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首页> 外文期刊>Economics of governance >Evolving corporate governance and firms performance: evidence from Japanese firms
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Evolving corporate governance and firms performance: evidence from Japanese firms

机译：不断发展的公司治理和公司绩效：来自日本公司的证据

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摘要

This study is an attempt to investigate the implications of the ownership structure and control transfers in the Japanese corporate market, which are attributed mainly to the government's liberalization policies during 1990s. It appears that institutional shareholdings-either financial or non-financial corporations-are associated with poor performance, whereas the foreign and domestic private ownerships lead to an improvement in the performance of the firms. We observe that unwinding the cross-shareholding between banks and corporations and mutual transfers among non-financial institutions allows for efficiency gain. Furthermore, the ownership transfer to private and foreign individuals is consistently associated with high market value, which implies that individuals' transfers lead to an increase in efficiency.
机译：这项研究旨在调查所有权结构和控制权转移在日本公司市场中的影响，这主要归因于1990年代政府的自由化政策。看来，机构股权（无论是金融公司还是非金融公司）都与业绩不佳相关，而外国和国内私人所有权导致公司业绩的提高。我们观察到，放松银行与公司之间的交叉股权以及非金融机构之间的相互转移可以提高效率。此外，向私人和外国个人的所有权转让始终与较高的市场价值相关联，这意味着个人的转让导致效率提高。

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