matter? The Adoption of Share Buyback and Stock Option Pay in Japanese Firms
description This study examines the adoption of stock buyback and executive stock option compensation in Japanese firms. We investigate whether the presence of interlocking directors who sit on boards of other firms that adopted those practices is related to the adoption of the same practices by the focal firm. We also examine whether there are any differences in the effects of such board interlocks between family-controlled firms and non family-controlled firms. Our findings show that the presence of interlocking directors is significantly related to the adoptions. We also found that while the effect of such directors on the adoption of a stock buyback plan is stronger for non family-controlled firms, the effect on the adoption of a stock option pay is stronger for family-controlled firms.
format text
author YOSHIKAWA, Toru
Shim, J.W.
author_facet YOSHIKAWA, Toru
Shim, J.W.
author_sort YOSHIKAWA, Toru
title When Do Board Interlocks Matter? The Adoption of Share Buyback and Stock Option Pay in Japanese Firms
title_short When Do Board Interlocks Matter? The Adoption of Share Buyback and Stock Option Pay in Japanese Firms
title_full When Do Board Interlocks Matter? The Adoption of Share Buyback and Stock Option Pay in Japanese Firms
title_fullStr When Do Board Interlocks Matter? The Adoption of Share Buyback and Stock Option Pay in Japanese Firms
title_full_unstemmed When Do Board Interlocks Matter? The Adoption of Share Buyback and Stock Option Pay in Japanese Firms
title_sort when do board interlocks matter? the adoption of share buyback and stock option pay in japanese firms
publisher Institutional Knowledge at Singapore Management University
publishDate 2012
url https://ink.library.smu.edu.sg/lkcsb_research_smu/73
http://prague.strategicmanagement.mobi/tools/schedule/sessionDetails?id=114
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