Cross-Shareholdings and Information EnvironmentMuramiya

Material type: 文書・図像類

Author: Muramiya, Katsuhikoほか

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

Publication date: 2015-06

Material Format: Paper

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Note (General)：: We examine the relationship between cross-shareholdings and the information environment. This issue is important because the separation of ownership a...

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Paper

Material Type: 文書・図像類
Title: Cross-Shareholdings and Information EnvironmentMuramiya
Author/Editor: Muramiya, Katsuhiko
Takada, Tomomi
Author Heading: Muramiya, Katsuhiko
https://nrid.nii.ac.jp/nrid/1000050452488
Takada, Tomomi
https://nrid.nii.ac.jp/nrid/1000000452483
Publication, Distribution, etc.: Graduate School of Economics and Osaka School of International Public Policy (OSIPP), Osaka University
Publication Date: 2015-06
Publication Date (W3CDTF): 2015-06
Periodical title: Discussion Papers In Economics And Business
No. or year of volume/issue: 15-20
Volume: 15-20
Pages: 1-26
Text Language Code: eng
Subject Heading: Corporate governance
cross-shareholding
information asymmetry
earnings quality
firm value
Target Audience: 一般
Note (General): We examine the relationship between cross-shareholdings and the information environment. This issue is important because the separation of ownership and control allows managers to act exclusively in their own interests. Despite numerous studies on the influences of other types of ownership structures, including family, institutional investor, and block ownership structures, little is known about how cross-shareholdings influence management incentives. We highlight the Japanese market, where cross-shareholding is historically one of the prominent ownership structures. Using a unique database detailing the level of cross-shareholdings, we find that higher cross-shareholdings relate to (1) greater information asymmetry in the market, (2) higher earnings quality, and (3) lower firm value. The results are consistent with the quiet life hypothesis, which predicts management avoids difficult decisions and costly actions when isolated from market pressures.
References (URI): http://www2.econ.osaka-u.ac.jp/library/global/dp/1520.pdf
URI
http://www2.econ.osaka-u.ac.jp/library/global/dp/1520.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