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Le mode de gouvernement des entreprises japonaises: un modèle à suivre ?

  • Mehdi Nekhili

    ()

    (Université de Bourgogne)

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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Article provided by revues.org in its journal Revue Finance Contrôle Stratégie.

Volume (Year): 1 (1998)
Issue (Month): 4 (December)
Pages: 63-82

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Handle: RePEc:dij:revfcs:v:1:y:1998:i:q4:p:63-82
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  18. Jun-Koo Kang & Rene M. Stulz, 1997. "Is Bank-Centered Corporate Governance Worth It? A Cross-Sectional Analysis of the Performance of Japanese Firms during the Asset Price Deflation," NBER Working Papers 6238, National Bureau of Economic Research, Inc.
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