@article{496935,
      note = {Includes bibliographical references.},
      author = {Scher, Mark J.},
      url = {http://digitallibrary.un.org/record/496935},
      title = {Bank-firm cross-shareholding in Japan : what is it, why  does it matter, is it winding down? /},
      publisher = {UN,},
      abstract = {An institutional structure of corporate groups evolved  over the post-war years in Japan, wherein members of a  group were linked together through mutual shareholding,  often with commercial banks at the centre of the network.  This paper examines the functioning of cross-shareholding,  as it involved Japan’s commercial banks in the 1990s. It  finds that the banks have not been especially successful  "monitors" of members of the corporate groups and that  corporate management had relatively negative appraisals of  the banks. Japan has been passing through a major financial  crisis, which has shaken up the role of banks within its  main bank system. It has also reduced the extent of  cross-shareholding of banks. However, cross-shareholding  continues to provide implicit relational contracts that  play a role in Japanese business society. This study  highlights the importance of paying adequate attention to  historical and institutional factors in analyses of  development.},
      recid = {496935},
      pages = {21 p. :},
      address = {[New York] :. 2001-02},
      year = {2001},
      month = {Feb},
}