Publishing type：Part of collection (book)  

In this chapter, we investigate the evolution of ownership structure and corporate governance in Japanese firms based on the entire population of listed firms from 1962 to 2012. Ownership structure is one of the main corporate governance mechanisms, and many prior studies focus on the characteristics of the ownership structure of Japanese firms (Gedajlovic and Shapiro, 2002; Gedajlovic, Yoshikawa, and Hashimoto, 2005; Lichtenberg and Pushner, 1994; Prowse, 1992; Yoshikawa and Phan, 2003). The concepts of stable shareholding and cross-shareholding represent the traditional ownership structure, and the bank-centered financial system or main bank system has been perceived as the conventional corporate governance framework in the Japanese firm system (Ahmadjian and Okumura, 2005; Ahmadjian and Robinson, 2001; Berglof and Perotti, 1994; Gerlach, 1992; Hoshi, Kashyap, and Scharfstein, 1990; Kang and Shivdasani, 1995; Morck and Nakamura, 1999; Sheard, 1994). Although prior studies examine this topic, there has not been much focus on the evolution of ownership structure and corporate governance in Japanese firms from a long-term perspective and with the entire firm population. We aim to address these gaps by analyzing the evolution of ownership structure using the entire population of listed firms with longitudinal data.

DOI： 10.4324/9781315560892

Scopus

Language：Japanese   Publishing type：Research paper (scientific journal)  

Language：Japanese   Publishing type：Research paper (scientific journal)  

Language：English   Book type：Scholarly book

Publisher：Elsevier BV  

DOI： 10.1016/j.jfineco.2021.06.018

Publisher：Wiley  

DOI： 10.1111/corg.12300

Other Link： https://onlinelibrary.wiley.com/doi/full-xml/10.1111/corg.12300

Language：English   Publisher：WILEY-BLACKWELL  

Using long-term data on Japanese family firms, this study explores when the transition from family to professional management leads to better performance. In order to avoid endogeneity bias, we employ propensity score matching and difference-in-differences techniques. We find evidence that firms that transition from family to professional CEOs outperform those that maintain family leadership. This performance improvement is more pronounced when (1) families maintain high ownership control but leave no family legacy behind, (2) when the transition moves from non-founder family managers to professionals, and (3) when professional managers graduated from elite universities. Copyright (c) 2014 John Wiley & Sons, Ltd.

DOI： 10.1002/smj.2289

Web of Science

Language：English   Publisher：ELSEVIER SCIENCE SA  

We find inherited family firms more important in postwar Japan than generally realized, and also performing well on average. Non-consanguineous heir-run firms outperform blood heirs' firms, and roughly match founder-run listed firms, while blood heirs surpass professional managers at running family firms. Further, succession events suggest that adopted heirs "cause" elevated performance. We suggest that heir-run firms do well because non-consanguineous heirs displace the least talented blood heirs, the non-consanguineous heir "job" motivates professional managers, and the threat of displacement encourages blood heirs' effort and human capital accumulation, mitigating the "Carnegie conjecture" that inherited wealth deadens talent. (C) 2013 Elsevier B.V. All rights reserved.

DOI： 10.1016/j.jfineco.2013.01.011

Web of Science

Language：English   Publisher：WILEY-BLACKWELL  

Family firms depend on a succession of capable heirs to stay afloat. If talent and IQ are inherited, this problem is mitigated. If, however, progeny talent and IQ display mean reversion (or worse), family firms are eventually doomed. Since family firms persist, solutions to this succession problem must exist. We submit that marriage can transfuse outside talent and reinvigorate family firms. This implies that changes to the institution of marriagenotably, a decline in arranged marriages in favor of marriages for lovebode ill for the survival of family firms. Consistent with this, the predominance of family firms correlates strongly across countries with plausible proxies for arranged marriage norms.

DOI： 10.1111/j.1540-6520.2011.00494.x

Web of Science

Award type：Award from Japanese society, conference, symposium, etc.  Country：Japan