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! ]

Banks, Ownership Structure, and Firm Value in Japan

Author info | Abstract | Publisher info | Download info | Related research | Statistics
Author Info
Morck, Randall
Nakamura, Masao
Shivdasani, Anil

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

Abstract

We investigate the relation between firms' ownership structures and q ratios in Japan. At low levels of ownership by main banks, firms' q ratios fall as bank equity ownership rises. At higher levels of bank ownership, this relationship is mitigated and, in some specifications, even reversed. We argue that this relation reflects both costs and benefits of equity holdings by banks. In Japan, unlike the United States, firm value rises monotonically with increased managerial ownership. Equity ownership by corporate blockholders is also positively related to firm value in Japan. Copyright 2000 by University of Chicago Press.

Download Info
To download:

If you experience problems downloading a file, check if you have the proper application to view it first. Information about this may be contained in the File-Format links below. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

File URL: http://links.jstor.org/sici?sici=0021-9398%28200010%2973%3A4%3C539%3ABOSAFV%3E2.0.CO%3B2-Q&origin=repec
File Format: application/pdf
File Function: full text
Download Restriction: Access to full text is restricted to JSTOR subscribers. See http://www.jstor.org for details.

As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.

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

Volume (Year): 73 (2000)
Issue (Month): 4 (October)
Pages: 539-67
Download reference. The following formats are available: HTML (with abstract), plain text (with abstract), BibTeX, RIS (EndNote, RefMan, ProCite), ReDIF
Handle: RePEc:ucp:jnlbus:v:73:y:2000:i:4:p:539-67

Contact details of provider:
Postal: The University of Chicago Press, Journals Division, P.O. Box 37005 Chicago, IL 60637
Web page: http://www.journals.uchicago.edu/JB/home.html

Order Information:
Web: http://www.journals.uchicago.edu/JB/home.html

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

Related research
Keywords:

Other versions of this item:

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. Emilio Barucci & Fabrizio Mattesini, 2008. "Bank shareholding and lending: complementarity or substitution? Some evidence from a panel of large Italian firms!," CEIS Research Paper 118, Tor Vergata University, CEIS, revised 14 Jul 2008. [Downloadable!]
    Other versions:
  2. Elijah Brewer, III & Hesna Genay & William Curt Hunter & George G. Kaufman, 2002. "The value of banking relationships during a financial crisis: evidence from failures of Japanese banks," Pacific Basin Working Paper Series 02-09, Federal Reserve Bank of San Francisco. [Downloadable!]
  3. Yener Altunbaş & Alper Kara & Adrian van Rixtel, 2007. "Corporate governance and corporate ownership: The investment behaviour of Japanese institutional investors," Banco de España Occasional Papers 0703, Banco de España. [Downloadable!]
  4. María José Casasola & Josep A. Tribó, 2004. "Banks As Blockholders," Business Economics Working Papers wb040101, Universidad Carlos III, Departamento de Economía de la Empresa. [Downloadable!]
  5. Yoshiro Miwa & J. Mark Ramseyer, 2001. "The Fable of the Keiretsu," CIRJE F-Series CIRJE-F-109, CIRJE, Faculty of Economics, University of Tokyo. [Downloadable!]
    Other versions:
  6. Kathy Fogel & Randall Morck & Bernard Yeung, 2006. "Big Business Stability and Economic Growth: Is What's Good for General Motors Good for America?," NBER Working Papers 12394, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  7. Patrick McGuire, 2009. "Bank Ties and Firm Performance in Japan: Some Evidence since FY2002," IMES Discussion Paper Series 09-E-03, Institute for Monetary and Economic Studies, Bank of Japan. [Downloadable!]
  8. Adam Posen, 2003. "It Takes More Than a Bubble to Become Japan," RBA Annual Conference Volume, in: Anthony Richards & Tim Robinson (ed.), Asset Prices and Monetary Policy Reserve Bank of Australia. [Downloadable!]
    Other versions:
  9. Patrick McGuire, 2009. "Bank ties and firm performance in Japan: some evidence since FY2002," BIS Working Papers 272, Bank for International Settlements. [Downloadable!]
  10. Park, Kwangwoo, 2002. "Foreign Ownership and Firm Value in Japan," CEI Working Paper Series 2002-15, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University. [Downloadable!]
  11. Takanori Tanaka, 2009. "Managerial Entrenchment, Banker Distribution, and Corporate Governance: Evidence from Japan," Discussion Papers in Economics and Business 09-02, Osaka University, Graduate School of Economics and Osaka School of International Public Policy (OSIPP). [Downloadable!]
  12. Pedersen, Torben & Thomsen, Steen & Kvist, Hans Kurt, 2001. "The Direction of Causality Between Blockholder Ownership and Firm Value: US and EU Evidence," Working Papers 16-2001, Copenhagen Business School, Department of International Economics and Management. [Downloadable!]
  13. Elijah Brewer, III & Hesna Genay & William Curt Hunter & George G. Kaufman, 2002. "The value of banking relationships during a financial crisis: evidence from failures of Japanese banks," Working Paper Series WP-02-20, Federal Reserve Bank of Chicago. [Downloadable!]
  14. Randall Morck & Lloyd Steier, 2005. "The Global History of Corporate Governance: An Introduction," NBER Chapters, in: A History of Corporate Governance around the World: Family Business Groups to Professional Managers, pages 1-64 National Bureau of Economic Research, Inc. [Downloadable!]
    Other versions:
  15. Elijah Brewer, III & Hesna Genay & William Curt Hunter & George G. Kaufman, 2002. "The value of banking relationships during a financial crisis: evidence from failures of Japanese banks," Proceedings, Federal Reserve Bank of San Francisco, issue Sep. [Downloadable!]
  16. Joe Peek & Eric S. Rosengren, 2003. "Unnatural Selection: Perverse Incentives and the Misallocation of Credit in Japan," NBER Working Papers 9643, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  17. Stefan ARPING, 2000. "Banking, Commerce, and Antitrust," Cahiers de Recherches Economiques du Département d'Econométrie et d'Economie politique (DEEP) 00.22, Université de Lausanne, Faculté des HEC, DEEP, revised May 2002. [Downloadable!]
  18. Miyajima Hideaki & Kuroki Fumiaki, 2005. "The Unwinding of Cross-shareholding: Causes, Effects, and Implications," Discussion papers 05006, Research Institute of Economy, Trade and Industry (RIETI). [Downloadable!]
  19. Kaul, Aditya & Mehrotra, Vikas & Phillips, Blake, 2006. "Ownership, Foreign Listings, and Market Valuation," CEI Working Paper Series 2005-13, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University. [Downloadable!]
  20. Miguel A. Ferreira & Pedro Matos, 2009. "Universal Banks and Corporate Control - Evidence from the Global Syndicated Loan Market," Working Paper Series 1066, European Central Bank. [Downloadable!]
  21. Hanazaki, Masaharu & Souma, Toshiyuki & Wiwattanakantang, Yupana, 2004. "Silent Large Shareholders and Entrenched Bank Management: Evidence from the Banking Crisis in Japan," CEI Working Paper Series 2004-1, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University. [Downloadable!]
  22. Stephan, Andreas & Tsapin, Andriy & Talavera, Oleksandr, 2009. "Why Do Firms Switch Their Main Bank? - theory and evidence from Ukraine," Working Paper Series in Economics and Institutions of Innovation 180, Royal Institute of Technology, CESIS - Centre of Excellence for Science and Innovation Studies. [Downloadable!]
    Other versions:
Statistics
Access and download statistics

Did you know? RePEc also has a blog.

This page was last updated on 2009-12-2.

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.