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The Divergence of the Italian and Japanese Corporate Governance Models: The Role of Institutional Shocks

Author

Listed:
  • Fabrizio Barca

    (Treasury, Rome.)

  • Katsuhito Iwai

    (Faculty of Economics, University of Tokyo.)

  • Ugo Pagano

    (University of Siena.)

  • Sandro Trento

    (Bank of Italy, Rome.)

Abstract

The paper first considers a number of theoretical aspects surrounding the ambiguity of the legal framework defining the modern corporation and the two-way relation between technology and property rights. It then looks at the evolution of corporate governance through time, paying particular attention to the different roles played by the American occupation in the two countries - in Italy this involved the reinforcement of the state-owned corporations and family controlled pyramidal groups that had emerged during the fascist period, whereas in Japan the occupation forces destroyed the power of the great zaibatsu families. The analysis shows how inter-firm share holding can promote (Japan)or inhibit (Italy) the expansion of large corporations and discusses the mechanisms that have made each model self-sustaining after the initial institutional shocks.

Suggested Citation

  • Fabrizio Barca & Katsuhito Iwai & Ugo Pagano & Sandro Trento, 1998. "The Divergence of the Italian and Japanese Corporate Governance Models: The Role of Institutional Shocks," CIRJE F-Series CIRJE-F-32, CIRJE, Faculty of Economics, University of Tokyo.
    • Handle: RePEc:tky:fseres:98cf32
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    File URL: http://www.cirje.e.u-tokyo.ac.jp/research/dp/98/cf32/contents.htm
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    Cited by:

    1. Belloc, Marianna & Pagano, Ugo, 2009. "Co-evolution of politics and corporate governance," International Review of Law and Economics, Elsevier, vol. 29(2), pages 106-114, June.
    2. Belloc, Filippo & Burdin, Gabriel & Cattani, Luca & Ellis, William & Landini, Fabio, 2022. "Coevolution of job automation risk and workplace governance," Research Policy, Elsevier, vol. 51(3).
    3. Earle, John S. & Pagano, Ugo & Lesi, Maria, 2006. "Information technology, organizational form, and transition to the market," Journal of Economic Behavior & Organization, Elsevier, vol. 60(4), pages 471-489, August.
    4. Masahiko Aoki, 2006. "Mechanisms of Endogenous Institutional Change," Discussion Papers 05-013, Stanford Institute for Economic Policy Research.
    5. Pagano, Ugo, 2000. "Public markets, private orderings and corporate governance," International Review of Law and Economics, Elsevier, vol. 20(4), pages 453-477, December.
    6. Masahiko Aoki, 2013. "Endogenizing institutions and institutional changes," Chapters, in: Comparative Institutional Analysis, chapter 16, pages 267-297, Edward Elgar Publishing.
    7. Ugo Pagano, 2019. "Proprietà e controllo delle grandi imprese: un’interpretazione del resistibile declino italiano," Department of Economics University of Siena 798, Department of Economics, University of Siena.
    8. Masahiko Aoki, 2011. "Linking Economic and Social-Exchange Games: From the Community Norm to CSR," Palgrave Macmillan Books, in: Lorenzo Sacconi & Giacomo Degli Antoni (ed.), Social Capital, Corporate Social Responsibility, Economic Behaviour and Performance, chapter 5, pages 129-148, Palgrave Macmillan.

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