2001-02-13
Ownership Structure, Investment Behavior and Firm Performance in Japanese Manufacturing Industries
Publication
Publication
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.
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Erasmus Research Institute of Management | |
hdl.handle.net/1765/73 | |
ERIM Report Series Research in Management | |
Organisation | Erasmus Research Institute of Management |
Gedajlovic, E., Yoshikawa, T., & Hashimoto, M. (2001). Ownership Structure, Investment Behavior and Firm Performance in Japanese Manufacturing Industries (No. ERS-2001-09-STR). ERIM Report Series Research in Management. Retrieved from http://hdl.handle.net/1765/73 |