The Myth of the Patient Japanese : Corporate Myopia and Financial Ditress in Japan and the US.

It is widely believed that the stock-market oriented US financial system forces corporate managers to behave myopically relative to their Japanese counterparts, who operate in a bank-based system. We hypothesize that if US firms are more myopic that Japanese firms, then episodes of financial distress (when myopia should be most pronounced) should cause US firms to decrease their R&D spending more than Japanese firms.

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Year of publication:	1996
Authors:	Hall, B-J ; Weinstein, D-E
Institutions:	Harvard Institute of Economic Research (HIER), Department of Economics
Subject:	UNITED STATES \| JAPAN \| FINANCIAL MARKET \| MANAGEMENT \| RESEARCH AND DEVELOPMENT

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Series:	Harvard Institute of Economic Research Working Papers.
Type of publication:	Book / Working Paper
Notes:	23 pages
Classification:	O32 - Management of Technological Innovation and R&D ; G1 - General Financial Markets ; G30 - Corporate Finance and Governance. General
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005245639