<原著論文>経営者主義企業の財務管理論

概要

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Japanese firms have had two important features namely interlocinmg stockholding and "main bank relations", in their financial management. Since those features has worked to mitigate severe influences from effective capital market, such as sensitive valuation of stock price (quick responding to firms' earnings-performance) and threat of hostile acquisition, it has been possible for Japanese firms to take managerial action that does not seek the maximization of stock price. During Japan's bubble economy period, however, the merit of above mentioned features was lost. In this article, Modigliani-Miller Theory and its amendment by the agency theory are traced. In contrast with that neo-classical financial theory, it was clarified how Japanese firms has been influenced by those features in their management.
群馬大学の論文
1998-03-20