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Professor Saito of Kyoto Sangyo University has producedextensiveanalysis and several papersshowing thatJapanese companies that appoint at least one outside director experience improvement in operating performance and more dependable projections.
Boards with and without Outside Directors: An Empirical Comparison
The Determinants of Board Composition when Managers Control Director Selection: Evidence from Japan
Professor Kyoji Fukao and Professor Kwon of Nihon University have published a masterful analysis of what has been going wrong with Japan's economy during the past 20 years and what can be the key drivers of growth going forward.
The report of the NYSE Commission, issued this fall, summarized this particularreccommendation in the following way in its press release:
While independence is an important attribute for board members, the NYSE’s Listing Standards do not limit a board to just one non-independent director, and boards should seek an appropriate balance between independent and non-independent directors to ensure a proper mix of expertise, diversity and knowledge.
Entitled Charting a New Course for Growth: Recommendations for Japan's leaders, the report has an intriguing manga cover and is based on replete economic analysis. The White Paper and related materials can be downloaded at: http://www.accj.or.jp/gstf.