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An International Perspective on Japanese Corporate Finance


  • Kenji Kojima

    (Kobe University)


This paper presents major characteristics of Japanese corporate finance in an internationally comparative perspective. The corporate finance in Japan appears different from those in the United States. The paper attempts to identify important features of corporate finance in Japan, to provide economic rationale for those, and to develop insights concerning the effects of such differences on the relationship between corporate finance and capital market. The different features can be due to differing institutional and regulatory structures. The ongoing financial liberalization has caused structural shifts of Japanese corporate finance over the last decade.

Suggested Citation

  • Kenji Kojima, 1994. "An International Perspective on Japanese Corporate Finance," Kobe Economic & Business Review, Research Institute for Economics & Business Administration, Kobe University, vol. 39, pages 11-59.
  • Handle: RePEc:kob:review:1994::v:39:p:11-59

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    Cited by:

    1. Singh, A., 1997. "Liberalisation, the Stock Market and the Market for Corporate Control: A Bridge Too Far for the Indian Economy?," Accounting and Finance Discussion Papers 97-af35, Faculty of Economics, University of Cambridge.
    2. Singh, Ajit, 2011. "Addendum to India’s Economic Reforms and Development: Essays for Manmohan Singh," MPRA Paper 53179, University Library of Munich, Germany.
    3. Ajit Singh, 1998. "Savings, investment and the corporation in the East Asian miracle," Journal of Development Studies, Taylor & Francis Journals, vol. 34(6), pages 112-137.
    4. Ajit Singh, 1998. "Financial liberalisation, stockmarkets and economic development," Nova Economia, Economics Department, Universidade Federal de Minas Gerais (Brazil), vol. 8(1), pages 165-182.
    5. Singh, Ajit, 1996. "Catching up with the West: a perspective on Asian economic development," MPRA Paper 53993, University Library of Munich, Germany.

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