Abstract

http://ssrn.com/abstract=5454
 
 

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Appointments of Outsiders to Japanese Boards: Determinants and Implications for Managers


Steven N. Kaplan


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

Bernadette A. Minton


Ohio State University (OSU) - Department of Finance

February 1994


Abstract:     
This paper investigates the determinants of appointments of outsiders -- directors previously employed by banks (bank directors) or by other nonfinancial firms (corporate directors) -- to the boards of large nonfinancial Japanese corporations. Such appointments increase with poor stock performance; those of bank directors also increase with earnings losses. Turnover of incumbent top executives increases substantially in the year of both types of outside appointments. We perform a similar analysis for outside appointments in large U.S. firms and find different patterns. We conclude that banks and corporate shareholders play an important monitoring and disciplinary role in Japan.

JEL Classification: G32. G21, D23

working papers series


Not Available For Download

Date posted: August 10, 1999  

Suggested Citation

Kaplan, Steven N. and Minton, Bernadette A., Appointments of Outsiders to Japanese Boards: Determinants and Implications for Managers (February 1994 ). Available at SSRN: http://ssrn.com/abstract=5454

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
Ohio State University (OSU) - Department of Finance ( email )
2100 Neil Avenue
Columbus, OH 43210-1144
United States
614-688-3125 (Phone)
614-292-2359 (Fax)

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