Empirical Analysis of the"Affinity"of Corporate Governance and Restructuring Behavior

本研究考察了1997年银行业危机后，日本公司治理状况对其重组行为的影响。更具体地说，分析集中在最近通过管理层收购撤资和通过建立纯控股公司进行业务整合的案例，观察在考虑每个因素的多样性的同时，什么样的治理类型倾向于选择什么样的重组方法，即治理性质与重组行为之间的关系。

This study examined the effect of conditions of corporate governance of Japanese companies on their restructuring behavior after the 1997 Banking Crisis. More specifically, the analysis focused on recently soaring cases of divestment through management buy-outs and business integration through establishment of a pure holding company to observe what types of governance tended to select what methods of restructuring, i. e., the relation between the nature of governance and restructuring behavior, while considering the diversity of each factor.