Aoki and Patrick Hoshi and Kashyap ROE 125
ROA Aoki Odagiri Frankl Fruin 126
NEEDS ROE ROA ROE ROEROA ROE ROEIQ ROE ROE ROE 127
128 IQ
ROE ROE ROE ROE ROA ROE 129
Miyajima 130
Okazaki Teranishi GHQ % Prowse, Flath, Yafeh and Yosha 131
YafehMiyajima Shleifer and Vishny 132
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
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
135
ROE 136
ROE ROE ROE 137
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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
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