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

对于日本企业，我们发现：（a）董事会独立性影响了全球金融危机期间管理层更替和削减股息的可能性;（B）采用股票期权计划的企业支付高股息，并拥有独立的董事会;（c）上市要求影响了财务困境企业的解决方式。对于中国上市公司，我们发现：政府控制对公司绩效的影响在全球金融危机中更为显著;（B）非流通股的存在影响了公司控制权市场的功能;（c）法律的环境和政治关系影响了上市公司的估值。通过使用国际数据，我们发现：（a）在工会法律的权利较强的国家，公司不太可能进行重组;（B）股权结构影响股息平滑程度。

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.