Unstash the Cash! Corporate Governance Reform in Japan [electronic resource] / Chie Aoyagi.
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TextSeries: IMF Working Papers; Working Paper ; No. 14/140Publication details: Washington, D.C. : International Monetary Fund, 2014Description: 1 online resource (24 p.)ISBN: 1498378250 :ISSN: 1018-5941Subject(s): Corporate Cash Holdings | Corporate Governance Reform | Firm Behavior: Empirical Analysis | General | Governance Reform | Governance | JapanAdditional physical formats: Print Version:: Unstash the Cash! Corporate Governance Reform in JapanOnline resources: IMF e-Library | IMF Book Store 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.
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.
Description based on print version record.
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