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...

Purpose – Investigate the causes and consequences of foreign financial institutions' divestments in China's banking sector which is an example of cross-border transactions by institutional investors. Methodology – Use a sample of 26 foreign financial institutions' strategic investments in...

Taking advantage of the time gap between privatization and stock listing observed in the Vietnamese privatization, we extract the pure effect of privatization on firm performance and behaviors by isolating it from the stock listing effect. The results suggest that even partial privatization...