Now Sanghoon Ahn, Utpal Bhattachrya, Taehun Jung, and Giseok Nam look at the long term impact of new CEOs on Japanese firms. The finding? CEOs in Japan do not matter that much.
SSRN-Do Japanese CEOS Matter? by Sanghoon Ahn, Utpal Bhattacharya, Taehun Jung, Giseok Nam:
"There seems to be no long-run positive change in performance or policies after a shacho change, even when the shacho change is non-routine. Finally, in trying to explain firm performance or policies, we attempt to separate a firm-fixed effect from a shacho-fixed effect, and are unable to disentangle a shacho-fixed effect. We are thus left to conclude that shachos do not positively matter in the Japanese corporation in this decade of a stagnant economy."