메뉴 건너뛰기




Volumn 9, Issue 4, 1996, Pages 1061-1095

Does the Japanese governance system enhance shareholder wealth? Evidence from the stock-price effects of top management turnover

Author keywords

[No Author keywords available]

Indexed keywords


EID: 0030515149     PISSN: 08939454     EISSN: None     Source Type: Journal    
DOI: 10.1093/rfs/9.4.1061     Document Type: Article
Times cited : (40)

References (48)
  • 2
    • 0003135050 scopus 로고
    • Towards an economic model of the Japanese firm
    • Aoki, M., 1990, "Towards an Economic Model of the Japanese Firm," Journal of Economic Literature, 28, 1-27.
    • (1990) Journal of Economic Literature , vol.28 , pp. 1-27
    • Aoki, M.1
  • 6
    • 0000664813 scopus 로고
    • Private benefits from blockownership and discounts on closed-end funds
    • Barclay, M. J., C. G. Holderness, and J. Pontiff, 1993, "Private Benefits from Blockownership and Discounts on Closed-end Funds," Journal of Financial Economics, 23, 263-291.
    • (1993) Journal of Financial Economics , vol.23 , pp. 263-291
    • Barclay, M.J.1    Holderness, C.G.2    Pontiff, J.3
  • 8
    • 0000239228 scopus 로고
    • Voting power in the proxy process: The case of antitakeover charter amendments
    • Bhagat, S., and R. H. Jefferies, 1991, "Voting Power in the Proxy Process: The Case of Antitakeover Charter Amendments," Journal of Financial Economics, 30, 193-225.
    • (1991) Journal of Financial Economics , vol.30 , pp. 193-225
    • Bhagat, S.1    Jefferies, R.H.2
  • 9
    • 0000474853 scopus 로고
    • Measuring the effects of regulation with stock price data
    • Binder, J. J., 1985, "Measuring the Effects of Regulation with Stock Price Data," Rand Journal of Economics, 16, 167-183.
    • (1985) Rand Journal of Economics , vol.16 , pp. 167-183
    • Binder, J.J.1
  • 10
    • 0039592455 scopus 로고
    • The value of institutional investor monitoring: The empirical evidence
    • Black, B. S., 1992, "The Value of Institutional Investor Monitoring: The Empirical Evidence," UCLA Law Review, 39, 895-939.
    • (1992) UCLA Law Review , vol.39 , pp. 895-939
    • Black, B.S.1
  • 11
    • 38249024153 scopus 로고
    • An analysis of stock price reaction to management change in distressed firms
    • Bonnier K. A., and R. F. Bruner, 1989, "An Analysis of Stock Price Reaction to Management Change in Distressed Firms," Journal of Accounting and Economics, 11, 95-106.
    • (1989) Journal of Accounting and Economics , vol.11 , pp. 95-106
    • Bonnier, K.A.1    Bruner, R.F.2
  • 12
    • 21344493516 scopus 로고
    • Partial anticipation, the flow of information, and the economic impact of debt sales
    • Chaplinsky, S., and R. W. Hansen, 1993, "Partial Anticipation, the Flow of Information, and the Economic Impact of Debt Sales," Review of Financial Studies, 6, 709-732.
    • (1993) Review of Financial Studies , vol.6 , pp. 709-732
    • Chaplinsky, S.1    Hansen, R.W.2
  • 13
    • 84935941592 scopus 로고
    • The structure of corporate ownership: Causes and consequences
    • Demsetz, H., and K. Lehn, 1985, "The Structure of Corporate Ownership: Causes and Consequences," Journal of Political Economy, 93, 1155-1177.
    • (1985) Journal of Political Economy , vol.93 , pp. 1155-1177
    • Demsetz, H.1    Lehn, K.2
  • 14
    • 0039592456 scopus 로고
    • Management turnover and firm performance
    • forthcoming
    • Denis, D., and D. K. Denis, 1994, "Management Turnover and Firm Performance," forthcoming in Journal of Finance.
    • (1994) Journal of Finance
    • Denis, D.1    Denis, D.K.2
  • 16
    • 38249037100 scopus 로고
    • The wealth effect of company initiated management changes
    • Furtado, E. P. H., and M. S. Rozeff, 1987, "The Wealth Effect of Company Initiated Management Changes," Journal of Financial Economics, 18, 147-160.
    • (1987) Journal of Financial Economics , vol.18 , pp. 147-160
    • Furtado, E.P.H.1    Rozeff, M.S.2
  • 17
    • 0000855326 scopus 로고
