An Analysis of Japanese Corporate Structure, 1915–1937

Abstract

Corporate groups have been very important in the economies of many developing countries, including prewar Japan, wherezaibatsucontrolled approximately one-third of the capital stock. Regression analysis of a new firm-level financial data set distinguishes the economic behavior ofzaibatsumember firms from independent firms. The only significant difference between old-zaibatsumember firms and independent firms is that some measures of earnings of oldzaibatsuwere less stable. The earnings of new-zaibatsufirms were higher, faster-growing and less variable than those of independent firms. These results cast doubt on the anecdotal literature about oldzaibatsu.

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