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Functions of the Japanese Capital Market

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  • Akiyoshi Horiuchi

Abstract

The capital market, the stock market in particular, not only gives investors the opportunity to distribute the burden of risk, it is also expected to add the function of control to business management. In other words, the evaluation of investors that is unveiled in the capital market regarding the various forms of business management should have a very heavy influence on management decision making. The threat of company acquisition especially may be thought to play the part of deterring any deviation from a management policy of managing business with a serious consideration for the profit of the stockholders.

Suggested Citation

  • Akiyoshi Horiuchi, 1993. "Functions of the Japanese Capital Market," Japanese Economy, Taylor & Francis Journals, vol. 21(3), pages 66-95.
    • Handle: RePEc:mes:jpneco:v:21:y:1993:i:3:p:66-95
    DOI: 10.2753/JES1097-203X210366
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    Cited by:

    1. Gower, Luke & Kalirajan, Kali, 1998. "DID Japanese main banks improve the technical efficiencies of their non-financial client firms in the 1980s?," Japan and the World Economy, Elsevier, vol. 10(4), pages 455-466, October.
    2. Shin, G. Hwan & Fraser, Donald R. & Kolari, James W., 2003. "How does banking industry consolidation affect bank-firm relationships? Evidence from a large Japanese bank merger," Pacific-Basin Finance Journal, Elsevier, vol. 11(3), pages 285-304, July.

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