The Economic Role of Corporate Grouping and the Main Bank System

Takeo Hoshi

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Corporate Finance and Governance Banking stability, regulation, efficiency Political Influence and Corporate Strategies

Abstract

This chapter opens by describing several stylized facts of corporate grouping in general and the firm's relationship with its main bank in particular. It then goes on to summarize the main results of a series of econometric studies that were carried out on the role of the main bank system. These studies are among the first attempts to subject theoretical propositions regarding the main bank system to serious econometric testing and have been widely quoted among financial specialists. The studies tested the proposition that the corporate grouping and the main bank system reduce incentives and cause information problems arising from information asymmetries normally existing between investors and borrowers.

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