Matches in SemOpenAlex for { <https://semopenalex.org/work/W2003548981> ?p ?o ?g. }
Showing items 1 to 93 of
93
with 100 items per page.
- W2003548981 endingPage "89" @default.
- W2003548981 startingPage "67" @default.
- W2003548981 abstract "In 1985, Demsetz and Lehn argued both that the optimal corporate ownership structure was firm-specific, and that market competition would drive firms toward that optimum. Because ownership was endogenous to expected performance, any regression of profitability on ownership patterns would yield insignificant results. To test this hypothesis, we use the zaibatsu dissolution program from late-1940s Japan as a natural experiment: an exogenous shock to the equilibrium ownership structure. Through that program, the US-run occupation removed the more prominent shareholders from many of the most successful Japanese companies. By focusing on the way firms and investors responded to the mandated selloff, we accomplish two goals: (a) we avoid the endogeneity problem that has plagued much of the other research on the subject, and (b) we clarify the equilibrating dynamics by which competitive markets move firms toward their optimal ownership structure. With a sample of 637 Japanese firms for 1953 and 710 for 1958, we confirm the equilibrating mechanism behind the Demsetz-Lehn hypothesis: between 1953 and 1958, the ex-zaibatsu firms did retructure their ownership patterns. As of 1953, the unlisted ex-zaibatsu and new firms still had not been able to negotiate the transactions necessary to approach their profit-maximizing ownership structures. Even the listed firms had not fully undone the effect of the occupation-induced changes on managerial practices. By 1958 the firms had done this, and the earlier correlation between profitability and ownership disappeared. By then, firm profitability showed no correlation with ownership, whether under linear, quadratic, or piecewise specifications. We further find no evidence that ex-zaibatsu firms sought to strengthen their ties to banks over 1953–1958." @default.
- W2003548981 created "2016-06-24" @default.
- W2003548981 creator A5022283593 @default.
- W2003548981 creator A5085789491 @default.
- W2003548981 date "2003-03-01" @default.
- W2003548981 modified "2023-09-27" @default.
- W2003548981 title "Does Ownership Matter? Evidence from the Zaibatsu Dissolution Program" @default.
- W2003548981 cites W1532547682 @default.
- W2003548981 cites W1538548636 @default.
- W2003548981 cites W1606272114 @default.
- W2003548981 cites W1977528366 @default.
- W2003548981 cites W1979927021 @default.
- W2003548981 cites W1991795148 @default.
- W2003548981 cites W1994099964 @default.
- W2003548981 cites W2001036159 @default.
- W2003548981 cites W2009776789 @default.
- W2003548981 cites W2011487370 @default.
- W2003548981 cites W2041380708 @default.
- W2003548981 cites W2052516258 @default.
- W2003548981 cites W2133897956 @default.
- W2003548981 cites W2147744389 @default.
- W2003548981 cites W2169979030 @default.
- W2003548981 cites W2801744330 @default.
- W2003548981 cites W3121578726 @default.
- W2003548981 cites W3121693921 @default.
- W2003548981 cites W3121759882 @default.
- W2003548981 cites W3121824878 @default.
- W2003548981 cites W3122340701 @default.
- W2003548981 cites W3122602955 @default.
- W2003548981 cites W3123841988 @default.
- W2003548981 cites W3125624108 @default.
- W2003548981 cites W4231825973 @default.
- W2003548981 cites W4242126955 @default.
- W2003548981 doi "https://doi.org/10.1111/j.1430-9134.2003.00067.x" @default.
- W2003548981 hasPublicationYear "2003" @default.
- W2003548981 type Work @default.
- W2003548981 sameAs 2003548981 @default.
- W2003548981 citedByCount "9" @default.
- W2003548981 countsByYear W20035489812020 @default.
- W2003548981 crossrefType "journal-article" @default.
- W2003548981 hasAuthorship W2003548981A5022283593 @default.
- W2003548981 hasAuthorship W2003548981A5085789491 @default.
- W2003548981 hasConcept C10138342 @default.
- W2003548981 hasConcept C120757647 @default.
- W2003548981 hasConcept C129361004 @default.
- W2003548981 hasConcept C144133560 @default.
- W2003548981 hasConcept C149782125 @default.
- W2003548981 hasConcept C162324750 @default.
- W2003548981 hasConcept C175444787 @default.
- W2003548981 hasConcept C181622380 @default.
- W2003548981 hasConcept C18903297 @default.
- W2003548981 hasConcept C39389867 @default.
- W2003548981 hasConcept C40700 @default.
- W2003548981 hasConcept C556758197 @default.
- W2003548981 hasConcept C610760 @default.
- W2003548981 hasConcept C86803240 @default.
- W2003548981 hasConcept C91306197 @default.
- W2003548981 hasConceptScore W2003548981C10138342 @default.
- W2003548981 hasConceptScore W2003548981C120757647 @default.
- W2003548981 hasConceptScore W2003548981C129361004 @default.
- W2003548981 hasConceptScore W2003548981C144133560 @default.
- W2003548981 hasConceptScore W2003548981C149782125 @default.
- W2003548981 hasConceptScore W2003548981C162324750 @default.
- W2003548981 hasConceptScore W2003548981C175444787 @default.
- W2003548981 hasConceptScore W2003548981C181622380 @default.
- W2003548981 hasConceptScore W2003548981C18903297 @default.
- W2003548981 hasConceptScore W2003548981C39389867 @default.
- W2003548981 hasConceptScore W2003548981C40700 @default.
- W2003548981 hasConceptScore W2003548981C556758197 @default.
- W2003548981 hasConceptScore W2003548981C610760 @default.
- W2003548981 hasConceptScore W2003548981C86803240 @default.
- W2003548981 hasConceptScore W2003548981C91306197 @default.
- W2003548981 hasIssue "1" @default.
- W2003548981 hasLocation W20035489811 @default.
- W2003548981 hasOpenAccess W2003548981 @default.
- W2003548981 hasPrimaryLocation W20035489811 @default.
- W2003548981 hasRelatedWork W1504065164 @default.
- W2003548981 hasRelatedWork W2013744479 @default.
- W2003548981 hasRelatedWork W2029771684 @default.
- W2003548981 hasRelatedWork W2164542940 @default.
- W2003548981 hasRelatedWork W2367232834 @default.
- W2003548981 hasRelatedWork W2416885551 @default.
- W2003548981 hasRelatedWork W2465905938 @default.
- W2003548981 hasRelatedWork W2791988446 @default.
- W2003548981 hasRelatedWork W3139952127 @default.
- W2003548981 hasRelatedWork W2563340194 @default.
- W2003548981 hasVolume "12" @default.
- W2003548981 isParatext "false" @default.
- W2003548981 isRetracted "false" @default.
- W2003548981 magId "2003548981" @default.
- W2003548981 workType "article" @default.