TY  - JOUR
AU  - Miyajima, Hideaki
AU  - Ogawa, Ryo
AU  - Saito, Takuji
TI  - Changes in Corporate Governance and Top Executive Turnover: The Evidence from Japan
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 23812
PY  - 2017
Y2  - September 2017
DO  - 10.3386/w23812
UR  - http://www.nber.org/papers/w23812
L1  - http://www.nber.org/papers/w23812.pdf
N1  - Author contact info:
Hideaki Miyajima
Waseda University
E-Mail: miyajima@waseda.jp

Ryo Ogawa
Graduate School of Commerce,
Waseda University
1-6-1 Nishi-Waseda,
Shinjuku-ku, Tokyo 169-0850
E-Mail: ryo.ogawa@aoni.waseda.jp

Takuji Saito
Graduate School of Business Administration
Keio University
4-1-1 Hiyoshi, Kohoku-ku,
Yokohama, Kanagawa 223-8526
JAPAN
E-Mail: tsaito@kbs.keio.ac.jp
M1  - published as Hideaki Miyajima, Ryo Ogawa, Takuji Saito. "Changes in Corporate Governance and Top Executive Turnover: The Evidence from Japan," in Franklin Allen, Shin-ichi Fukuda, Takeo Hoshi, organizers, "Corporate Governance (NBER-TCER-CEPR Conference)" Elsevier, Journal of the Japanese and International Economies, volume 47 (2018)

M3  - presented at "26th NBER-TCER-CEPR ", June 22, 2017
AB  - We examine the turnover of top executives in Japanese firms throughout the period from 1990 to 2013. During this time, the presence of a main bank has been weakened, the ownership of institutional investors has dramatically increased, and independent outside directors have been introduced in many firms. We find that top executive turnover sensitivity to corporate performance has not changed, although return on equity (ROE) and stock returns displace return on assets (ROA) as performance indicators that turnover is most sensitive to. The evidence also indicates that instead of the main bank, foreign institutional investors have begun to play an important governance role in Japan. However, the main bank does not abandon its governance role. While the scope of the main bank’s authority may have substantially contracted, main banks continue to perform a certain role in disciplining management.
ER  -