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The Japanese Main Bank SystemIts Relevance for Developing and Transforming Economies$
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Masahiko Aoki and Hugh Patrick

Print publication date: 1995

Print ISBN-13: 9780198288992

Published to Oxford Scholarship Online: August 2004

DOI: 10.1093/0198288999.001.0001

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Main Banks and the Governance of Financial Distress

Main Banks and the Governance of Financial Distress

(p.188) 6 Main Banks and the Governance of Financial Distress
The Japanese Main Bank System

Paul Sheard

Oxford University Press

This chapter examines the role of main banks in the governance of firms in financial distress, based on evidence from the high growth period in the 1960s. The main bank system efficiently handles the problems of firms in distress. When they intervene, they do so quickly and effectively; their intervention is targeted, selective, and appropriate. Protracted disruptive creditor disputes are rare, since main bank support maintains the intangible asset base of the firm.

Keywords:   Japanese main bank system, financial distress, main bank incentives, governance, corporate financing

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