researchmap

researchmap

researchmap

researchmap

Committee type：Academic society

researchmap

Committee type：Academic society

researchmap

Committee type：Government

researchmap

Grant amount：\2470000 （ Direct Cost: \1900000 、 Indirect Cost：\570000 ）

We focused on the occurrence and the disposal process of nonperforming loans in the Japanese banking industry. We empirically find that the regulatory forbearance policy did not contribute to nonperforming disposal. On the other hand, although the Financial Revival Program succeeded in lowering nonperforming loan ratio, it did not improve the performance of banks.

researchmap

Grant amount：\2100000 （ Direct Cost: \2100000 ）

We confirmed that banks had kept a stable dividend policy even in the period of the occurence and the burst of bubble. We also find the dividend payments in the banking industry are influenced by credit growth stronger than by profits. On the other hand, the correlation between dividend payments and credit growth are not as strong as that between employees' income and credit growth. It indicates shareholders are hardly the residual profit claimers. In the period of financial crisis, the growth rate of dividend payments positively correlated with the growth rate of nonperforming loan. These evidence suggests that the effectiveness of governmance power from shareholder to bank managements is limited.

researchmap

Grant amount：\2200000 （ Direct Cost: \2200000 ）

This research project investigated functions and limitation of the Japanese financial system which has been characterized by the intimate relationship between banks and borrower firms.
(1)We investigated how the so-called ‘organ banks' contributed to Japan's industrial development at the beginning of the 20^<th> century. At that time, most small scale banks were established by entrepreneurs who wanted to raise funds through issuing bank deposits. Thus, the close connection of bank management with enterprises was prevalent at the early stage of industrialization. Many have thought that the connection characterizing the ‘organ banks' made the Japanese banking very fragile and leading to frequent bank runs at the early 20^<th> century. But our analysis revealed that the small scale banks were more robust than many thought, and the business model of the ‘organ banking' contributed to the early industrialization in Japan. After the World War I which started heavy and chemical industrialization in Japan, the small-scale ‘organ banks' suffered from fragility.
(2)It has been a conventional view that the intimate relationships with main banks and their client firms strengthened the effective corporate governance and promoting industrial development in the Japan's high-growth era, but that the financial deregulation started at the 1980s weakened the relationships and undermined the corporate governance mechanism at the end of the 1980s. The consequence of the weakening governance was conceived as causing the so-called ‘financial bubble' in the late 1980s, and the serious non-performing loan problems and the macroeconomic stagnation during the 1990s. Our research project, based on panel analyses of more than 1,600 companies' financial statistics, investigated the relevancy of this conventional view regarding the Japan's corporate governance based on bank-firm relationships. The statistical results show that the financial deregulation of the 1980s did not significantly influence mechanisms of the corporate governance in Japan, and the so-called ‘main bank relationship' did not contributed to efficient management of borrower firms even during the 1970s. Our analysis also suggests that the market competition led to efficient management of individual firms not only before 1980, but also after 1980.

researchmap

Grant amount：\800000 （ Direct Cost: \800000 ）

researchmap