Catégorie : Publications

Discussion Paper Series 2016 #03 : « Does Ownership Really Matter? : The Role of Foreign Investors in Corporate Governance in Japan »

After the banking crisis of 1997, corporate ownership in Japan shifted from an insider-dominated to an outsider-dominated structure. This paper analyzes the impact of dramatic changes in the ownership structure on corporate governance and firm value, focusing on the role of foreign institutional investors.

Discussion Paper Series 2016 #02

In this paper, we introduce a financial dimension as an additional source of firm heterogeneity to understand export market participation, and examine how the impact of leverage on firms’ exporting decisions varies depending on financial constraints, using a panel of 3,353 Korean manufacturing firms over the period of 1994-2011.

Review: The Great Transformation of Japanese Capitalism ed. by Sébastien Lechevalier

In The Great Transformation of Japanese Capitalism, Sébastien Lechevalier writes that “the ambition of this book is to offer a very different account from what is usually accepted about the trajectory of [the] Japanese economy since the early 1980s” (p. 158). He notes that until the end of the 1980s, the performance of Japan’s economy was regarded as clearly superior to those of the United States and Europe. However, the dominant viewpoint today is that Japan is inescapably on a downward slope. Lechevalier states that from a neo-liberal viewpoint, the stagnation of the Japanese economy is caused by the failure of the Japanese socioeconomic system to adapt to a new global and technological environment. He challenges this neo-liberal view, however, arguing that the neo-liberal solution to the Japanese economic crisis is, in fact, one of the causes of the problems that Japan has faced over the past thirty years.