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Stock Ownership Structure in Japan

In: Big Data Analysis on Global Community Formation and Isolation

Author

Listed:
  • Haruka Kato

    (Niigata University)

  • Yuichi Kichikawa

    (Faculty of Science Niigata University)

  • Hiroshi Iyetomi

    (Faculty of Science Niigata University
    The Canon Institute for Global Studies)

  • Wataru Souma

    (Nihon University)

Abstract

We analyze the stock ownership relations in Japan during the period of 2000–2008 from a network theory point of view. The ownership network has a typical bow-tie structure which is rather stable throughout the period. Most of the listed firms constitute a giant strongly-connected component (GSCC). The existence of the GSCC indicates that there exist complicated multilateral cross-ownership structures in Japan. We then find that firms are classified into three groups with different characteristics in the shareholders’ distribution. The Helmholtz–Hodge decomposition eliminates the circular ownership relations in the GSCC to allow us to determine ultimate owners of listed firms. We also devise a new measure to evaluate the additional value of firms, coined hierarchical value, arising from interfirm ownership relations in the hierarchical structure. As the GSCC is not uniform at all, we decompose the central core into communities to elucidate characteristics of dominant communities.

Suggested Citation

  • Haruka Kato & Yuichi Kichikawa & Hiroshi Iyetomi & Wataru Souma, 2021. "Stock Ownership Structure in Japan," Springer Books, in: Yuichi Ikeda & Hiroshi Iyetomi & Takayuki Mizuno (ed.), Big Data Analysis on Global Community Formation and Isolation, pages 191-216, Springer.
    • Handle: RePEc:spr:sprchp:978-981-15-4944-1_7
    DOI: 10.1007/978-981-15-4944-1_7
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