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Does Ownership Matter? Evidence from the Zaibatsu Dissolution Program
http://hdl.handle.net/2261/2381
http://hdl.handle.net/2261/238196eeb660-f9ff-422e-9b68-df26bf242240
| Item type | テクニカルレポート / Technical Report(1) | |||||
|---|---|---|---|---|---|---|
| 公開日 | 2017-01-17 | |||||
| タイトル | ||||||
| タイトル | Does Ownership Matter? Evidence from the Zaibatsu Dissolution Program | |||||
| 言語 | ||||||
| 言語 | eng | |||||
| 資源タイプ | ||||||
| 資源タイプ識別子 | http://purl.org/coar/resource_type/c_18gh | |||||
| 資源タイプ | technical report | |||||
| アクセス権 | ||||||
| アクセス権 | metadata only access | |||||
| アクセス権URI | http://purl.org/coar/access_right/c_14cb | |||||
| 著者 |
Miwa, Yoshiro
× Miwa, Yoshiro× J., Mark Ramseyer |
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| 著者所属 | ||||||
| 値 | University of Tokyo | |||||
| 著者所属 | ||||||
| 値 | Harvard University | |||||
| 著者所属 | ||||||
| 値 | CIRJE | |||||
| 抄録 | ||||||
| 内容記述タイプ | Abstract | |||||
| 内容記述 | In 1985, Demsetz & Lehn argued both that the optimal corporate ownership structure was firm-specific, and that market competition would drive firms toward that optimum. Because ownership was endogenous to expected performance, they cautioned, any regression of profitability on ownership patterns should yield insignificant results. To test the Demsetz- Lehn hypothesis, we use the zaibatsu dissolution program from late-1940s Japan as an exogenous shock to the pre -war ownership equilibrium. Through that program, the U.S. -run occupation removed the more prominent shareholders from many of the most successful Japanese companies. By focusing on the effect the program had on profitability and on the way firms responded to the program, we accomplish two goals: (a) we avoid the endogeneity problem that has plagued much of the other research on the subject, and (b) we clarify the equilibrating dynamics by which competitive markets move firms toward their optimal ownership structure. With a sample of 637 Japanese firms for 1953 and 710 for 1958, we confirm the equilibrating mechanism behind Demsetz-Lehn: between 1953 and 1958, the ex- zaibatsu firms did significantly reconcentrate their ownership structure. As of 1953, the unlisted ex-zaibatsu and new firms still had not yet been able to negotiate the transactions necessary to approach their optimum ownership structures, and even the listed firms had not fully undone the effect of the occupation-induced changes on managerial practices. By 1958 they had, and the earlier correlation between profitability and ownership disappeared. By then, firm profitability showed no correlation with ownership, whether under linear, quadratic, or piecewise specifications. We further find no evidence that ex- zaibatsu firms sought to strengthen their ties to banks over 1953 - 58. | |||||
| 内容記述 | ||||||
| 内容記述タイプ | Other | |||||
| 内容記述 | Journal of Economics & Management Strategy, 12(1), 2003, p. 67-89. 掲載予定. | |||||
| 内容記述 | ||||||
| 内容記述タイプ | Other | |||||
| 内容記述 | 本文フィルはリンク先を参照のこと | |||||
| 書誌情報 |
Discussion paper series. CIRJE-F 巻 CF-105, 発行日 2001-02 |
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| 書誌レコードID | ||||||
| 収録物識別子タイプ | NCID | |||||
| 収録物識別子 | AA11450569 | |||||
| フォーマット | ||||||
| 内容記述タイプ | Other | |||||
| 内容記述 | application/pdf | |||||
| 日本十進分類法 | ||||||
| 主題Scheme | NDC | |||||
| 主題 | 330 | |||||
| 出版者 | ||||||
| 出版者 | 日本経済国際共同センター | |||||
| 出版者別名 | ||||||
| 値 | Center for International Research on the Japanese Economy | |||||
| 関係URI | ||||||
| 識別子タイプ | URI | |||||
| 関連識別子 | http://www.cirje.e.u-tokyo.ac.jp/research/dp/2001/2001cf105.pdf | |||||
