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Institutional Investors, Corporate Governance And Firm Performance In Japan

  • Mitsuru Mizuno
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    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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    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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    1. Haidar, Jamal Ibrahim, 2009. "Investor protections and economic growth," Economics Letters, Elsevier, vol. 103(1), pages 1-4, April.
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    7. Leech, Dennis & Leahy, John, 1991. "Ownership Structure, Control Type Classifications and the Performance of Large British Companies," Economic Journal, Royal Economic Society, vol. 101(409), pages 1418-37, November.
    8. 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.
    9. Januszewski, Silke I. & Köke, F. Jens & Winter, Joachim, 2002. "Product market competition, corporate governance and firm performance: An empirical analysis for Germany," Munich Reprints in Economics 19548, University of Munich, Department of Economics.
    10. 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.
    11. 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.
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