Stock Ownership Structure in Japan

Haruka Kato, Yuichi Kichikawa (), Hiroshi Iyetomi () and Wataru Souma ()
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Haruka Kato: Niigata University
Yuichi Kichikawa: Faculty of Science Niigata University
Hiroshi Iyetomi: Faculty of Science Niigata University
Wataru Souma: Nihon University

A chapter in Big Data Analysis on Global Community Formation and Isolation, 2021, pp 191-216 from Springer

Abstract: Abstract We analyze the stock ownership relations in Japan during the period of 2000–2008 from a network theory point of view. The ownership network has a typical bow-tie structure which is rather stable throughout the period. Most of the listed firms constitute a giant strongly-connected component (GSCC). The existence of the GSCC indicates that there exist complicated multilateral cross-ownership structures in Japan. We then find that firms are classified into three groups with different characteristics in the shareholders’ distribution. The Helmholtz–Hodge decomposition eliminates the circular ownership relations in the GSCC to allow us to determine ultimate owners of listed firms. We also devise a new measure to evaluate the additional value of firms, coined hierarchical value, arising from interfirm ownership relations in the hierarchical structure. As the GSCC is not uniform at all, we decompose the central core into communities to elucidate characteristics of dominant communities.

Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-981-15-4944-1_7

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DOI: 10.1007/978-981-15-4944-1_7

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