THE GOVERNANCE STRUCTURE OF THE JAPANESE FINANCIAL KEIRETSU

• 成果类型: Article
• 署名作者: BERGLOF, E; PEROTTI, E
• 署名单位: Boston University; University of Amsterdam
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/0304-405X(94)90026-4
• 发表日期: 1994
• 页码: 259-284
• 关键词: CORPORATE GOVERNANCE; FINANCIAL KEIRETSU; corporate control

摘要

We rationalize the cross-holdings of debt and equity within the Japanese keiretsu as a contingent governance mechanism through which internal discipline is sustained over time. The reciprocal allocation of control rights supports cooperation and mutual monitoring among managers through a coalition-enforced threat of removal from control. In financial distress this threat is less effective, and the governance mode shifts to hierarchical enforcement under main bank leadership. The model is consistent with the capital structure, the distribution of claims, the extent of intragroup trading, and patterns of investor intervention within the groups.