The Ownership of Japanese Corporations in the 20th Century
成果类型：
Article
署名作者：
Franks, Julian; Mayer, Colin; Miyajima, Hideaki
署名单位：
University of London; London Business School; Centre for Economic Policy Research - UK; Centre for Economic Policy Research - UK; University of Oxford; Waseda University
刊物名称：
REVIEW OF FINANCIAL STUDIES
ISSN/ISSBN：
0893-9454
DOI：
10.1093/rfs/hhu018
发表日期：
2014
页码：
2580
关键词：
摘要：
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. (JEL G32, K22)