Template-Type: ReDIF-Paper 1.0
Author-Name: Gedajlovic, E.R.
Author-Name-Last: Gedajlovic
Author-Name-First: Eric
Author-Name: Yoshikawa, T.
Author-Name-Last: Yoshikawa
Author-Name: Hashimoto, M.
Author-Name-Last: Hashimoto
Title: Ownership Structure, Investment Behavior and Firm Performance in Japanese Manufacturing Industries
Abstract: Using data spanning the 1996-1998 fiscal years of 247 of Japan's largest manufacturers, we empirically evaluate the extent to which a firm's investment behavior and financial performance is influenced by its ownership structure. To do so, we examine six distinct categories of Japanese shareholders: foreign investors, investment funds, pen sion funds, banks and insurance companies, affiliated companies and insiders. Our findings strongly indicate that the relationship between the equity stakes of a particular category of investor and a firm's financial performance and investment behavior is highly idiosyncratic. Such a result emphasizes the importance of making finely grained and contextually relevant distinctions when modeling and evaluating corporate governance relations.
Creation-Date: 2001-02-13
File-URL: https://repub.eur.nl/pub/73/erimrs20010213120151.pdf
File-Format: application/pdf
Series: RePEc:ems:eureri
Number: ERS-2001-09-STR
Classification-JEL: G39, L20, M
Keywords: Japan, corporate governance, investment behaviour, ownership, performance
Handle: RePEc:ems:eureri:73