Shareholding in the Keiretsu, Japan's Financial Groups
David Flath ()
The Review of Economics and Statistics, 1993, vol. 75, issue 2, 249-57
Largest debtholders in keiretsu member companies hold more stock if the companies have high debt-to-equity ratios or have weaker collateral, greater prospects of growth, or unique aspects. All are factors associated with the agency problems of debt that stockholding by a debtholder can help to resolve. The stockholding also induces greater borrowing by these same companies, ceteris paribus. Copyright 1993 by MIT Press.
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