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Managerial control inside the firm
Hirota, Shin'ichi (contributor); Kawamura, Kohei (contributor) - 2005
This paper proposes an implicit control mechanism of managers inside the firm. We argue that the need to motivate workers may make it beneficial for a self-interested, short-sighted manager to pursue long-run viability of the firm. When the firm is in a stable environment, this implicit control...
Persistent link: https://www.econbiz.de/10002868650
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Management ownership and firm's value : an empirical analysis using panel data
Lee, Sang-mook (contributor); Ryu, Keunkwan (contributor) - 2003 - [Elektronische Ressource]
Demsetz and Lehn (1985), Morck, Shleifer, and Vishny (1988), and McConnell and Servaes (1990) report different empirical findings regarding ownership structure and corporate profitability. In this paper, we re-estimate the relation between management ownership and firm's value after controlling...
Persistent link: https://www.econbiz.de/10001785606
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Why are concavity conditions not satisfied in the cost function? : the case of Japanese manufacturing firms during the bubble period
Ogawa, Kazuo (contributor) - 2008
This paper examines empirically some of the reasons why Japanese manufacturing firms frequently fail to satisfy concavity conditions of the cost function. We focus on the “bubble period” in the 1980s when land was in great demand for reasons related to both production and speculation, and...
Persistent link: https://www.econbiz.de/10003757808
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The demise of bank-centered economy and increasing roles of credit rating in Japan
Yamori, Nobuyoshi (contributor); Asai, Yoshihiro (contributor) - 2006
After the burst of the bubble economy, Japanese economy has been changed drastically. Traditionally, Japanese economy was characterized as a bank-centered economy, but the banking system did not function well in the 1990's. Responding to banking problems, the Japanese government initiated the...
Persistent link: https://www.econbiz.de/10003321259
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Japanese corporate finance : what factors affect the financial decisions of Japanese firms? ; A survey result
Yamori, Nobuyoshi (contributor) - 2006
largest economic block in Japan, with 2041 companies responding. This article introduces the results of this questionnaire …
Persistent link: https://www.econbiz.de/10003321293
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Credit ratings in the Japanese bond market
Yamori, Nobuyoshi (contributor);  … - 2006
Recently, credit ratings have been enhancing the influence on issuers as well as the national economy. This paper explains the historical development and several current features of the Japanese bond market, and discusses why credit ratings gained a significant role in the 1990s. We also present...
Persistent link: https://www.econbiz.de/10003321300
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The dissaving of the aged revisited : the case of Japan
Horioka, Charles (contributor) - 2006
In this paper, I survey the previous literature on the saving behavior of the aged in Japan and then present some … survey data on the saving behavior of the aged in Japan that became available recently. To summarize the main findings of … that this model is highly applicable in the case of Japan. -- Saving ; dissaving ; consumption ; aged ; elderly …
Persistent link: https://www.econbiz.de/10003339272
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Do borrowing constraints matter? : An analysis of why the permanent income hypothesis does not apply in Japan
Kohara, Miki (contributor); Horioka, Charles (contributor) - 2006
importance of borrowing constraints in Japan. We find (1) that 8 to 15 percent of young married Japanese households are borrowing … does not apply in Japan and that the presence of borrowing constraints is not the main reason why it does not apply … Hypothesis ; Euler Equation ; Households ; Japan …
Persistent link: https://www.econbiz.de/10003339290
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The causes of Japan's 'lost decade' : the role of household consumption
Horioka, Charles (contributor) - 2006
the 1990s and conclude that the former (especially misguided government policies) were probably more important. -- Japan …
Persistent link: https://www.econbiz.de/10003339301
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Tax reform in Japan : the case of personal taxes
Horioka, Charles (contributor); Sekita, Shizuka (contributor) - 2006
), describe and evaluate the past and present structure of personal taxes in Japan, and based on our findings, make a number of … policy recommendations about how to reform personal taxes in Japan. We find that the structure of Japan’s current consumption … improves both the efficiency and equity of Japan’s personal taxes and, at the same time, achieves fiscal reconstruction …
Persistent link: https://www.econbiz.de/10003339307