In fluence of the Change of Ownership Structure on Corporate Performance

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The share holding structure of Japanese corporations rapidly changed from mid 1990. The ratio of shareholding of foreign investors increased largely, while the one of financial institutions declined massively. Foreign investors require corporations to increase shareholders value much more than other investors. In this study we examine relationship between Tobin's q and the ratio of shareholding of foreign investors in 2006 and 2008. We observe that the larger the ratio of shareholding of foreign investors is, the larger Tobin's q is. High Tobin's q implies shareholders value became increased.