Board Composition and Corporate Governance in Japanese Firms

日本企业的董事会构成和公司治理

基本信息

  • 批准号:
    15530151
  • 负责人:
  • 金额:
    $ 0.77万
  • 依托单位:
  • 依托单位国家:
    日本
  • 项目类别:
    Grant-in-Aid for Scientific Research (C)
  • 财政年份:
    2003
  • 资助国家:
    日本
  • 起止时间:
    2003 至 2004
  • 项目状态:
    已结题

项目摘要

I, together with Professor J.Mark Ramseyer of Harvard Law School, investigate the relationship between board composition and firm performance of Japanese firms, focusing on "outside directors". The first paper (Who Appoints Them, What Do They Do?), using financial data on 1,000 odd Tokyo Stock Exchange listed firms, examines the relationship for the periods of 1985-90 (so-called the period of Bubble Economy") and 1990-95 (period of disorder and stagnation). The second paper (Does Relationship Banking Matter?) and the third paper (Conflicts of Interests in Japanese Insolvencies), focusing on the relationship between banks and their lending firms (borrowers), examine corporate governance of borrowing firms and the behavior and roles performed by Japanese banks when borrowers fall in financial distress.All three papers reach the same conclusion : the conventional wisdom about Japanese firms lacks firm empirical foundation, and our tests show that it is false ; Those policy claims, based upon this conventional wisdom, such as recommending strongly an increase in outside directors as board members and emphasizing reconstruction of close relationship with lending banks including "main bank.", are totally false. It is widely believed, both at home and abroad, that lending banks, most notably "main bank", take actions in rescuing borrowers when they fall in distress, and succeed in their reconstruction. Out studies show, using massive micro-data, that, if there are a few such cases, the story does not hold in general, and that it is far from the truth. In this sense, bank-borrower relationship in Japans is not different from those in other economies.
笔者与哈佛法学院的J.Mark Ramseyer教授一起,以“外部董事”为研究对象,对日本企业的董事会构成与企业绩效之间的关系进行了研究。第一篇论文(谁任命他们,他们做什么?),本研究使用东京证券交易所1,000多家上市公司的财务数据,考察了1985 ~ 1990年(所谓的"泡沫经济时期”)和1990 ~ 1995年(混乱和停滞时期)的关系。第二篇论文(关系银行业务重要吗?)和第三纸张(日本破产中的利益冲突),重点关注银行与其贷款公司之间的关系(借款人),考察了借款企业的公司治理以及日本银行在借款人陷入财务困境时的行为和作用。关于日本企业的传统观点缺乏坚实的经验基础,我们的检验表明它是错误的;基于这种传统智慧的政策主张,如强烈建议增加外部董事作为董事会成员,强调重建与包括“主银行”在内的贷款银行的密切关系。”,都是完全错误的。国内外普遍认为,贷款银行,尤其是“主银行”,在借款人陷入困境时采取行动救助借款人,并成功地进行了重建。我们的研究表明,使用大量的微观数据,如果有几个这样的情况,故事并不普遍,它是远离真相。从这个意义上说,日本的银行-借款人关系与其他经济体没有什么不同。

项目成果

期刊论文数量(14)
专著数量(0)
科研奖励数量(0)
会议论文数量(0)
专利数量(0)
Who Appoints Them, What Do They Do? Evidence on Outside Directors from Japan
  • DOI:
    10.1111/j.1530-9134.2005.00043.x
  • 发表时间:
    2002-07
  • 期刊:
  • 影响因子:
    0
  • 作者:
    Y. Miwa;J. Ramseyer
  • 通讯作者:
    Y. Miwa;J. Ramseyer
Conflicts of Interest in Japanese Insolvencies : The Problem of Bank Rescues
日本破产中的利益冲突:银行救援问题
Does Relationship Banking Matter? Japanese Bank-Borrower Ties in Good Times and Bad
关系银行重要吗?
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MIWA Yoshiro其他文献

MIWA Yoshiro的其他文献

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{{ truncateString('MIWA Yoshiro', 18)}}的其他基金

The Role of Trade Credit and its Relation with Bank Loan and Inventory Investment: Study with Firm-level Data
贸易信贷的作用及其与银行贷款和库存投资的关系:利用企业层面的数据进行研究
  • 批准号:
    23530271
  • 财政年份:
    2011
  • 资助金额:
    $ 0.77万
  • 项目类别:
    Grant-in-Aid for Scientific Research (C)
The functions and division of roles between trade credit and bank loans during the Financial Crisis
金融危机期间贸易信贷与银行贷款的职能及分工
  • 批准号:
    20530192
  • 财政年份:
    2008
  • 资助金额:
    $ 0.77万
  • 项目类别:
    Grant-in-Aid for Scientific Research (C)
A Study in the Generating-Expanding Process and the Causes of Financial Institution's Poor Support to their Bad Loans in 1990s' Japan
20世纪90年代日本生成扩张过程及金融机构不良贷款支持不良的原因研究
  • 批准号:
    17530172
  • 财政年份:
    2005
  • 资助金额:
    $ 0.77万
  • 项目类别:
    Grant-in-Aid for Scientific Research (C)
日本の資産価格の最近の大変動と投資家行動の理論的・実証的研究
日本资产价格近期大幅波动及投资者行为的理论与实证研究
  • 批准号:
    06301066
  • 财政年份:
    1994
  • 资助金额:
    $ 0.77万
  • 项目类别:
    Grant-in-Aid for Co-operative Research (A)
Theoretical and Empirical Analysis of the Japanese Distribution System
日本分配制度的理论与实证分析
  • 批准号:
    01301078
  • 财政年份:
    1989
  • 资助金额:
    $ 0.77万
  • 项目类别:
    Grant-in-Aid for Co-operative Research (A)

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  • 批准号:
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