Yamori, Nobuyoshi and Harimaya, Kozo and Tomimura, Kei (2011): Roles of Outside Directors in Cooperative Financial Institutions.
Download (186kB) | Preview
As the governance of financial institutions is becoming an important issue, there are many papers empirically investigating the governance issues of banks, which are stock companies. However, cooperative structured financial institutions (co-ops), which have a unique governance structure different from stock companies, play a substantial role in the Japanese banking markets, and, therefore, it is worth examining whether some governance scheme developed for stock companies are effective at cooperative financial institutions. Our results showed that the presence of outside directors at co-ops (“Shinkin Banks”) contributes to an improvement in efficiency.
|Item Type:||MPRA Paper|
|Original Title:||Roles of Outside Directors in Cooperative Financial Institutions|
|Keywords:||Corporate Governance; Outside Directors; Cooperative; Shinkin.|
|Subjects:||G - Financial Economics > G2 - Financial Institutions and Services > G28 - Government Policy and Regulation
G - Financial Economics > G2 - Financial Institutions and Services > G21 - Banks ; Depository Institutions ; Micro Finance Institutions ; Mortgages
|Depositing User:||Nobuyoshi Yamori|
|Date Deposited:||19. Mar 2011 19:17|
|Last Modified:||07. Jul 2015 10:36|
Barnhart, S.W. and Rosenstein, S. (1994) “Firm Performance and Board Composition: Some New Evidence”, Managerial and Decision Economics, Vol.15 No.4, Special Issue 329-340.
Brickley, J.A. and Coles, J.L. and Terry, R.L. (1994) “Outside directors and the adoption of poison pills”, Journal of Financial Economics 35 371-390.
Byrd, J.W. and Hickman, K.A. (1992) “Do outside directors monitor managers? “, Journal of Financial Economics 32 195-221.
Daily, C.M and Dalton, D.R. (1992) “The Relationship Between Governance Structure and Corporate Performance in Entrepreneurial Firms”, Journal of Business Venturing 7 375-386.
Deposit Insurance Corporation of Japan (DIC), Studies in Deposit Insurance (Yokin Hoken Kenkyu), vol.4, September 2006.(in Japanese).
Fama, E.F.(1980) “Agency Problems and The Theory of The Firm” Journal of Political Economy, Vol.88 No.2, 288-307.
Fama, E.F. and Jensen, M.C. (1983) “Separation of Ownership and Control” Journal of Law & Economics, Vol.XXNI, 301-325.
Financial Services Agency (FSA)(2008), Progress Report of the Working Group about Cooperative Financial Institutions, Financial System Council, June 2008. (in Japanese).
Hermalin, B.E. and Weisbach, M.S. (1991) “The Effects of Board Composition and Direct Incentives on Firm Performance”, Financial Management, Vol.20 Iss.4 101-112.
Kiel, G.C. and Nicholson, G.J. (2003) “Board Composition and Corporate Performance: how the Australian experience informs contrasting theories of corporate governance”, Corporate Governance 11(3) 189-205.
Klein, A. (1998) “Firm Performance and Board Committee Structure”, Journal of Law and Economics Vol.XLI 275-303.
Weisbach, M.S. (1988) “Outside Directors and CEO Turnover”, Journal of Financial Economics 20 431-460.