    • Managerial performance, boards of directors, and takeover bidding
    • Hirshleifer, D , and A. V. Thakor, 1994, "Managerial Performance, Boards of Directors, and Takeover Bidding," Journal of Corporate Finance, 1, 63-90.
    • (1994) Journal of Corporate Finance , vol.1 , pp. 63-90
    • Hirshleifer, D.1    Thakor, A.V.2
  • 18
    • 0002432433 scopus 로고
    • The role of banks in reducing the costs of financial distress in Japan
    • Hoshi, T., A. Kashyap, and D. Scharfstein, 1990, "The Role of Banks in Reducing the Costs of Financial Distress in Japan," Journal of Financial Economics, 27, 67-88.
    • (1990) Journal of Financial Economics , vol.27 , pp. 67-88
    • Hoshi, T.1    Kashyap, A.2    Scharfstein, D.3
  • 19
    • 0003191078 scopus 로고
    • Eclipse of the Public Corporation
    • Jensen, M. C., 1989, "Eclipse of the Public Corporation," Harvard Business Review, 5, 61-74.
    • (1989) Harvard Business Review , vol.5 , pp. 61-74
    • Jensen, M.C.1
  • 20
    • 0041013329 scopus 로고
    • The distribution of power among corporate managers, shareholders, and directors
    • Jensen, M. C., and J. B. Warner, 1988, "The Distribution of Power Among Corporate Managers, Shareholders, and Directors," Journal of Financial Economics, 20, 3-24.
    • (1988) Journal of Financial Economics , vol.20 , pp. 3-24
    • Jensen, M.C.1    Warner, J.B.2
  • 21
    • 0001695693 scopus 로고
    • The international market for corporate control: Mergers and acquisitions of U.S. Firms by Japanese firms
    • Kang, J., 1993, "The International Market for Corporate Control: Mergers and Acquisitions of U.S. Firms by Japanese Firms," Journal of Financial Economics, 34, 345-372.
    • (1993) Journal of Financial Economics , vol.34 , pp. 345-372
    • Kang, J.1
  • 22
    • 58149363437 scopus 로고
    • Firm performance, corporate governance, and top executive turnover in Japan
    • Kang, J., and A. Shivdasani, 1995, "Firm Performance, Corporate Governance, and Top Executive Turnover in Japan," Journal of Financial Economics, 38, 29-58.
    • (1995) Journal of Financial Economics , vol.38 , pp. 29-58
    • Kang, J.1    Shivdasani, A.2
  • 23
    • 84937314069 scopus 로고
    • Top executive rewards and firm performance: A comparison of Japan and the United States
    • Kaplan, S. N., 1994, "Top Executive Rewards and Firm Performance: A Comparison of Japan and the United States," Journal of Political Economy, 102, 510-546.
    • (1994) Journal of Political Economy , vol.102 , pp. 510-546
    • Kaplan, S.N.1
  • 24
    • 43949159746 scopus 로고
    • Appointments of outsiders to Japanese boards: Determinants and implications for managers
    • Kaplan, S. N., and B. A. Minton, 1994, "Appointments of Outsiders to Japanese Boards: Determinants and Implications for Managers," Journal of Financial Economics, 36, 225-258.
    • (1994) Journal of Financial Economics , vol.36 , pp. 225-258
    • Kaplan, S.N.1    Minton, B.A.2
  • 25
    • 0002089147 scopus 로고
    • Capital and ownership structure: A comparison of United States and Japanese Manufacturing Corporations
    • Kester, W. C., 1986, "Capital and Ownership Structure: A Comparison of United States and Japanese Manufacturing Corporations," Financial Management, Spring, 5-16.
    • (1986) Financial Management , vol.SPRING , pp. 5-16
    • Kester, W.C.1
  • 26
    • 0039592452 scopus 로고
    • Governance, contracting, and investment horizons: A look at Japan and Germany
    • Kester, W. C., 1990, "Governance, Contracting, and Investment Horizons: A Look at Japan and Germany," Continental Bank Journal of Applied Corporate Finance, 5, 29-41.
    • (1990) Continental Bank Journal of Applied Corporate Finance , vol.5 , pp. 29-41
    • Kester, W.C.1
  • 28
    • 84986019734 scopus 로고
    • Structural and behavioristic characteristics of the Japanese firm
    • Komiya, R., 1989, "Structural and Behavioristic Characteristics of the Japanese Firm," Gendai Chugoku Keizai: Nicchu no Hikaku Kosatsu, 97-145.
