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Title: Causes and consequences of the consolidation of Japanese banking industry : the case of UFJ Bank
Author: Hara, Koko
ISNI:       0000 0004 2670 3329
Awarding Body: Birkbeck (University of London)
Current Institution: Birkbeck (University of London)
Date of Award: 2007
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This thesis investigates the motives behind merger decisions taken by five major Japanese banks in Summer 2004, the implementation process and results of their merger decisions. It provides fresh theoretical and empirical insights into the major Japanese banks and their corporate strategy, showing how banking supervision and globalisation facilitate bank renewal. This thesis addresses the limitations of existing theory of merger motives through the presentation of a detailed analysis of empirical data. The case of UFJ Bank is investigated by means of comparative research methods combined with multiple levels of analysis, using the survey of relevant banks, case studies, and accounting studies. This research also addresses problems inherent in quantitative analysis, stemming from the financial statements of large international banks. Thus, this study proposes a new approach to assess post-merger performance. Among the various motives behind the merger decisions, the data show that the desire to become the number one in the marketplace is the strongest motivating factor; thus the pursuit of increased size and market share through M&As becomes a top priority of corporate strategy. For the implementation process of merger decisions, the data reveal that Japanese bank M&A practices differ from Western practices, despite globalisation is in progress in corporate strategy. As for the results of the merger decisions, the data provide reasons why M&As involving large banks gain little efficiency improvement immediately after the merger. These new insights and analytical approach make contributions to knowledge and methodology, as a horizontal comparative analysis is proposed as opposed to a traditional vertical historical analysis. This enables researchers to achieve more realistic results of post merger performance studies. Future research could analyse the situation 4-5 years after the merger when merging larger banks may begin realising synergy benefits.
Supervisor: Not available Sponsor: Not available
Qualification Name: Thesis (Ph.D.) Qualification Level: Doctoral
EThOS ID:  DOI: Not available