The Performance Implications of Ownership-driven Governance Reform
By Toru Yoshikawa, Phillip H. Phan. 2003
140 citations recorded by the source corpus.
This paper explores the performance impact of recent changes in foreign shareholdings and boardroom reforms in Japan. Empirical research on the impact of reform on the Japanese corporate governance system could provide useful lessons for their European counterparts who are themselves facing similar pressures to reform. We found that although participation of outside directors in strategic decision-making was associated with positive stock returns, the increase in the ratio of outside directors, the separation of the board members and executive officers, and the reduction of board size were not related to firm performance.
Subfields: Accounting, Finance
View Paper: https://www.semanticscholar.org/paper/9de1f44556fd9caf48ba8011861971a7f3abfa55
How researchers see this paper
The researchers whose trusted networks rank it highest, strongest advocate first. Every researcher gets a different order.
In Accounting
In Finance
Citations in the corpus
- Family Control and Ownership Monitoring in Family-Controlled Firms in Japan (2010, unknown): “Several studies have found a positive association between foreign ownership and firm performance ( Yoshikawa and Phan, 2003).”
- Japanese keiretsu: Past, present, future (2009, background): “Numerous studies document a significant decline in the role of bank financing and increased reliance on non-bank financing (Ahmadjian & Robbins, 2005; Gedajlovic, Yoshikawa, & Hashimoto, 2005; Miyajima, 2007; Sadao, 2006; Suto & Toshino, 2005; Yoshikawa & Phan, 2003; Yoshikawa & Phan, 2005; Yoshik”
- Looking for evidence of the relationship between corporate social responsibility and corporate financial performance in an emerging market (2011, methodology): “In this regards, some authors have used both accounting and stock market return (R 2 i) data to measure financial performance (e.g. Yoshikawa and Phan, 2003;McGuire et al., 1988).”