    • (1989) Gendai Chugoku Keizai: Nicchu no Hikaku Kosatsu , pp. 97-145
    • Komiya, R.1
  • 29
    • 0000567811 scopus 로고
    • Ownership structure and corporate performance in Japan
    • Lichtenberg, F. R., and G. M. Pushner, 1994, "Ownership Structure and Corporate Performance in Japan," Japan and the World Economy, 6, 239-261.
    • (1994) Japan and the World Economy , vol.6 , pp. 239-261
    • Lichtenberg, F.R.1    Pushner, G.M.2
  • 32
    • 0002520230 scopus 로고
    • The economic role of financial corporate grouping
    • M. Aoki (ed.), North-Holland, Amsterdam
    • Nakatani, I., 1984, "The Economic Role of Financial Corporate Grouping," in M. Aoki (ed.), The Economic Analysis of the Japanese Firm, North-Holland, Amsterdam, pp. 227-258.
    • (1984) The Economic Analysis of the Japanese Firm , pp. 227-258
    • Nakatani, I.1
  • 33
    • 84921182377 scopus 로고
    • The structure of managerial control: Who owns and controls Japanese business?
    • K. Sato and Y. Hoshino (eds.), M. E. Sharpe, New York
    • Nishiyama, T., 1984, "The Structure of Managerial Control: Who Owns and Controls Japanese Business?" in K. Sato and Y. Hoshino (eds.), The Anatomy of Japanese Business, M. E. Sharpe, New York.
    • (1984) The Anatomy of Japanese Business
    • Nishiyama, T.1
  • 34
    • 0040778113 scopus 로고
    • Dictators in the boardroom
    • Okumura, H., 1992, "Dictators in the Boardroom," Tokyo Business Today, December, 9-11.
    • (1992) Tokyo Business Today , vol.DECEMBER , pp. 9-11
    • Okumura, H.1
  • 38
    • 0002413769 scopus 로고
    • Institutional investment patterns and corporate financial behavior in the United States and Japan
    • Prowse, S. D. 1990, "Institutional Investment Patterns and Corporate Financial Behavior in the United States and Japan," Journal of Financial Economics, 27, 43-66.
    • (1990) Journal of Financial Economics , vol.27 , pp. 43-66
    • Prowse, S.D.1
  • 39
    • 84977724257 scopus 로고
    • The structure of corporate ownership in Japan
    • Prowse, S. D., 1992, "The Structure of Corporate Ownership in Japan," Journal of Finance, 47, 1121-1140.
    • (1992) Journal of Finance , vol.47 , pp. 1121-1140
    • Prowse, S.D.1
  • 40
    • 0003768685 scopus 로고
    • Corporate governance in an international perspective: A survey of corporate control mechanisms among large firms in the U.S., U.K., Japan, and Germany
    • Prowse, S. D., 1994, "Corporate Governance in an International Perspective: A Survey of Corporate Control Mechanisms Among Large Firms in the U.S., U.K., Japan, and Germany," Bank for International Settlements Economic Papers, 41.
    • (1994) Bank for International Settlements Economic Papers , vol.41
    • Prowse, S.D.1
  • 41
    • 53349177200 scopus 로고
    • Some differences in corporate structure in Germany, Japan, and America
    • Roe, M. J., 1993, "Some Differences in Corporate Structure in Germany, Japan, and America," Yale Law Journal, 102, 1927-2003.
    • (1993) Yale Law Journal , vol.102 , pp. 1927-2003
    • Roe, M.J.1
  • 42
    • 0001339030 scopus 로고
    • The main bank system and corporate monitoring and control in Japan
    • Sheard, P., 1989, "The Main Bank System and Corporate Monitoring and Control in Japan," Journal of Economic Behaviour and Organization, 11, 399-422.
    • (1989) Journal of Economic Behaviour and Organization , vol.11 , pp. 399-422
    • Sheard, P.1
  • 43
    • 0000635840 scopus 로고
    • The economics of interlocking shareholding in Japan
    • Sheard, P., 1991, "The Economics of Interlocking Shareholding in Japan," Ricerche Economiche, 421, 436-438.
    • (1991) Ricerche Economiche , vol.421 , pp. 436-438
    • Sheard, P.1
  • 48
    • 33845790377 scopus 로고
    • Outside directors and CEO turnover
    • Weisbach, M. S., 1988, "Outside Directors and CEO Turnover," Journal of Financial Economics, 20, 431-460.
    • (1988) Journal of Financial Economics , vol.20 , pp. 431-460
    • Weisbach, M.S.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.