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Corporate Finance and its Impact on Corporate Strategy after the Bubble: Is the Long-term Strategy of Japanese Firms Really Changing?

In: Asian Post-crisis Management

Author

Listed:
  • Yasuhiro Arikawa
  • Hideaki Miyajima

Abstract

Entering into the 1990s, the Japanese economy has suffered from a long recession. The GDP growth rate of the Japanese economy in the 1990s was quite low, and even fell into negative realms in 1997 and 1998 after the Asian economic crisis. The high investment ratio, which used to be a conspicuous feature of the Japanese economy, dramatically decreased since 1992. On the other hand, the institutional characteristics of the Japanese financial system have begun to change in the 1990s. The main-bank relationship has been weakening under the drastic change of corporate financial practices through the liberalization of the capital market. Intercorporate shareholding strategy has reportedly been revised due to the decade-long sluggish stock market after the collapse of the bubble economy in the mid-1990s, and according to NLI Research Institute (2000), the percentage of intercorporate shareholdings decreased from 21.5 per cent in 1987 to 10.9 per cent in 1999.

Suggested Citation

  • Yasuhiro Arikawa & Hideaki Miyajima, 2002. "Corporate Finance and its Impact on Corporate Strategy after the Bubble: Is the Long-term Strategy of Japanese Firms Really Changing?," Palgrave Macmillan Books, in: Usha C. V. Haley & Frank-Jürgen Richter (ed.), Asian Post-crisis Management, chapter 3, pages 34-52, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-59583-5_3
    DOI: 10.1057/9780230595835_3
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    Cited by:

    1. Kitagawa, Norio, 2021. "Macroeconomic uncertainty and management forecast accuracy," Journal of Contemporary Accounting and Economics, Elsevier, vol. 17(3).

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