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La gouvernance des entreprises au Japon: les causes de son dysfonctionnement

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  • Masaru Yoshimori

    (Yokohama National University)

Abstract

The current economic crisis of Japan may be attributed largely to the dysfunction of the corporate goverance system. The post-war break-up of Zaibatsu family trusts resulted in management control. The President has shielded himself from the discipline of the capital market through cross-shareholdings, cross-directorships and long-term business relations, in particular with the main bank. Internal and external mechanisms of control became inefficient. Up until the 80s the large discretionary power of the President assured shareholders a higher return on investment by international comparison. This management control backfired early 90s.

Suggested Citation

  • Masaru Yoshimori, 1998. "La gouvernance des entreprises au Japon: les causes de son dysfonctionnement," Revue Finance Contrôle Stratégie, revues.org, vol. 1(4), pages 173-199, December.
    • Handle: RePEc:dij:revfcs:v:1:y:1998:i:q4:p:173-199
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    References listed on IDEAS

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    1. Michael C. Jensen, 2010. "The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems," Journal of Applied Corporate Finance, Morgan Stanley, vol. 22(1), pages 43-58, January.
    2. Ron Dore & Richard Layard, 1992. "Japanese Capitalism, Anglo-Saxon Capitalism; How Will the Darwinian Contest Turn Out?," CEP Occasional Papers 04, Centre for Economic Performance, LSE.
    3. Sadahiko Suzuki & Richard W Wright, 1985. "Financial Structure and Bankruptcy Risk in Japanese Companies," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 16(1), pages 97-110, March.
    4. Sheard, Paul, 1989. "The main bank system and corporate monitoring and control in Japan," Journal of Economic Behavior & Organization, Elsevier, vol. 11(3), pages 399-422, May.
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    Cited by:

    1. Gérard Hirigoyen & Thierry Poulain-Rehm, 2017. "Comparative approach of governance models: an empirical study [Approche comparative des modèles de gouvernance : Une étude empirique]," Post-Print hal-02521878, HAL.
    2. Pascal Nguyen & Sophie Nivoix, 2011. "L’impact de la gouvernance sur le niveau des disponibilités des entreprises : le cas du Japon," Revue Finance Contrôle Stratégie, revues.org, vol. 14(4), pages 66-90, December.

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