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Determinants and Effects of Employing Professional Corporate Executives: A Case of Cotton Spinning Companies in Pre-war Japan


  • Tetsuji Okazaki

    (Faculty of Economics, University of Tokyo)


This paper examines how professional corporate executives diffused among cotton spinning companies in prewar Japan, and analyzes the determinants as well as implications of the employment of professional executives. While simple scale variables such as paid-in capital and production did not correlate with employment of professional executives, those variables reflecting complexity of management, such as number of factories and dummy variable indicating integrated production, have positive correlation with it. At the same time, availability of managerial capability among owners negatively correlates with employment of professional executives. Also, we found that employment of professional executives had a positive effect on corporate profitability, after controlling for the endogeneity.

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  • Tetsuji Okazaki, 2005. "Determinants and Effects of Employing Professional Corporate Executives: A Case of Cotton Spinning Companies in Pre-war Japan," CIRJE F-Series CIRJE-F-382, CIRJE, Faculty of Economics, University of Tokyo.
  • Handle: RePEc:tky:fseres:2005cf382

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