The Structure of Corporate Ownership in Japan
分析了1980年代中期日本公司的所有权结构，发现所有权高度集中，金融机构是主要大股东；独立公司的所有权集中度与管理控制回报正相关，但企业集团成员公司则不然。
I examine the structure of corporate ownership in a sample of Japanese firms in the mid 1980s. Ownership is highly concentrated in Japan, with financial institutions by far the most important large shareholders. Ownership concentration in independent Japanese firms is positively related to the returns from exerting greater control over management. This is not the case in firms that are members of corporate groups (keiretsu). Ownership concentration and the accounting profit rate in both independent and keiretsu firms are unrelated. The results are consistent with the notion that there exist two distinct corporate governance systems in Japan —one among independent firms and the other among firms that are members of keiretsu.