EconPapers    
Economics at your fingertips  
 

Unstash the Cash! Corporate Governance Reform in Japan

Chie Aoyagi and Giovanni Ganelli

No 2014/140, IMF Working Papers from International Monetary Fund

Abstract: Japan’s high corporate savings might be holding back growth. We focus on the causes and consequences of the current corporate behavior and suggest options for reform. In particular, Japan’s weak corporate governance—as measured by available indexes—might be contributing to high cash holdings. Our empirical analysis on a panel of Japanese firms confirms that improving corporate governance would help unlock corporate savings. The main policy implication of our analysis is that comprehensive corporate governance reform should be a key component of Japan’s growth strategy.

Keywords: WP; firm; cash holding; holding; cash; Japan; corporate cash holdings; corporate governance; vestee company; governance index; company disclosure; governance attributes covering; Currencies; Market capitalization; Stocks (search for similar items in EconPapers)
Pages: 24
Date: 2014-08-04
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (11)

Downloads: (external link)
http://www.imf.org/external/pubs/cat/longres.aspx?sk=41813 (application/pdf)

Related works:
Journal Article: Unstash the Cash! Corporate Governance Reform in Japan (2017) Downloads
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:imf:imfwpa:2014/140

Ordering information: This working paper can be ordered from
http://www.imf.org/external/pubs/pubs/ord_info.htm

Access Statistics for this paper

More papers in IMF Working Papers from International Monetary Fund International Monetary Fund, Washington, DC USA. Contact information at EDIRC.
Bibliographic data for series maintained by Akshay Modi ().

 
Page updated 2025-03-30
Handle: RePEc:imf:imfwpa:2014/140