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Unstash the Cash! Corporate Governance Reform in Japan

Author/Editor: Chie Aoyagi | Giovanni Ganelli
Authorized for Distribution: August 4, 2014
Electronic Access: Free Full Text (PDF file size is 618KB)
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Disclaimer: This Working Paper should not be reported as representing the views of the IMF. The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate.

Summary: Japan’s high corporate savings might be holding back growth. We focus on the causes and consequences of the current corporate behavior and suggest options for reform. In particular, Japan’s weak corporate governance—as measured by available indexes—might be contributing to high cash holdings. Our empirical analysis on a panel of Japanese firms confirms that improving corporate governance would help unlock corporate savings. The main policy implication of our analysis is that comprehensive corporate governance reform should be a key component of Japan’s growth strategy.
 
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Series: Working Paper No. 14/140
Subject(s): Corporate governance | Japan | Cash management | Business enterprises | Corporate finance | Cross country analysis
 
English  
    Published:   August 4, 2014        
    ISBN/ISSN:   9781498378253/1018-5941   Format:   Paper
    Stock No:   WPIEA2014140   Pages:   24
    Price:   US$18.00
       
     
Please address any questions about this title to publications@imf.org.