The Performance Effects and Determinants of Corporate Governance Reform 1

Hideaki Miyajima*


研究成果: Chapter

9 被引用数 (Scopus)


This chapter addresses the introduction of the executive officer system as an alternative to the traditional insider board structure. As a result, since 1997 board sizes have decreased and a greater separation has been made between monitoring and management responsibilities. Some firms have also introduced outside directors and performance-related compensation schemes, such as stock options. The extent of these reforms among Japanese firms is examined using a survey-based Corporate Governance Score (CGS) for each corporation. Higher CGS scores are associated with better performance, a higher percentage of foreign shareholders, and a lower percentage of stable shareholders. However, among firms exposed to capital market pressures, the presence of strong employee participation also has a significant positive impact on the degree of reform and suggests a strong mutual reliance on capital markets and long-term employment among strongly performing Japanese firms.

ホスト出版物のタイトルCorporate Governance in Japan
ホスト出版物のサブタイトルInstitutional Change and Organizational Diversity
出版社Oxford University Press
出版ステータスPublished - 2007 9月 1

ASJC Scopus subject areas

  • 経済学、計量経済学および金融学(全般)


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