The effect of board composition on corporate performance and behavior: An empirical study

2017 Fiscal Year Final Research Report

• Project/Area Number: 25780207
• Research Category: Grant-in-Aid for Young Scientists (B)
• Allocation Type: Multi-year Fund
• Research Field: Money/ Finance
• Research Institution: Keio University
• Principal Investigator: SAITO Takuji 慶應義塾大学, 経営管理研究科(日吉), 准教授 (60454469)
• Project Period (FY): 2013-04-01 – 2018-03-31
• Keywords: 企業金融論 / 企業統治 / 取締役会 / 監査役会

Outline of Final Research Achievements

It has long been argued that corporate governance practices commonly found in Japan differ markedly from those in the U.S. In the U.S., in the arena of corporate control, institutional investors and independent boards of directors are arguably important governance mechanisms. In contrast, corporate governance arrangement in Japan is conventionally considered as bank centered. However, following the process of financial deregulation and the collapse of the Japanese bubble economy in the early 1990s, the bank-centered corporate governance system has been gradually transformed into the market-oriented system as commonly found in the U.S. I examine the determinants and consequences of these changes.

Free Research Field

企業金融論