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
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Citations: View citations in EconPapers (11)
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Journal Article: Unstash the Cash! Corporate Governance Reform in Japan (2017) 
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