This paper proposes a network model of the economy in which conglomerate firms transmit idiosyncratic shocks from one … industry to another. The strength of inter-industry connections is determined by the conglomerate's share of total industry … sales and by the industry's share of the conglomerate's total sales. The empirical results show that industry growth rates …

paper investigates whether bank ties in Japan were costly for mature and healthy firms in the 1980's and 1990's, and whether …

This paper reviews the literature on corporate groups in Japan and elsewhere, and offers a comparison of Japan … groups in Japan since the mid-1970s. The main conclusions that emerge are that: 1. Empirical evidence on the economic roles … of corporate groups in Japan is limited. 2. Japanese groups are, in some respects, quite similar to groups in other …

We show that industrial ownership structures, such as keiretsu groupings in Japan, may significantly impact firms …

shifted production to unregulated firms in the same conglomerate instead of improving their energy efficiency. Conglomerate …

In this paper, we examine the proposition that both the structures of conglomerate firms and their merger activities …