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Business Restructuring of Japanese Firms: Structural changes during the "Lost Decades"

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  • MORIKAWA Masayuki

Abstract

This paper is an overview of the business restructuring—the entry into new businesses and the exit from unprofitable ones—of Japanese firms and its relationship with the corporate governance system. Specifically, we analyze changes in the restructuring behavior of Japanese firms by comparing two identical surveys conducted in 1998 and 2012. These surveys include large listed and small unlisted firms. There are many stable characteristics of Japanese firm restructuring behavior: the significant role of workers and customers/suppliers as stakeholders and the reluctance to reduce the number of employees. Japanese firms have become active in restructuring their businesses through mergers and acquisitions (M&As) to expand business areas and divestitures of unprofitable segments.

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Bibliographic Info

Paper provided by Research Institute of Economy, Trade and Industry (RIETI) in its series Discussion papers with number 13083.

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Length: 20 pages
Date of creation: Sep 2013
Date of revision:
Handle: RePEc:eti:dpaper:13083

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  1. Katharine G. Abraham & Susan N. Houseman, 1990. "Job Security and Work Force Adjustment: How Different are U.S. and Japanese Practices?," NBER Working Papers 3155, National Bureau of Economic Research, Inc.
  2. Berger, Philip G. & Ofek, Eli, 1995. "Diversification's effect on firm value," Journal of Financial Economics, Elsevier, vol. 37(1), pages 39-65, January.
  3. KAWAKAMI Atsushi & MIYAGAWA Tsutomu, 2010. "Product Switching and Firm Performance in Japan," Discussion papers 10043, Research Institute of Economy, Trade and Industry (RIETI).
  4. Kyoji Fukao & Hyeog Ug Kwon, 2004. "Why Did Japan's TFP Growth Slow Down in the Lost Decade?: An Empirical Analysis Based on Firm-Level Data of Manufacturing Firms," Hi-Stat Discussion Paper Series d04-50, Institute of Economic Research, Hitotsubashi University.
  5. Lang, Larry H P & Stulz, Rene M, 1994. "Tobin's q, Corporate Diversification, and Firm Performance," Journal of Political Economy, University of Chicago Press, vol. 102(6), pages 1248-80, December.
  6. Christian Broda & David E. Weinstein, 2010. "Product Creation and Destruction: Evidence and Price Implications," American Economic Review, American Economic Association, vol. 100(3), pages 691-723, June.
  7. MORIKAWA Masayuki, 2008. "Productivity and Survival of Family Firms in Japan: An Analysis Using Firm-Level Microdata," Discussion papers 08026, Research Institute of Economy, Trade and Industry (RIETI).
  8. Fukui, Yoshitaka & Ushijima, Tatsuo, 2007. "Corporate diversification, performance, and restructuring in the largest Japanese manufacturers," Journal of the Japanese and International Economies, Elsevier, vol. 21(3), pages 303-323, September.
  9. Andrew B. BERNARD & OKUBO Toshihiro, 2013. "Multi-Product Plants and Product Switching in Japan," Discussion papers 13069, Research Institute of Economy, Trade and Industry (RIETI).
  10. Martin, John D. & Sayrak, Akin, 2003. "Corporate diversification and shareholder value: a survey of recent literature," Journal of Corporate Finance, Elsevier, vol. 9(1), pages 37-57, January.
  11. Abe, Naohito & Shimizutani, Satoshi, 2007. "Employment policy and corporate governance-- An empirical comparison of the stakeholder and the profit-maximization model," Journal of Comparative Economics, Elsevier, vol. 35(2), pages 346-368, June.
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