NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
loading...

Hideaki Miyajima

Waseda University

E-Mail: EmailAddress: hidden: you can email any NBER-related person as first underscore last at nber dot org
Institutional Affiliation: Waseda University

NBER Working Papers and Publications

March 2018Changes in Corporate Governance and Top Executive Turnover: The Evidence from Japan
with Ryo Ogawa, Takuji Saito
in Corporate Governance (NBER-TCER-CEPR Conference), Franklin Allen, Shin-ichi Fukuda, Takeo Hoshi, organizers
Corporate Governance: Editor's Introduction
with Franklin Allen, Shin-ichi Fukuda, Takeo Hoshi
in Corporate Governance (NBER-TCER-CEPR Conference), Franklin Allen, Shin-ichi Fukuda, Takeo Hoshi, organizers
September 2017Changes in Corporate Governance and Top Executive Turnover: The Evidence from Japan
with Ryo Ogawa, Takuji Saito: w23812
We examine the turnover of top executives in Japanese firms throughout the period from 1990 to 2013. During this time, the presence of a main bank has been weakened, the ownership of institutional investors has dramatically increased, and independent outside directors have been introduced in many firms. We find that top executive turnover sensitivity to corporate performance has not changed, although return on equity (ROE) and stock returns displace return on assets (ROA) as performance indicators that turnover is most sensitive to. The evidence also indicates that instead of the main bank, foreign institutional investors have begun to play an important governance role in Japan. However, the main bank does not abandon its governance role. While the scope of the main bank’s authority may ha...

Published: Hideaki Miyajima & Ryo Ogawa & Takuji Saito, 2017. "Changes in Corporate Governance and Top Executive Turnover: The Evidence from Japan," Journal of the Japanese and International Economies, .

 
Publications
Activities
Meetings
NBER Videos
Themes
Data
People
About

National Bureau of Economic Research, 1050 Massachusetts Ave., Cambridge, MA 02138; 617-868-3900; email: info@nber.org

Contact Us