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Shareholding in the Keiretsu, Japan's Financial Groups

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  • Flath, David

Abstract

Largest debtholders in keiretsu member companies hold more stock if the companies have high debt-to-equity ratios or have weaker collateral, greater prospects of growth, or unique aspects. All are factors associated with the agency problems of debt that stockholding by a debtholder can help to resolve. The stockholding also induces greater borrowing by these same companies, ceteris paribus. Copyright 1993 by MIT Press.

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Bibliographic Info

Article provided by MIT Press in its journal Review of Economics & Statistics.

Volume (Year): 75 (1993)
Issue (Month): 2 (May)
Pages: 249-57

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Handle: RePEc:tpr:restat:v:75:y:1993:i:2:p:249-57

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Web page: http://mitpress.mit.edu/journals/

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Web: http://mitpress.mit.edu/journal-home.tcl?issn=00346535

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Cited by:
  1. Shin, G. Hwan & Fraser, Donald R. & Kolari, James W., 2003. "How does banking industry consolidation affect bank-firm relationships? Evidence from a large Japanese bank merger," Pacific-Basin Finance Journal, Elsevier, vol. 11(3), pages 285-304, July.
  2. Santos, Joao C., 1997. "Debt and equity as optimal contracts," Journal of Corporate Finance, Elsevier, vol. 3(4), pages 355-366, December.
  3. Ralph P. Heinrich, 1999. "Complementarities in Corporate Governance. A Survey of the Literature with Special Emphasis on Japan," Kiel Working Papers 947, Kiel Institute for the World Economy.
  4. Lin, Xiaochi & Zhang, Yi & Zhu, Ning, 2009. "Does bank ownership increase firm value? Evidence from China," Journal of International Money and Finance, Elsevier, vol. 28(4), pages 720-737, June.
  5. Chen, Ming-Yuan, 2005. "Group affiliation, identity of managers, and the relation between managerial ownership and performance," International Review of Financial Analysis, Elsevier, vol. 14(5), pages 533-558.
  6. Bruce A. Blonigen & Christopher J. Ellis & Dietrich Fausten, 2000. "Industrial Groupings and Strategic FDI: Theory and Evidence," NBER Working Papers 8046, National Bureau of Economic Research, Inc.
  7. Rahman, Asheq & Yammeesri, Jira & Perera, Hector, 2010. "Financial reporting quality in international settings: A comparative study of the USA, Japan, Thailand, France and Germany," The International Journal of Accounting, Elsevier, vol. 45(1), pages 1-34, March.
  8. Yishay Yafeh, 2003. "An International Perspective of Corporate Groups and Their Prospects," NBER Chapters, in: Structural Impediments to Growth in Japan, pages 259-284 National Bureau of Economic Research, Inc.
  9. Kazuo Ogawa & Elmer Sterken & Ichiro Tokutsu, 2005. "Bank Control and the Number of Bank Relations of Japanese Firms," CESifo Working Paper Series 1589, CESifo Group Munich.
  10. Santos, Joao A.C. & Rumble, Adrienne S., 2006. "The American keiretsu and universal banks: Investing, voting and sitting on nonfinancials' corporate boards," Journal of Financial Economics, Elsevier, vol. 80(2), pages 419-454, May.
  11. Constand, Richard L. & Pace, R. Daniel, 1998. "Another look at corporate ownership in Japan," Global Finance Journal, Elsevier, vol. 9(1), pages 127-147.
  12. Randall Morck & Masao Nakamura, 2000. "Japanese Corporate Governance and Macroeconomic Problems," Harvard Institute of Economic Research Working Papers 1893, Harvard - Institute of Economic Research.
  13. Bernotas, David, 2005. "Ownership structure and firm profitability in the Japanese keiretsu," Journal of Asian Economics, Elsevier, vol. 16(3), pages 533-554, June.
  14. João A.C. Santos, 1998. "Banking and commerce: how does the United States compare to other countries?," Economic Review, Federal Reserve Bank of Cleveland, issue Q IV, pages 14-26.
  15. Daniel E. Nolle & Rama Seth, 1996. "Do banks follow their customers abroad?," Research Paper 9620, Federal Reserve Bank of New York.
  16. Yishay Yafeh, 2002. "An International Perspective of Japan's Corporate Groups and their Prospects," NBER Working Papers 9386, National Bureau of Economic Research, Inc.
  17. Hirota, Shinichi, 1999. "Are Corporate Financing Decisions Different in Japan? An Empirical Study on Capital Structure," Journal of the Japanese and International Economies, Elsevier, vol. 13(3), pages 201-229, September.

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