Abstract
Recent theoretical and empirical research on the Japanese firm has highlighted characteristics of corporate governance of J-type firms compared to the Anglo-American type as a contingent structure where the controlling power of insiders systematically shifts to outsiders (main banks), once a firm faces financial distress. The purpose of this paper is to present some empirical evidence on the evolutionary process of this contingent governance structure and its recent changes, focusing mainly on the relationship between presidential turnover and corporate performance. Using a sample composed of one hundred large manufacturing companies, this paper tests the same specification of logit regression for five different time periods which include serious recessions during the postwar Japanese economic history (1956-1996).
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