caa a22 4500 467939659 CHVBK 20180406153008.0 cr unu---uuuuu 170328e20061201xx s 000 0 eng 10.1007/s10490-006-9015-2 doi (NATIONALLICENCE)springer-10.1007/s10490-006-9015-2 Japanese horizontal keiretsu and the performance implications of membership [Elektronische Daten] [Takehiko Isobe, Shige Makino, Anthony Goerzen] Our study investigates the effect of Japanese horizontal keiretsu group membership on firm risk and return. Like prior studies, our results show that horizontal keiretsu membership has a negative effect on firm profitability. However, we find that horizontal keiretsu networks are likely to increase the gap between targeted and realized returns, which we call the outcome-aspiration gap. Moreover, in contrast to prior studies, our results indicate that keiretsu membership does not enable member firms to reduce risks by smoothing profitability. Instead, our findings provide evidence that is counter to the conventional notion that Japanese horizontal keiretsu allows their member firms to trade off profits for reduced risk. Springer Science+Business Media, LLC, 2006 Horizontal keiretsu nationallicence Performance nationallicence Risk sharing nationallicence Isobe Takehiko Research Institute for Economics and Business Administration, Kobe University, 2-1 Rokkodai Nada-ku, 650-8501, Kobe, Japan aut Makino Shige Department of Management, The Chinese University of Hong Kong, Shatin, N.T., Hong Kong aut Goerzen Anthony University of Victoria, Business and Economics Building, Room 216, V8W 2Y2, Victoria, BC, Canada aut Asia Pacific Journal of Management Springer US; http://www.springer-ny.com 23/4(2006-12-01), 453-466 0217-4561 23:4<453 2006 23 10490 https://doi.org/10.1007/s10490-006-9015-2 text/html Onlinezugriff via DOI 1 research-article jats NATIONALLICENCE 856 40 https://doi.org/10.1007/s10490-006-9015-2 text/html Onlinezugriff via DOI NATIONALLICENCE 700 1- Isobe Takehiko Research Institute for Economics and Business Administration, Kobe University, 2-1 Rokkodai Nada-ku, 650-8501, Kobe, Japan aut NATIONALLICENCE 700 1- Makino Shige Department of Management, The Chinese University of Hong Kong, Shatin, N.T., Hong Kong aut NATIONALLICENCE 700 1- Goerzen Anthony University of Victoria, Business and Economics Building, Room 216, V8W 2Y2, Victoria, BC, Canada aut NATIONALLICENCE 773 0- Asia Pacific Journal of Management Springer US; http://www.springer-ny.com 23/4(2006-12-01), 453-466 0217-4561 23:4<453 2006 23 10490 Metadata rights reserved Springer special CC-BY-NC licence nationallicence BK010053 XK010053 XK010000 NATIONALLICENCE NATIONALLICENCE NL-springer