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Institutional Investors, Corporate Governance And Firm Performance In Japan

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  • Mitsuru Mizuno
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    Abstract

    Since the beginning of the 2000s, institutional investors in Japan have become active in strengthening corporate governance, with the aim of achieving long-term corporate value. The present paper examines the relationship between institutional investors and corporate governance, and also the relationship between institutional investors' shareholdings and firm performance. The results suggest that corporate governance has been enhanced by institutional investors. However, it is found that there is not a statistically significant difference between institutional investors' shareholdings and firm performance.

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    File URL: http://hdl.handle.net/10.1111/j.1468-0106.2010.00521.x
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    Bibliographic Info

    Article provided by Wiley Blackwell in its journal Pacific Economic Review.

    Volume (Year): 15 (2010)
    Issue (Month): 5 (December)
    Pages: 653-665

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    Handle: RePEc:bla:pacecr:v:15:y:2010:i:5:p:653-665

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    Web page: http://www.blackwellpublishing.com/journal.asp?ref=1361-374X

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    1. Himmelberg, C.P. & Hubbard, R.G. & Palia, D., 1997. "Understanding the Determinants of Mangerial Ownership and the Link Between Ownership and Performance," Papers 97-21, Columbia - Graduate School of Business.
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    6. Kang, Jun-Koo & Shivdasani, Anil, 1995. "Firm performance, corporate governance, and top executive turnover in Japan," Journal of Financial Economics, Elsevier, vol. 38(1), pages 29-58, May.
    7. Kang, Jun-Koo & Shivdasani, Anil, 1997. "Corporate restructuring during performance declines in Japan," Journal of Financial Economics, Elsevier, vol. 46(1), pages 29-65, October.
    8. Randall Morck & Masao Nakamura, 1999. "Banks and Corporate Control in Japan," Journal of Finance, American Finance Association, vol. 54(1), pages 319-339, 02.
    9. Kaplan, Steven N. & Minton, Bernadette A., 1994. "Appointments of outsiders to Japanese boards: Determinants and implications for managers," Journal of Financial Economics, Elsevier, vol. 36(2), pages 225-258, October.
    10. Haidar, Jamal Ibrahim, 2009. "Investor protections and economic growth," Economics Letters, Elsevier, vol. 103(1), pages 1-4, April.
    11. Andrei Shleifer & Robert W. Vishny, 1996. "A Survey of Corporate Governance," NBER Working Papers 5554, National Bureau of Economic Research, Inc.
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