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On the Relationship between Japanese Manufacturing Firms and their Domestic Subsidiaries

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  • Elizabeth L. Rose
  • Kiyohiko Ito

Abstract

Much past research on ownership policy has dealt with foreign subsidiaries. In this paper, we study the ownership relationship between Japanese firms and their publicly-traded domestic subsidiaries. Using a transaction cost framework, we find that benefiting from high subsidiary profitability is not the sole motivation behind parent firms' decisions regarding equity control of their subsidiaries. Our results indicate that different policies are adopted by Japanese firms with respect to domestic and foreign subsidiaries.

Suggested Citation

  • Elizabeth L. Rose & Kiyohiko Ito, 2004. "On the Relationship between Japanese Manufacturing Firms and their Domestic Subsidiaries," Asia Pacific Journal of Management, Springer, vol. 21(4), pages 469-490, December.
    • Handle: RePEc:kap:asiapa:v:21:y:2004:i:4:p:469-490
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    Cited by:

    1. Mike Peng & Andrew Delios, 2006. "What determines the scope of the firm over time and around the world? An Asia Pacific perspective," Asia Pacific Journal of Management, Springer, vol. 23(4), pages 385-405, December.

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