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Japan's economic problems over the past decade and a half have triggered far reaching changes in the country's corporate governance system and there have been significant changes in both companies' ownership structures and composition of board members. This paper examines how board and ownership...

This paper investigates the impact of product market competition (PMC) on private benefits of control (PBC). We estimate PBC using the voting premium between shares with differential voting rights. We use two measures of the intensity of product market competition: an external competition...