An analysis of Japanese corporate structure, 1915-1937
成果类型：
Article
署名作者：
Williams College
刊物名称：
JOURNAL OF ECONOMIC HISTORY
ISSN/ISSBN：
0022-0507
DOI：
10.1017/S0022050700024116
发表日期：
1999
页码：
997-1015
关键词：
摘要：
Corporate groups have been very important in the economies of many developing countries, including prewar Japan, where zaibatsu controlled approximately one-third of the capital stock. Regression analysis of a new firm-lever financial data set distinguishes the economic behavior of zaibatsu member firms from independent firms. The only significant difference between old-zaibatsu member firms and independent firms is that some measures of earnings of old zaibatsu were less stable. The earnings of new-zaibatsu firms were higher, faster-growing and less variable than those of independent firms. These results cast doubt on the anecdotal literature about old zaibatsu.