The Decline in Bank-Led Corporate Restructuring in Japan: 1981-2010 / Takeo Hoshi, Satoshi Koibuchi, Ulrike Schaede.

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Hoshi, Takeo

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Material type: Text

TextSeries: Working Paper Series (National Bureau of Economic Research) ; no. w23715.Publication details: Cambridge, Mass. National Bureau of Economic Research 2017.Description: 1 online resource: illustrations (black and white)Subject(s):

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Abstract: Using a unique dataset on all major corporate restructuring events in Japan between 1981 and 2010, we examine how bank-led rescue operations in Japan have changed over time. The incidence of restructuring by distressed firms has become less frequent after the 1990s. When firms undergo restructuring, they adopt real adjustments in terms of labor, assets and finance, but the intensity of these adjustments has also declined over time. In line with existing research, we interpret these findings as strong indicators of changing corporate governance in Japan, in particular in terms of the decline in corporate monitoring functions of main banks.

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Working Paper	Biblioteca Digital	Colección NBER	nber w23715 (Browse shelf(Opens below))	Not For Loan

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August 2017.

Using a unique dataset on all major corporate restructuring events in Japan between 1981 and 2010, we examine how bank-led rescue operations in Japan have changed over time. The incidence of restructuring by distressed firms has become less frequent after the 1990s. When firms undergo restructuring, they adopt real adjustments in terms of labor, assets and finance, but the intensity of these adjustments has also declined over time. In line with existing research, we interpret these findings as strong indicators of changing corporate governance in Japan, in particular in terms of the decline in corporate monitoring functions of main banks.