FIRM PERFORMANCE, CORPORATE GOVERNANCE, AND TOP EXECUTIVE TURNOVER IN JAPAN

• 成果类型: Article
• 署名作者: KANG, JK; SHIVDASANI, A
• 署名单位: Michigan State University; Michigan State University's Broad College of Business; University of Rhode Island
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/0304-405X(94)00807-D
• 发表日期: 1995
• 页码: 29-58
• 关键词: Management turnover; Japanese corporate governance; MAIN BANK SYSTEM JEL CLASSIFICATION; G32; L14

摘要

We examine the role of corporate governance mechanisms during top executive turnover in Japanese corporations. Consistent with evidence from U.S. data, the likelihood of nonroutine turnover is significantly related to industry-adjusted return on assets, excess stock returns, and negative operating income, but is not related to industry performance. The sensitivity of nonroutine turnover to earnings performance is higher for firms with ties to a main bank than for firms without such ties. Outside succession in Japan is more likely for firms with large shareholders and a main bank relationship. We document performance improvements subsequent to nonroutine turnover and outside succession.