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Japanese Corporate Governance and Macroeconomic Problems

In: The Japanese Business and Economic System

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  • Randall Morck
  • Masao Nakamura
  • Murray Frank

Abstract

North American academics became interested in Japanese economic institutions in the 1980s, when rapidly growing Japanese firms were seizing significant shares of the global market (long dominated by established US and European firms) for cars, electronics, electrical and general machinery and precision instruments. Japan’s success seemed to many to have been achieved at the expense of declining US manufacturing industries. Thus, North American business schools taught Japanese practices in industrial relations (for example teamwork), manufacturing methods (JIT), industrial organization (keiretsu) and bank-based corporate control.

Suggested Citation

  • Randall Morck & Masao Nakamura & Murray Frank, 2001. "Japanese Corporate Governance and Macroeconomic Problems," Palgrave Macmillan Books, in: Masao Nakamura (ed.), The Japanese Business and Economic System, chapter 12, pages 325-363, Palgrave Macmillan.
  • Handle: RePEc:pal:palchp:978-0-230-51228-3_12
    DOI: 10.1057/9780230512283_12
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    Cited by:

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    2. Sohn, Wook, 2010. "Market response to bank relationships: Evidence from Korean bank reform," Journal of Banking & Finance, Elsevier, vol. 34(9), pages 2042-2055, September.
    3. Panayotis Kapopoulos & Sophia Lazaretou, 2009. "Does corporate ownership structure matter for economic growth? A cross-country analysis," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 30(3), pages 155-172.
    4. Benjamin Hunt & Douglas Laxton, 2004. "The Zero Interest Rate Floor (ZIF) and its Implications for Monetary Policy in Japan," National Institute Economic Review, National Institute of Economic and Social Research, vol. 187(1), pages 76-92, January.
    5. Nakamura, Masao, 2002. "Mixed ownership of industrial firms in Japan: debt financing, banks and vertical keiretsu groups," Economic Systems, Elsevier, vol. 26(3), pages 231-247, September.
    6. David C. Smith, 2003. "Loans to Japanese borrowers," International Finance Discussion Papers 769, Board of Governors of the Federal Reserve System (U.S.).
    7. Yener Altunbaş & Alper Kara & Adrian van Rixtel, 2007. "Corporate governance and corporate ownership: The investment behaviour of Japanese institutional investors," Occasional Papers 0703, Banco de España.
    8. Leila Aghabarari & Andre Guettler & Mahvish Naeem & Bernardus Van Doornik, 2021. "Is there help indeed, if there is help in need? The case of credit unions during the global financial crisis," Economic Inquiry, Western Economic Association International, vol. 59(3), pages 1215-1233, July.
    9. Ongena, Steven & Smith, David C. & Michalsen, Dag, 2003. "Firms and their distressed banks: lessons from the Norwegian banking crisis," Journal of Financial Economics, Elsevier, vol. 67(1), pages 81-112, January.
    10. John Armour & B.R. Cheffins & D.A. Skeel Jr., 2002. "Corporate Ownership Structure and the Evolution of Bankruptcy Law in the US and UK," Working Papers wp226, Centre for Business Research, University of Cambridge.
    11. Smith, David C., 2003. "Loans to Japanese borrowers," Journal of the Japanese and International Economies, Elsevier, vol. 17(3), pages 283-304, September.
    12. Higgins, Huong N., 2013. "Conflicts of interest between banks and firms: Evidence from Japanese mergers," Pacific-Basin Finance Journal, Elsevier, vol. 24(C), pages 156-178.
    13. Huong N. Higgins, 2018. "Banks and Corporate Decisions: Evidence from Business Groups," Financial Management, Financial Management Association International, vol. 47(3), pages 679-713, September.

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