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.
Professor Saito's analysis is excellent, is based on a long-term time series data set, andincludes many other fascinating findings and observations. He has veryaccurately discernedthat Japan is a market where the question can evenone outside director make a difference? What sort of difference? – which makes it verydifferent frommany other markets, where the historical presence ofmany outside directors insertsstatic into the data makes things very difficult for traditional analyses that focusonquestion likedoes increasing the numberINEDs correlate with performance?