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Author/Editor:
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Chie Aoyagi ; Giovanni Ganelli
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Publication Date:
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August 04, 2014
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Electronic Access:
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Free Full text
(PDF file size is 603KB).
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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
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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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Order a print copy
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Series:
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Working Paper No. 14/140
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Subject(s):
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Corporate governance | Japan | Cash management | Business enterprises | Corporate finance | Cross country analysis
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