NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

The Decline in Bank-Led Corporate Restructuring in Japan: 1981-2010

Takeo Hoshi, Satoshi Koibuchi, Ulrike Schaede

NBER Working Paper No. 23715
Issued in August 2017
NBER Program(s):   CF

Using a unique dataset on all major corporate restructuring events in Japan between 1981 and 2010, we examine how bank-led rescue operations in Japan have changed over time. The incidence of restructuring by distressed firms has become less frequent after the 1990s. When firms undergo restructuring, they adopt real adjustments in terms of labor, assets and finance, but the intensity of these adjustments has also declined over time. In line with existing research, we interpret these findings as strong indicators of changing corporate governance in Japan, in particular in terms of the decline in corporate monitoring functions of main banks.

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Document Object Identifier (DOI): 10.3386/w23715

 
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