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Measuring the Extent and Implications of Director Interlocking in the Pre-war Japanese Banking Industry

dc.contributor.authorTetsuji Okazaki
dc.contributor.authorKazuki Yokoyama
dc.date.accessioned2015-04-29T14:29:18Z
dc.date.available2015-04-29T14:29:18Z
dc.date.issued2002-07-15
dc.identifier.urihttp://hdl.handle.net/11540/4145
dc.description.abstractAs a result of the Asian financial crisis of 1997, the issue of corporate governance has attracted the attention of researchers as well as policy authorities. Much of the literature on the Asian crisis focuses specifically on the exploitation of minority shareholders by core members of family-based companies (Claessens et al. (1998); Lang (2001)). We argue that family-based companies do not always exploit minority shareholders. Okazaki (1999) and Okazaki (2001) indicate that the companies affiliated to the major zaibatsu in pre-war Japan basically outperformed other companies in terms of ROE, using panel data of 1935 companies from 1922 to 1936. According to the book and paper, this was basically due to monitoring by the holding company through dispatching directors, checking financial records and so on. However, the existence of major zaibatsu such as Mitsui and Mitsubishi was only one aspect of the pre-war Japanese corporate system. In addition to the major zaibatsu, many small and mediumsized family-based corporate groups existed.
dc.languageEnglish
dc.publisherAsian Development Bank Institute
dc.rightsCC BY 3.0 IGO
dc.rights.urihttps://creativecommons.org/licenses/by/3.0/igo/
dc.titleMeasuring the Extent and Implications of Director Interlocking in the Pre-war Japanese Banking Industry
dc.typeWorking Papers
dc.subject.expertEconomic Development
dc.subject.expertEconomic Infrastructure
dc.subject.expertEconomic Policies
dc.subject.expertRegional Economic Development
dc.subject.expertMicrofinance Programs
dc.subject.expertPublic Finance
dc.subject.expertLocal Financing
dc.subject.expertFinancial Stability
dc.subject.expertFinancial Sector Regulation
dc.subject.adbEnterprises
dc.subject.adbFinancial aid
dc.subject.adbEconomies in transition
dc.subject.adbLocal Finance
dc.subject.adbLocal Government
dc.subject.adbInsurance Companies
dc.subject.adbBanks
dc.subject.adbSocial Equity
dc.subject.naturalSocial responsibility of business
dc.subject.naturalAccounting
dc.subject.naturalPersonal budgets
dc.subject.naturalCost and standard of living
dc.subject.naturalBank accounts
dc.subject.naturalCredit control
dc.subject.naturalRegulatory reform
dc.subject.naturalBanks and banking
dc.title.seriesResearch Paper Series
dc.title.volume39
dc.contributor.imprintAsian Development Bank
oar.themeEconomics
oar.themeFinance
oar.adminregionAsia and the Pacific Region
oar.countryBangladesh
oar.countryBhutan
oar.countryIndia
oar.countryMaldives
oar.countryNepal
oar.countrySri Lanka
oar.countryBrunei Darussalam
oar.countryCambodia
oar.countryIndonesia
oar.countryLao People's Democratic
oar.countryMalaysia
oar.countryMyanmar
oar.countryPhilippines
oar.countrySingapore
oar.countryThailand
oar.countryViet Nam
oar.countryCook Islands
oar.countryFiji Islands
oar.countryKiribati
oar.countryMarshall Islands
oar.countryFederated States of Micronesia
oar.countryNauru
oar.countryPalau
oar.countryPapua New Guinea
oar.countrySamoa
oar.countrySolomon Islands
oar.countryTimor-Leste
oar.countryTonga
oar.countryTuvalu
oar.countryVanuatu
oar.countryAfghanistan
oar.countryArmenia
oar.countryAzerbaijan
oar.countryGeorgia
oar.countryKazakhstan
oar.countryKyrgyz Republic
oar.countryPakistan
oar.countryTajikistan
oar.countryTurkmenistan
oar.countryUzbekistan
oar.countryPeople's Republic of China
oar.countryHong Kong
oar.countryChina
oar.countryRepublic of Korea
oar.countryMongolia
oar.countryTaipei,China
oar.identifierOAR-004662
oar.authorOkazaki, Tetsuji
oar.authorYokoyama, Kazuki
oar.importtrue
oar.googlescholar.linkpresenttrue


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  • ADBI Research Paper Series
    The Asian Development Bank Institute (ADBI) research paper series disseminate selected work in progress to facilitate an exchange of ideas within academic and policy communities. An objective of the series is to circulate primary findings promptly, regardless of the degree of finish. ADBI’s activities are guided by its three strategic priority themes of inclusive and sustainable growth, regional cooperation and integration, and governance for policies and institutions.

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