Abstract

http://ssrn.com/abstract=478714
 
 

Citations (5)



 


 



'Outside' Intervention in Japanese Companies: its Determinants and Implications for Mangers


Steven N. Kaplan


University of Chicago - Booth School of Business; National Bureau of Economic Research (NBER)

Bernadette A. Minton


University of Chicago - Booth School of Business - Economics

February 1993

NBER Working Paper No. w4276

Abstract:     
This paper estimates the determinants of appointments of 'outsiders' -- directors previously employed by banks or other non-financial firms -- to the boards of large (non-financial) Japanese companies. Appointments of both types of 'outsiders' increase with poor stock performance; those of bank outsiders also increase with negative current income. Appointments of bank outsiders are related to firm debt levels; those of corporate outsiders, to shareholder concentration and group affiliation, Both types of outsider appointments appear to be disciplinary -- top executive turnover increase substantially in the same year. Additional evidence on subsequent firm performance suggests that "bank" directors are appointed in financially distressed or contracting firms, while "corporate" directors are appointed in firms with temporary problems.

Number of Pages in PDF File: 40

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Date posted: December 27, 2006  

Suggested Citation

Kaplan, Steven N. and Minton, Bernadette A., 'Outside' Intervention in Japanese Companies: its Determinants and Implications for Mangers (February 1993). NBER Working Paper No. w4276. Available at SSRN: http://ssrn.com/abstract=478714

Contact Information

Steven Neil Kaplan (Contact Author)
University of Chicago - Booth School of Business ( email )
5807 S. Woodlawn Avenue
Chicago, IL 60637
United States
773-702-4513 (Phone)
773-702-0458 (Fax)
National Bureau of Economic Research (NBER)
1050 Massachusetts Avenue
Cambridge, MA 02138
United States
Bernadette A. Minton
University of Chicago - Booth School of Business - Economics
Graduate School of Business
1101 East 58th Street
Chicago, IL 60637
United States
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