Indirect shareholding within Japan's business groups
D Flath - Economics Letters, 1992 - Elsevier
A new measure of indirect shareholding is proposed and estimated for Japan's six major
keiretsu groups. For these groups indirect shareholding by each firm in each other firm is
about one fourth as great as direct shareholding on average. Where there are gains to firms
from holding stock in other firms, there are also gains from indirect stockholding. Alignment
of the firms into groups maximizes indirect shareholding.
keiretsu groups. For these groups indirect shareholding by each firm in each other firm is
about one fourth as great as direct shareholding on average. Where there are gains to firms
from holding stock in other firms, there are also gains from indirect stockholding. Alignment
of the firms into groups maximizes indirect shareholding.
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