Why is corporate governance important? Empirical analyses on management turnover, dividend payments, and restructuring

对于日本公司，我们发现：(a)董事会独立性影响全球金融危机期间管理层更替和股息削减的概率；(b)采用股票期权计划的公司支付高额股息并拥有独立董事会；(c)上市要求影响财务困难公司的处置模式。对于中国企业，我们发现：在全球金融危机期间，政府控制对企业绩效的影响最大；（二）非流通股的存在影响公司控制权市场的功能；(c)法律环境和政治关系影响上市公司的估值。通过使用国际数据，我们发现：(a)在工会拥有强大合法权利的国家，企业不太可能进行重组；(b)股权结构影响股利平滑程度。

For Japanese firms, we find: (a) board independence affects the probability of management turnover and dividend cuts during the global financial crisis; (b) firms adopting stock option plans pay high dividends and have independent boards; (c) listing requirements affect the mode of resolution of financially distressed firms. For Chinese companies, we find: government control has favorite effects on firm performance during the global financial crisis; (b) the existence of non-tradable shares affects function of the market for corporate control; (c) legal environments and political connections affect valuation of firms going public. By using international data, we find: (a) firms are less likely to conduct restructuring in countries with strong legal rights of labor unions; (b) ownership structures affect the degree of dividend smoothing.