Banks restructuring sonata : How capital injection triggered labor force rejuvenation in Japanese banks

Material type: 文書・図像類

Author: Onji, Kazukiほか

Publisher: Graduate School of Economics and Osaka School of International Public Policy (OSIPP), Osaka University

Publication date: 2014-05

Material Format: Paper

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Note (General)：: Divergent interests of bank managers and financial regulators potentially compromise the efficacy of bank rescue operations. This paper analyses an ag...

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Paper

Material Type: 文書・図像類
Title: Banks restructuring sonata : How capital injection triggered labor force rejuvenation in Japanese banks
Author/Editor: Onji, Kazuki
Vera, David
Osada, Takeshi
Author Heading: Onji, Kazuki
https://nrid.nii.ac.jp/nrid/1000080709858
Vera, David
Osada, Takeshi
Publication, Distribution, etc.: Graduate School of Economics and Osaka School of International Public Policy (OSIPP), Osaka University
Publication Date: 2014-05
Publication Date (W3CDTF): 2014-05
Periodical title: Discussion Papers In Economics And Business
No. or year of volume/issue: 14-22
Volume: 14-22
Pages: 1-32
Text Language Code: eng
Subject Heading: Recapitalization program
lifetime employment
Japanese banks
Target Audience: 一般
Note (General): Divergent interests of bank managers and financial regulators potentially compromise the efficacy of bank rescue operations. This paper analyses an agency problem encountered in a capital injection program implemented in Japan. We hypothesize that the operation’s requirement to downsize lead banks to overstate the extent of downsizing by reassigning older workers to bank subsidiaries. We implement a difference-in-difference analysis using a panel of Japanese banks from 1990 through 2010. We also employ propensity score matching to control for the sample selection. The result shows that recipients of public capital exhibited workforce rejuvenation relative to non-recipient banks. Among injected banks, average worker age falls by approximately one year, which is equivalent to about seventy less 65-years-old workers. On stand-alone basis, the number of employees in injected banks decreases as a response to injection, but on consolidated basis, which accounts for subsidiary employment, the number of employees at banking does not fall. Our finding suggests that the Japanese practice of life-time employment survived, albeit in a limited form, among restructuring banks.
References (URI): http://www2.econ.osaka-u.ac.jp/library/global/dp/1422.pdf
URI
http://www2.econ.osaka-u.ac.jp/library/global/dp/1422.pdf
Data Provider (Database): 国立情報学研究所 : 学術機関リポジトリデータベース（IRDB）（機関リポジトリ）
https://irdb.nii.ac.jp
Original Data Provider (Database): 大阪大学 : 大阪大学学術情報庫　桜華