The analysis of Sino-Japanese relations has hitherto been framed largely in bilateral terms. At the present time, however, the rationale for this approach appears to be fading. During the past decade both countries have become enmeshed in extensive international networks involving not only...

This paper presents evidence on cash holdings for Japanese firms listed on the Tokyo Stock Exchange, focusing on the impact of corporate governance factors in cash holdings and the implication of cash holdings to firm value. We find that insider ownership and bank relations of firms play a...