The ownership of Japanese corporations in the 20th century

Julian Franks, Colin Mayer, Hideaki Miyajima

Research output: Contribution to journalArticle

13 Citations (Scopus)

Abstract

Twentieth century Japan provides a remarkable laboratory for examining how an externally imposed institutional and regulatory intervention affects the ownership of corporations. In the first half of the century, Japan had weak legal protection but strong institutional arrangements. The institutions were dismantled after the war and replaced by a strong form of legal protection. This inversion resulted in a switch from Japan being a country in which equity markets flourished and ownership was dispersed in the first half of the century to one in which banks and companies dominated with interlocking shareholdings in the second half of the century.

Original languageEnglish
Pages (from-to)2580-2625
Number of pages46
JournalReview of Financial Studies
Volume27
Issue number9
DOIs
Publication statusPublished - 2014

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Ownership
Japan
20th century
Legal protection
Institutional arrangements
Shareholding
Equity markets
Equity ownership

ASJC Scopus subject areas

  • Finance
  • Accounting
  • Economics and Econometrics

Cite this

The ownership of Japanese corporations in the 20th century. / Franks, Julian; Mayer, Colin; Miyajima, Hideaki.

In: Review of Financial Studies, Vol. 27, No. 9, 2014, p. 2580-2625.

Research output: Contribution to journalArticle

Franks, Julian ; Mayer, Colin ; Miyajima, Hideaki. / The ownership of Japanese corporations in the 20th century. In: Review of Financial Studies. 2014 ; Vol. 27, No. 9. pp. 2580-2625.
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