Banks and Corporate Control in Japan
基于日本企业大样本数据，发现银行对非集团企业主要关注债权人短期利益，而对集团企业可能兼顾多方利益，但存在“撑持”问题，银行监督未必导向价值最大化的公司治理。
Using a large sample of Japanese firm level data, we find that Japanese banks act primarily in the short term interests of creditors when dealing with firms outside bank groups. Corporate control mechanisms other than bank oversight appear necessary in these firms. When dealing with firms in bank groups, banks may act in the broader interests of a range of stakeholders, including shareholders. However, our findings are also consistent with banks “propping up” troubled bank group firms. We conclude that bank oversight need not lead to value maximizing corporate governance.