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Adams, Ren馥 B.; Ferreira, Daniel - Center for Economic Institutions, Institute of Economic … - 2005

Many corporations reward their outside directors with a modest fee for each board meeting they attend. Using two non-overlapping data sets on director attendance behavior, we provide robust evidence that directors are less likely to have attendance problems at board meetings when board meeting...

Persistent link: https://www.econbiz.de/10005045206

Organizational Structure and Firms' Demand for HRM Practices

Eriksson, Tor; Ortega, Jaime - Center for Economic Institutions, Institute of Economic … - 2014

A question largely left unanswered in previous studies of firms’ use of HRM practices, and the consequences thereof, is why some firms adopt these practices while others do not. We examine empirically the determinants of firms’ demand for HRM pay, work and training practices with a special...

Persistent link: https://www.econbiz.de/10010737309

役員持株は企業業績に影響を与えるか？

久保, 克行 - Center for Economic Institutions, Institute of Economic … - 2001

、役員が自身所有する当該企業の株式数と企業業績の関係を分析することにある。この論文では、役員による株式保有が企業業績に正の影響を与えていることを、日本の上場企業のデータを用いて実証的に示した。この結果は役員の持株がいわゆるエージェンシー問題に対するひとつの解決となっていることを示唆している。, The effect of managerial ownership on firm performance: case in Japan Although average Japanese director own their … ownership and firm's performance in Japan. The purpose of this paper is to investigate the effect of managerial ownership on … firm performance in Japan. According to agency theory, the company with higher managerial ownership may perform better than …

Persistent link: https://www.econbiz.de/10005045121

The Determinants of Executive Compensation in Japan and the UK: Agency Hypothesis or Joint Determination Hypothesis?

Kubo, Katsuyuki - Center for Economic Institutions, Institute of Economic … - 2001

Although there are many studies on executive compensation, many of these studies often take for granted the 'Anglo-American style of corporate governance'. This paper seeks to contrast the effect of corporate governance on the directors' incentive, by comparing the UK and Japan. There is a...

Persistent link: https://www.econbiz.de/10005045134

Executive Pay in Japan: The Role of Bank-Appointed Monitors and the Main Bank Relationship

Abe, Naohito; Gaston, Noel; Kubo, Katsuyuki - Center for Economic Institutions, Institute of Economic … - 2001

of the corporate hierarchy. The agency model shows that compensation based on firm performance is a means by which … firm performance for top executives and reduce the importance of tournament-based incentives. Using panel data for 56 …

Persistent link: https://www.econbiz.de/10005045139

Changes in directors' incentive plans and the performance of firms in the UK

Kubo, Katsuyuki - Center for Economic Institutions, Institute of Economic … - 2001

recommendation, few studies have examined the effect of these incentive programmes on firm performance. We investigate whether …, we find a positive relationship between the change of compensation policy and the change of firm performance. …

Persistent link: https://www.econbiz.de/10005045217

Banking in Japan: Will "Too Big To Fail" Prevail?

Rixtel, Adrian van; Wiwattanakantang, Yupana; Souma, … - Center for Economic Institutions, Institute of Economic … - 2002

This paper reviews the evolution of the Japanese banking sector and the development of the banking crisis in Japan in the context of "too big to fail." It describes the deterioration of the Japanese financial sector caused by the bad loan problems and the failure of policymakers to get a grip on...

Persistent link: https://www.econbiz.de/10005045086

The Role of Trade Credit for Small Firms: An Implication from Japan's Banking Crisis

Fukuda, Shin-ichi; Kasuya, Munehisa; Akashi, Kentaro - Center for Economic Institutions, Institute of Economic … - 2006

Trade credit is one of the most important sources of short-term external finance for small firms. Previous literature has focused mainly on the substitution of bank loans for trade credit during monetary tightening among many firms, but in this paper we investigate the role of trade credit...

Persistent link: https://www.econbiz.de/10005045138

Optimal Resolutions of Financial Distress by Contract

Gennaioli, Nicola; Rossi, Stefano - Center for Economic Institutions, Institute of Economic … - 2008

We study theoretically the possibility for the parties to efficiently resolve financial distress by contract as opposed to exclusively rely on state intervention. We characterize which financial contracts are optimal depending on investor protection against fraud, and how efficient is the...

Persistent link: https://www.econbiz.de/10005045164

The Impacts of "Shock Therapy" on Large and Small Clients: Experiences from Two Large Bank Failures in Japan

Fukuda, Shin-ichi; Koibuchi, Satoshi - Center for Economic Institutions, Institute of Economic … - 2006

A "shock therapy" might have different impacts between large and small firms. In this paper, we focus on the clients of two large failed Japanese banks - the Long-term Credit Bank of Japan (LTCB) and the Nippon Credit Bank (NCB). We first show that subsequent events after the bank failures...

Persistent link: https://www.econbiz.de/10005045185