Financial and Product Market Integration: Responses of Japanese Firms
Growing financial and product market integration has resulted in increased pressures for changes in most developed economies. The researchers investigate the impact of these twin drivers on changes effected by Japanese firms between 1986 and 1999. Specifically, researchers examine how shareholdings by market investors and foreign investors and export ratio impact outcomes in the form of efficiency increases, dividend payout, and leverage change. Researchers also investigate whether the relationships differ between keiretsu and non-keiretsu firms. Ownership by market investors was positively associated with efficiency increases and decreases in firm leverage. In addition, firm export ratio played a key role in motivating Japanese firms to increase their efficiency and firm leverage. Moreover, these relationships were more pronounced in non-keiretsu than keiretsu firms.
Business Law, Public Responsibility, and Ethics | Corporate Finance | Entrepreneurial and Small Business Operations
Management International Review
YOSHIKAWA, Toru; Rasheed, Abdul; Deepak, K.D.; and Rosenstein, J..
Financial and Product Market Integration: Responses of Japanese Firms. (2006). Management International Review. 46, (5), 529-555. Research Collection Lee Kong Chian School Of Business.
Available at: http://ink.library.smu.edu.sg/lkcsb_research/2791