Firm performance, corporate governance, and top executive turnover in Japan

@article{Kang1995FirmPC,
  title={Firm performance, corporate governance, and top executive turnover in Japan},
  author={Jun-Koo Kang and A. Shivdasani},
  journal={Journal of Financial Economics},
  year={1995},
  volume={38},
  pages={29-58}
}
  • Jun-Koo Kang, A. Shivdasani
  • Published 1995
  • Business
  • Journal of Financial Economics
  • We examine the role of corporate governance mechanisms during top executive turnover in Japanese corporations. Consistent with evidence from U.S. data, the likelihood of nonroutine turnover is significantly related to industry-adjusted return on assets, excess stock returns, and negative operating income, but is not related to industry performance. The sensitivity of nonroutine turnover to earnings performance is higher for firms with ties to a main bank than for firms without such ties… CONTINUE READING
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