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New development in the Japanese corporate governance in the 1990s - the role of corporate pension funds

  • Suto, Megumi
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    In recent years, there has been a slow but steady change in ownership structures and corporate governance in Japan. As a result of economic stagnation, relations between companies characterised by cross-shareholdings and the main-bank system have become less rigid and institutional investors show increasing shareholder activism. This paper investigates the role of corporate pension funds in this process. Major trust banks and life insurance companies which act as trustees of pension funds are becoming more and more concerned with shareholder value. However, as will be demonstrated, this does not mean a transition from a relationship-oriented system to a pure market-based one. Instead, due to differences in the regulatory framework and schemes of corporate pension funds, but also due to differences in corporate relationships, there is rather a tendency towards convergence to a "communication-based" system with institutional investors taking the role of information intermediaries for their customers.

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    File URL: http://econstor.eu/bitstream/10419/19451/1/100.pdf
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    Paper provided by Hamburg Institute of International Economics (HWWA) in its series HWWA Discussion Papers with number 100.

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    Date of creation: 2000
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    Handle: RePEc:zbw:hwwadp:26220
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    Web page: http://www.econstor.eu/handle/10419/20
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    1. Rafael LaPorta & Florencio Lopez-de-Silanes & Andrei Shleifer & Robert W. Vishny, . "Legal Determinants of External Finance," Working Paper 19443, Harvard University OpenScholar.
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      • Rafael La Porta & Florencio Lopez-de-Silane & Andrei Shleifer & Robert W. Vishny, 1996. "Law and Finance," NBER Working Papers 5661, National Bureau of Economic Research, Inc.
      • Rafael LaPorta & Florencio Lopez-de-Silanes & Andrei Shleifer & Robert W. Vishny, . "Law and Finance," Working Paper 19451, Harvard University OpenScholar.
    3. Kaplan, Steven N, 1994. "Top Executive Rewards and Firm Performance: A Comparison of Japan and the United States," Journal of Political Economy, University of Chicago Press, vol. 102(3), pages 510-46, June.
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    7. Hoshi, Takeo & Kashyap, Anil & Scharfstein, David, 1990. "The role of banks in reducing the costs of financial distress in Japan," Journal of Financial Economics, Elsevier, vol. 27(1), pages 67-88, September.
    8. Mark J. Roe, 1997. "The Political Roots Of American Corporate Finance," Journal of Applied Corporate Finance, Morgan Stanley, vol. 9(4), pages 8-22.
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    10. Karpoff, Jonathan M. & Malatesta, Paul H. & Walkling, Ralph A., 1996. "Corporate governance and shareholder initiatives: Empirical evidence," Journal of Financial Economics, Elsevier, vol. 42(3), pages 365-395, November.
    11. Wahal, Sunil, 1996. "Pension Fund Activism and Firm Performance," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 31(01), pages 1-23, March.
    12. Kang, Jun-Koo & Shivdasani, Anil, 1995. "Firm performance, corporate governance, and top executive turnover in Japan," Journal of Financial Economics, Elsevier, vol. 38(1), pages 29-58, May.
    13. Prowse, Stephen D, 1992. " The Structure of Corporate Ownership in Japan," Journal of Finance, American Finance Association, vol. 47(3), pages 1121-40, July.
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