This study explores the relationships between firm performance and the incentive and entrenchment effects of corporate governance structures. It analyzes whether the benefits of providing stock ownership to directors are greater than the potential costs of entrenching officers and directors....

The present paper uses a comparison of Japan and the US to argue that the debate about corporate governance reform is best framed in terms of systems of complementary instruments and institutions. It argues that the Japanese and US systems of corporate governance differ along many dimensions,...