This article focuses on the evolution of the financial structures of the industrial Japanese firms listed between 1990 and 1999. It belongs to the category of Q-investment models, by studying the impact of the affiliation to a financial keiretsu on investment relative sensitivity to cash-flows....

In this paper, we compute financial intermediation ratios for Japan (1970-2003) on a book value basis. According to our results, the intermediation ratio has remained quite stable, at around 85%. However, this stability is the result of two opposing trends : a decrease in credits and an increase...

Cet article s'intéresse à l'évolution des structures financières des grandes firmes japonaises cotées à la première section du TSE sur la période 1990-1999. Il s'inscrit dans la continuité de la littérature sur les modèles Q-investissement : il étudie l'évolution de l'impact d'une...

In this paper, we compute financial intermediation ratios for Japan (1970-2003) on a book value basis. According to our results, the intermediation ratio has remained quite stable, at around 85%. However, this stability is the result of two opposing trends : a decrease in credits and an increase...

In this paper, we examine the evolution of the Japanese financial structure, in order to challenge the expected incidences of the financial liberalization. We compute financial intermediation ratios for Japan (1979-2004) on a book value basis. According to our results, the intermediation ratio...

Ce papier étudie les mécanismes de contrôle collectif présents dans des orgnisations de type keiretsu japonais caractérisées par des regroupements de firmes, des décentralisations des prises de décisions et des actionnariats entrecroisés. Nous proposons une modélisation de ces...

This article focuses on the evolution of the financial structures of the industrial Japanese firms listed between 1990 and 1999. It belongs to the category of Q-investment models, by studying the impact of the affiliation to a financial keiretsu on investment relative sensitivity to cash-flows....

This paper focuses on the mechanisms of collective control, such as in Japanese keiretsu, that are characterized by firms groupings, decentralized decision-makings and cross-shareholdings. We develop a model about these mechanisms based on initial incentive contracts offered by shareholders to...

In this paper, we examine the evolution of the Japanese financial structure, in order to challenge the expected incidences of the financial liberalization. We compute financial intermediation ratios for Japan (1979-2004) on a book value basis. According to our results, the intermediation ratio...