Le mode de gouvernement des entreprises japonaises: un modèle à suivre ?
Japanese companies often belong to a Keiretsu and so are distinguished by a particular governance mode. Although their shares are quoted on the Stock Exchange, they are generally controlled by main banks, which are shareholders and creditors. These system implications are numerous and induce asymmetric information and moral hazard problems less acute between the different stakeholders, a weaker bankruptcy rate of firms and banks, and a concentration on decisions aiming long-term plans.
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