We analyze the role of board age on firm performance using a large sample of Japanese firms. The results reveal the existence of a significant negative relationship. After controlling for endogeneity using firm size as instrument, the effect of board age is found to be more significant,...

We show that large boards are detrimental to the performance of Japanese firms. Unlike in the US, this effect is concealed by the fact that Japanese firms that have performed well are more likely to increase the size of their boards. Using an instrumental variable approach to address this...