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Roles of Outside Directors in Cooperative Financial Institutions

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  • Yamori, Nobuyoshi
  • Harimaya, Kozo
  • Tomimura, Kei

Abstract

As the governance of financial institutions is becoming an important issue, there are many papers empirically investigating the governance issues of banks, which are stock companies. However, cooperative structured financial institutions (co-ops), which have a unique governance structure different from stock companies, play a substantial role in the Japanese banking markets, and, therefore, it is worth examining whether some governance scheme developed for stock companies are effective at cooperative financial institutions. Our results showed that the presence of outside directors at co-ops (“Shinkin Banks”) contributes to an improvement in efficiency.

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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 29706.

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Date of creation: 18 Mar 2011
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Handle: RePEc:pra:mprapa:29706

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Keywords: Corporate Governance; Outside Directors; Cooperative; Shinkin.;

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  1. Hermalin, B.E. & Weisbech, M.S., 1991. "The Effects of Board Composition and Direct Incentives on Firm Performance," Papers, Rochester, Business - Financial Research and Policy Studies 91-02, Rochester, Business - Financial Research and Policy Studies.
  2. Klein, April, 1998. "Firm Performance and Board Committee Structure," Journal of Law and Economics, University of Chicago Press, University of Chicago Press, vol. 41(1), pages 275-303, April.
  3. Brickley, James A. & Coles, Jeffrey L. & Terry, Rory L., 1994. "Outside directors and the adoption of poison pills," Journal of Financial Economics, Elsevier, Elsevier, vol. 35(3), pages 371-390, June.
  4. Scott W. Barnhart & M. Wayne Marr & Stuart Rosenstein, 1994. "Firm performance and board composition: Some new evidence," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 15(4), pages 329-340, July/Augu.
  5. Geoffrey C. Kiel & Gavin J. Nicholson, 2003. "Board Composition and Corporate Performance: how the Australian experience informs contrasting theories of corporate governance," Corporate Governance: An International Review, Wiley Blackwell, Wiley Blackwell, vol. 11(3), pages 189-205, 07.
  6. Byrd, John W. & Hickman, Kent A., 1992. "Do outside directors monitor managers? *1: Evidence from tender offer bids," Journal of Financial Economics, Elsevier, Elsevier, vol. 32(2), pages 195-221, October.
  7. Weisbach, Michael S., 1988. "Outside directors and CEO turnover," Journal of Financial Economics, Elsevier, Elsevier, vol. 20(1-2), pages 431-460, January.
  8. Daily, Catherine M. & Dalton, Dan R., 1992. "The relationship between governance structure and corporate performance in entrepreneurial firms," Journal of Business Venturing, Elsevier, vol. 7(5), pages 375-386, September.
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