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The role of corporate governance in Japanese unlisted companies

机译：公司治理在日本非上市公司中的作用

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摘要

The purpose of this paper is to examine the effects of corporate governance on the performance of Japanese unlisted companies from 1997 to 2002, when the problem of non-performing loans became serious. Using data of unlisted companies, we examine to what extent the ownership structure has a significant impact on firm's performance. When estimating the determinants of Tobin's q, we find that the ownership structure has a significant influence on the performance of each unlisted company. However, the impact was totally different between companies with good performance and bad performance. In particular, the increase in the shareholding ratio of a specific individual or a parent company worked positively for companies with good performance, but it worked negatively for companies with poor performance. The results suggest that the distorted governance structure in unlisted companies, which had worked well during the bubble economy, may have significantly restricted their recovery under prolonged recession in Japan.
机译：本文的目的是研究1997年至2002年不良贷款问题日益严重的日本非上市公司的公司治理绩效。利用非上市公司的数据，我们研究了股权结构在多大程度上对公司的绩效产生了重大影响。在估算托宾q的决定因素时，我们发现所有权结构对每家非上市公司的业绩都有重大影响。但是，业绩良好和业绩不佳的公司之间的影响完全不同。特别是，特定个人或母公司的持股比例增加对业绩良好的公司产生积极影响，但对业绩较差的公司却产生负面影响。结果表明，在泡沫经济时期运作良好的非上市公司的治理结构可能在日本长期衰退下严重限制了它们的复苏。

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