{"title":"&Apos; Outside&Apos;日本企业干预的决定因素及其对管理者的启示","authors":"S. Kaplan, Bernadette A. Minton","doi":"10.3386/W4276","DOIUrl":null,"url":null,"abstract":"This paper estimates the determinants of appointments of 'outsiders' -- directors previously employed by banks or other non-financial firms -- to the boards of large (non-financial) Japanese companies. Appointments of both types of 'outsiders' increase with poor stock performance; those of bank outsiders also increase with negative current income. Appointments of bank outsiders are related to firm debt levels; those of corporate outsiders, to shareholder concentration and group affiliation, Both types of outsider appointments appear to be disciplinary -- top executive turnover increase substantially in the same year. Additional evidence on subsequent firm performance suggests that \"bank\" directors are appointed in financially distressed or contracting firms, while \"corporate\" directors are appointed in firms with temporary problems.","PeriodicalId":236420,"journal":{"name":"POL: Human Resource Management Models (Topic)","volume":"71 1","pages":"0"},"PeriodicalIF":0.0000,"publicationDate":"1993-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"24","resultStr":"{\"title\":\"&Apos;Outside&Apos; Intervention in Japanese Companies: its Determinants and Implications for Mangers\",\"authors\":\"S. Kaplan, Bernadette A. Minton\",\"doi\":\"10.3386/W4276\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"This paper estimates the determinants of appointments of 'outsiders' -- directors previously employed by banks or other non-financial firms -- to the boards of large (non-financial) Japanese companies. Appointments of both types of 'outsiders' increase with poor stock performance; those of bank outsiders also increase with negative current income. Appointments of bank outsiders are related to firm debt levels; those of corporate outsiders, to shareholder concentration and group affiliation, Both types of outsider appointments appear to be disciplinary -- top executive turnover increase substantially in the same year. Additional evidence on subsequent firm performance suggests that \\\"bank\\\" directors are appointed in financially distressed or contracting firms, while \\\"corporate\\\" directors are appointed in firms with temporary problems.\",\"PeriodicalId\":236420,\"journal\":{\"name\":\"POL: Human Resource Management Models (Topic)\",\"volume\":\"71 1\",\"pages\":\"0\"},\"PeriodicalIF\":0.0000,\"publicationDate\":\"1993-02-01\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"24\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"POL: Human Resource Management Models (Topic)\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.3386/W4276\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"\",\"JCRName\":\"\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"POL: Human Resource Management Models (Topic)","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.3386/W4276","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
&Apos;Outside&Apos; Intervention in Japanese Companies: its Determinants and Implications for Mangers
This paper estimates the determinants of appointments of 'outsiders' -- directors previously employed by banks or other non-financial firms -- to the boards of large (non-financial) Japanese companies. Appointments of both types of 'outsiders' increase with poor stock performance; those of bank outsiders also increase with negative current income. Appointments of bank outsiders are related to firm debt levels; those of corporate outsiders, to shareholder concentration and group affiliation, Both types of outsider appointments appear to be disciplinary -- top executive turnover increase substantially in the same year. Additional evidence on subsequent firm performance suggests that "bank" directors are appointed in financially distressed or contracting firms, while "corporate" directors are appointed in firms with temporary problems.