Journal of Corporate Finance Vol. 10 No. 3 2004
Corporate governance of Japanese banks
Abstract
We investigate external and internal corporate governance activity observed at Japanese banks over 1985–1996. External governance appears to be inactive, and even after the onset of the banking crisis of the 1990s there are few mergers, failures, and other changes in ownership and control. Prior to the banking crisis we do not find a relation between bank performance and executive turnover. In contrast, non-routine turnover of bank presidents is inversely related to both stock returns and profitability in the 1990s. Consequently, internal governance activity is observable following the onset of the Japanese banking crisis, a period otherwise characterized by inactive external governance and regulatory forbearance.
- DOI
- 10.1016/s0929-1199(03)00029-4
- Volume
- 10
- Issue
- 3
- Pages
- 327-354
- Language
- en
- Sources
- bibtex:phds-export.bib openalex crossref