This file is part of IDEAS, which uses RePEc data


[ Papers | Articles | Software | Books | Chapters | Authors | Institutions | JEL Classification | NEP reports | Search | New papers by email | Author registration | Rankings | Volunteers | FAQ | Blog | Help! ]

Corporate Governance in Transitional Economies: Lessons from the Prewar Japanese Cotton Textile Industry

Author info | Abstract | Publisher info | Download info | Related research | Statistics
Author Info
Miwa, Yoshiro
Ramseyer, J Mark

Additional information is available for the following registered author(s):

Abstract

Observers of the formerly communist economies urge firms there to obtain funds from a relatively few sources. They note the problems the firms face: dysfunctional courts, markets, and statutes. Because these firms cannot rely on the courts to discipline managers, they predict that firms will do best if they raise their capital only from a few sources. Firms in Japan at the close of the nineteenth century similarly faced dysfunctional courts, markets, and statutes. Yet the firms that succeeded in Japan were not the ones that took the tack proposed by modern observers. They were the ones that used little debt and raised their equity from a large number of investors. In this article we outline how concentrated finance can introduce problems potentially as severe as the ones it mitigates and discuss why dispersed equity did not reduce firm efficiency in late-nineteenth-century Japan. Copyright 2000 by the University of Chicago.

Download Info
To our knowledge, this item is not available for download. To find whether it is available, there are three options:
1. Check below under "Related research" whether another version of this item is available online.
2. Check on the provider's web page whether it is in fact available.
3. Perform a search for a similarly titled item that would be available.

Publisher Info
Article provided by University of Chicago Press in its journal Journal of Legal Studies.

Volume (Year): 29 (2000)
Issue (Month): 1 (January)
Pages: 171-203
Download reference. The following formats are available: HTML (with abstract), plain text (with abstract), BibTeX, RIS (EndNote, RefMan, ProCite), ReDIF
Handle: RePEc:ucp:jlstud:v:29:y:2000:i:1:p:171-203

Contact details of provider:
Postal: The University of Chicago Press, Journals Division, P.O. Box 37005 Chicago, IL 60637
Fax: (773) 753-0811
Email:
Web page: http://www.journals.uchicago.edu/JLS/

Order Information:
Web: http://www.journals.uchicago.edu/JLS/order1.html

For technical questions regarding this item, or to correct its listing, contact: (Christopher F. Baum).

Related research
Keywords:

Other versions of this item:

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Pranab Bardhan and John E. Roemer., 1991. "Market Socialism: A Case for Rejuvenation," Economics Working Papers 91-175, University of California at Berkeley.
    Other versions:
  2. Easterbrook, Frank H, 1984. "Two Agency-Cost Explanations of Dividends," American Economic Review, American Economic Association, vol. 74(4), pages 650-59, September. [Downloadable!] (restricted)
  3. Rafael La Porta & Florencio Lopez-de-Silanes & Andrei Shleifer & Robert W. Vishny, 1998. "Law and Finance," Journal of Political Economy, University of Chicago Press, vol. 106(6), pages 1113-1155, December. [Downloadable!] (restricted)
    Other versions:
  4. Ortuna-Ortin, I. & Roemer, J.E. & Silvestre, J., 1990. "Market Socialism," Papers 355, California Davis - Institute of Governmental Affairs.
Full references

Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Evan Osborne, 2006. "Corruption and Technological Progress: A Takeoff Theory of Good Governance," Atlantic Economic Journal, International Atlantic Economic Society, vol. 34(3), pages 289-302, September. [Downloadable!] (restricted)
  2. Carretta, Alessandro & Farina, Vincenzo & Schwizer, Paola, 2006. "Evaluating the board of directors of financial intermediaries: competencies, effectiveness and performance," MPRA Paper 8299, University Library of Munich, Germany. [Downloadable!]
  3. Yoshiro Miwa & J. Mark Ramseyer, 2001. "Property Rights and Indigenous Tradition Among Early 20th Century Japanese Firms," CIRJE F-Series CIRJE-F-104, CIRJE, Faculty of Economics, University of Tokyo. [Downloadable!]
  4. Peter L. Rousseau & Richard Sylla, 2001. "Financial Systems, Economic Growth, and Globalization," NBER Working Papers 8323, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  5. Evan Osborne, 2004. "Corruption and Its Alternatives: A Takeoff Theory of Good Governance," ISER Discussion Paper 0604, Institute of Social and Economic Research, Osaka University. [Downloadable!]
  6. Demirguc-Kunt, Asli & Love, Inessa & Maksimovic, Vojislav, 2004. "Business Environment and the Incorporation Decision," Policy Research Working Paper Series 3317, The World Bank. [Downloadable!]
    Other versions:
  7. Yoshiro Miwa & J. Mark Ramseyer, 2004. "Industrial Finance Before the Financial Revolution: Japan at the Turn of the Last Century," CIRJE F-Series CIRJE-F-311, CIRJE, Faculty of Economics, University of Tokyo. [Downloadable!]
  8. Miwa Yoshiro & J. Mark Ramseyer, 2000. "Banks and Economic Growth: Implications from Japanese History," CIRJE F-Series CIRJE-F-87, CIRJE, Faculty of Economics, University of Tokyo. [Downloadable!]
    Other versions:
Statistics
Access and download statistics

Did you know? Over 80% of the top 1000 economists are registered on RePEc.

This page was last updated on 2009-11-16.

This information is provided to you by IDEAS at the Department of Economics, College of Liberal Arts and Sciences, University of Connecticut using RePEc data on a server sponsored by the Society for Economic Dynamics.