This paper examines how companies respond to negative ESG incidents by appointing directors with experience in charitable organizations. We find that firms are more likely to make such appointments following ESG incidents, especially when these incidents attract substantial media attention or...

Japanese firms that have traditionally had large boards have recently become subject to pressures for small boards. This study shows that Japanese firms that substantially decreased board size tended to adopt an officer system and so did not substantially decrease the size of the management team...

We find robust evidence that Japanese firms with many inside directors younger than the top manager (junior directors) frequently replace managers. The proportion of junior directors over non-top manager directors is positively associated with firm performance. Given that most Japanese top...