季刊企業と法創造第1巻第4号（通巻第4号）

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1 Aoki and Patrick Hoshi and Kashyap ROE 125

2 ROA Aoki Odagiri Frankl Fruin 126

3 NEEDS ROE ROA ROE ROEROA ROE ROEIQ ROE ROE ROE 127

4 128 IQ

5 ROE ROE ROE ROE ROA ROE 129

6 Miyajima 130

7 Okazaki Teranishi GHQ % Prowse, Flath, Yafeh and Yosha 131

8 YafehMiyajima Shleifer and Vishny 132

9 Burkart, Gromb and Panunzi Classen, Djankow, Fan and LangJohnson, Boone, Breach and Friedman Lichtenberg and Pushner Yafeh OLS ROEtF(GOVt-, DARt-, SALEt-, SIZEt-, IND, YEAR) ROE DAR SALESIZE IND YEAR GOV ZAIBATSU ZAIBATSU 133

10 Morck, Shleifer and Vishny McConnell and Servaes Survivorship Bias ZAIBATSU ROE.. ROE. Morck, Shleifer and Vishny McConnell and Servaes % ROE. ROE Shleifer and Vishny McConnell and Servaes corpind ROE 134

11 135

12 ROE 136

13 ROE ROE ROE 137

14 H Mark IIRIETI Discussion Papers Series -J-.... Aoki, M. (), Information, Incentive and Bargaining in the Japanese Economy, Cambridge University press. Aoki, M and H. Patrick, eds. (), The Japanese Main Bank System: Its Relevancy for Developing and Transforming Economies, Oxford University Press. Burkart, M., D. Gromb and F. Panunzi. (), Large Shareholder, Monitoring and the Value of the Firm, Quarterly Journal of Economics, (), pp. -. Classens, S., S. Djankow., J. Fan. and L. Lang (), The Relational for Groups: Evidence from Ease Asia, unpublished manuscript, The World Bank. Flath, D. (), Shareholding in the Keiretsu, Japan s Financial Groups, Review of Economics and Statistics,, pp.-. Frankl, J. (), An Analysis of Japanese Corporate Structure, -, Journal of Economic History,, pp. -. Fruin, W. M. (), The Japanese Enterprise System: Competitive Strategies and Cooperative Structures, Clarendon Press. Gibson, M. S. (), Can Bank Health Affect Investment? Evidence from Japan, Journal of Business,, pp -. Hoshi,T. and A. Kashyap (), Corporate Financing and Governance in Japan, MIT Press. Jensen, M. C. (), Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers, American Economic Review,, pp. -. Johnson, S., P. Boone, A. Breach and E. Friedman (), Corporate Governance in the Asian Financial Crisis, Journal of Financial Economics, pp

15 Lichtenberg, F. R. and G. M. Pushner (), Ownership Structure and Corporate Performance in Japan, Japan and World Economy,, pp.-. McConnell, J. J. and H. Servaes. (), Additional Evidence on Equity Ownership and Corporate Value, Journal of Financial Economics,, pp. -. McConnell, J. J. and H. Servaes (), Equity Ownership and the Two Faces of Debt, Journal of Financial Economics,, pp.-. Miyajima, H. (), The Transformation of Zaibatsu to Postwar Corporate Groups: From Hierarchical Integrated Group to Horizontally Integrated Group, Journal of the Japanese and International Economies,, pp. -. Miyajima, H. (), The Privatization of Ex-zaibatsu Holding Stocks and the Emergence of Bank centered Corporate Groups, Aoki, M. ed. Corporate Governance in Transitional Economy, The World Bank. Miyajima, H. (), The Evolution and Change of Contingent Governance Structure in the J-Firm System: An Approach to Presidential Turnover and Firm Performance, Dirks, D., J. F. Huchet and T. Ribault, eds., Japanese Management in the Low Growth Era: Between External Shock and Internal Evolution, Springer Verlag. Miyajima, H., Y.Omi and N. Saito (), Corporate Governance and Performance in Twentieth-Century Japan, Business and Economic History On-Line,. Morck, R., A. Shleifer and R. Vishny (), Management Ownership and Market Valuation: An Empirical Analysis, Journal of Financial Economics,, pp. -. Morck, R., M. Nakamura and A. Shivdasani (), Banks, Ownership Structure, and Firm Value in Japan, Journal of Business, -, pp. -. Odagiri, H. (), Growth through Competition, Competition through Growth: Strategic Management and the Economy in Japan, Oxford University Press. Okazaki, T. (), Japanese Firm under Planned Economy, Journal of the Japanese and International Economies,, pp. -. Porter, M. E. (), Capital Disadvantage: America s Failing Capital Investment System, Harvard Business Review,, pp.-. Porter, M. E. (), Capital Choices, Harvard University Press. Prowse, S. (), Institutional Investment Pattern and Corporate Financial Behaviors in the United States and Japan, Journal of Financial Economics,, pp. -. Sheard, P. (), Interlocking Shareholdings and Corporate Governance in Japan, Aoki, M. and R. Dore, eds., The Japanese Firm: Sources of Competitive Strength, Oxford University Press. Shleifer, A. and Vishny, R. (), Large Shareholders and Corporate Control, Journal of Political Economy, -, pp. -. Teranishi, J. (), The Fall of the Taisho Economic System, Aoki, M. and R. G. Saxonhouse, eds., Finance, Governance, and Competitiveness in Japan, Oxford University Press. Weinstein, D. and Y. Yafeh (), On the Costs of a Bank-centered Financial System: Evidence from the Changing Main Bank Relations in Japan, Journal of 139

16 Finance,, pp.-. Yafeh, Y. (), Corporate Ownership, Profitability, and Bank-Firm Ties: Evidence from the American Occupation Reforms in Japan, Journal of the Japanese and International Economies,, pp. -. Yafeh, Y. (), An International Perspectives of Japan s Corporate Groups and Their Prospects, Blomström, M. J. Corbett, F. Hayashi and A. Kashyap, eds., Structural Impediments to Growth in Japan, University of Chicago Press. Yafeh Y. and O. Yosha (), Large Shareholder and Banks: Who Monitors and How? Economic Journal,, pp. -. Survivorship Bias ROA Miyajima, Omi and Saito Odagiri ROE ROE Frankl ROA Q. corproe. ind ROE. 140

株式保有構成と企業価値 ─コーポレート・ガバナンスに関する一考察─

株式保有構成と企業価値 ─コーポレート・ガバナンスに関する一考察─ q E-mail: kenji.nishizaki@boj.or.jp E-mail: kurasawa@ynu.ac.jp OECD Vives Tirole Shleifer and Vishny q %% %% % % Allen and Gale %% % Admati, Pfreiderer and Zechner Burkart, Gromb and Panunzi Cremer 1995Pagno

季刊 企業と法創造 第1巻第4号（通巻第4号）

季刊企業と法創造第1巻第4号（通巻第4号）