Empirical Analyses on the evolution of corporate governance

日本董事会的缩减并没有增加股东价值。另一方面，首次任命外部董事的公司会经历股东价值的增加。如果IPO公司采用良好的治理做法，那么外资持股比例就很高。非金融监管企业的公司治理机制对股东价值的影响减弱。债务减免和债转股，前提是银行打算阻止借款公司被摘牌；这些重组措施并不能改善借款人的长期业绩。

Japanese board downsizing did not contribute to increased shareholder value. On the other hand, companies that appoint outside directors for the first time experience an increase in shareholder value. IPO companies have high percentage ownerships by foreigners when they adopt good governance practices. The impact of corporate governance mechanisms on shareholder value weakens for nonfinancial regulated firms. Debt forgiveness and debt-for-equity swaps provided banks intend to prevent borrowing firms from being delisted ; those restructuring measures do not improve the borrowers' long-term performance.