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Shareholding in the Keiretsu, Japan's Financial Groups

David Flath
The Review of Economics and Statistics
Vol. 75, No. 2 (May, 1993), pp. 249-257
Published by: The MIT Press
DOI: 10.2307/2109430
Stable URL: http://www.jstor.org/stable/2109430
Page Count: 9
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Shareholding in the Keiretsu, Japan's Financial Groups
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Abstract

Largest debtholders in keiretsu member companies hold more stock if the companies have high debt to equity ratios or have weaker collateral, greater prospects of growth, or unique aspects. All are factors associated with the agency problems of debt that stockholding by a debtholder can help to resolve. The stockholding also induces greater borrowing by these same companies, ceteris paribus.

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