Ownership structure changes, reforms and corporate restructuring: Evidence from Japan

Authors

Muhammad Shahid Iqbal, Department of Economics, University of Karachi, PakistanFollow
Khalid Mustafa, Department of Economics, University of Karachi, Pakistan

Abstract

This study explores the implications of control transfer and ownership structure on firm value and restructuring activities in Japan. We find that conventional banks and business group affiliations negatively impact firm value and organizational restructuring, but foreign and private individual shareholding have a positive impact on firm performance and its ability to restructure internally. Furthermore, the transfer of ownership control to market-oriented investors consistently results in greater firm value and restructuring activities that enhance economic efficiency of listed companies in Japan.

Keywords

Corporate governance, Organizational restructuring, Keiretsu, Business groups, Japan

DOI

https://doi.org/10.54784/1990-6587.1042

Creative Commons License

This work is licensed under a Creative Commons Attribution 4.0 International License.

Recommended Citation

Iqbal, M. S., & Mustafa, K. (2017). Ownership structure changes, reforms and corporate restructuring: Evidence from Japan. Business Review, 12(2), 33-64. Retrieved from https://doi.org/10.54784/1990-6587.1042