The DOI matches its Crossref record; 3 of the 3 references it cites were found in a registry or an index.
On the Costs of a Bank‐Centered Financial System: Evidence from the Changing Main Bank Relations in Japan
Abstract
We examine the effects of bank–firm relationships on firm performance in Japan. When access to capital markets is limited, close bank–firm ties increase the availability of capital to borrowing firms, but do not lead to higher profitability or growth. The cost of capital of firms with close bank ties is higher than that of their peers. This indicates that most of the benefits from these relationships are appropriated by the banks. Finally, the slow growth rates of bank clients suggest that banks discourage firms from investing in risky, profitable projects. However, liberalization of financial markets reduces the banks' market power.
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Citations
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Cited by
A Survey of Corporate Governance
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Investor protection and corporate governance
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“Far from facilitating governance, these banks colluded with enterprise managers to deter external threats to their control and to collect rents on bank loans (Weinstein and Yafeh 1998, Morck and Nakamura 1999).”
BackgroundChapter 12 Finance and Growth: Theory and Evidence
Levine, R. (2005) · Handbook of Economic Growth · doi:10.1016/s1574-0684(05)01012-9 · Cited by 2,889
Strategy Research in Emerging Economies: Challenging the Conventional Wisdom*
Wright, M., Filatotchev, I., Hoskisson, R. E., & Peng, M. W. (2005) · Journal of Management Studies · doi:10.1111/j.1467-6486.2005.00487.x · Cited by 1,843
OWNERSHIP STRUCTURE, EXPROPRIATION, AND PERFORMANCE OF GROUP-AFFILIATED COMPANIES IN KOREA.
Chang, S. J. (2003) · Academy of Management Journal · doi:10.2307/30040617 · Cited by 550
Metadata
- Authors
- Weinstein, D. E., & Yafeh, Y.
- Venue
- The Journal of Finance
- Publisher
- Wiley
- Published
- 1998-04
- Volume
- 53
- Issue
- 2
- Pages
- 635-672
- ISSN
- 0022-1082 (ISSN-L)
- 1540-6261
- OpenAlex
- W2133897956
- Cited by
- 942
- References
- 3
- FWCI
- 206.24
- Type
- journal article
- Language
- en
- Open access
- closed
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