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論文
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松本, 守 ; 孫, 月
概要:
Using a unique dataset of Japanese companies that went public during 1995 to 2004, this paper empirically studies board turnover-performance relations and its impact on performance improvement. This paper finds that board turnover
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increasas significantly with poor firm performance. This is true even after control for the manager turnover. This paper also finds that manager turnover-performance relations in IPO firms are weak because of managerial entrenchment. Finally, there seems to be no performance improvement after board turnover and manager turnover, even when manager leaves involuntarily.
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論文 |
論文
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松本, 守 ; 後藤, 孝夫
概要:
This study investingates the relationship between director bounses and performance of 23 Japanese listed railway companies. The analysis yields the following results. First, during 1993-2011, there was a significant positive
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influence of ROA(Return On Assets) on director bonuses. Second, during 1993-1999, when the Japanese government regulated market entry and exit in railway services, there is a significant negative influence of stock return and the number of board members on director bonuses. However, during 2000-2011, after the Japanese government deregulated the market, these indexes turns into a significant positive influence.
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