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Post-War Institutional Shocks: The Divergence of Italian and Japanese Corporate Governance Models


  • Fabrizio Barca
  • Katsuhito Iwai
  • Ugo Pagano
  • Sandro Trento


After the first section, introducing some typical problems of family capitalism, the following three sections of the paper consider the ambiguity of the legal framework defining the modern corporation, the two way relation between technology and property rights and the different mechanisms by which the control of the firms can be transferred to new individuals. In the other sections we examine the different role that the American occupation has had in the two countries: in Italy it involved the definitive blessing and reinforcement of both State-owned corporations and family controlled pyramidal groups that had emerged during the fascist period, whereas in Japan it caused the end of the power of the great zaibatsu families. We will also consider how inter-firm share holding can promote (Japan) or inhibit (Italy) expansion of large corporations and the mechanisms that have made each model self- sustaining after the initial institutional shocks.

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  • Fabrizio Barca & Katsuhito Iwai & Ugo Pagano & Sandro Trento, 1999. "Post-War Institutional Shocks: The Divergence of Italian and Japanese Corporate Governance Models," Working Papers wp117, Centre for Business Research, University of Cambridge.
  • Handle: RePEc:cbr:cbrwps:wp117
    Note: PRO-2

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    Cited by:

    1. Nicholas Crafts & Marco Magnani, 2011. "The Golden Age and the Second Globalization in Italy," Quaderni di storia economica (Economic History Working Papers) 17, Bank of Italy, Economic Research and International Relations Area.
    2. 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.

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