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| Tekijä: | Ide, M. |
| Otsikko: | Corporate profitability and stock valuation in Japan |
| Lehti: | Financial Analysts' Journal
1996 : MAR-APR, VOL. 52:2, p. 40-55 |
| Asiasana: | FINANCE JAPAN PROFITABILITY |
| Kieli: | eng |
| Tiivistelmä: | The coexistence of low corporate profitability and high valuations in the japanese stock market is seemingly contradictory. The Japanese financial system, which provided low-cost debt and equity capital as a package to major corporations through stable, interlocking relationships between large financial institutions and borrowing companies was, in fact, a hidden key factor for the unprecedented economic success of Japan after World War II. As Japan's economy successfully completes its catch-up phase and enters a mature stage, the traditional financial system is becoming more of a liability than an asset for achieving new economic priorities. |
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