consequences of activism. More recent models show that blockholders can govern through an alternative mechanism known as “exit …

consequences of activism. More recent models show that blockholders can govern through the alternative mechanism of “exit …

We investigate the nature of monitoring by stake holders using data on Japanese manufacturing firms. Shareholders and … advertising, R&D and entertainment expenses. Monitoring of this type takes place even when the monitored firm is not in financial … distress. Although in Japan it is difficult to distinguish empirically between monitoring motivated by debt and monitoring …