Pluralistic Evolution of the Japanese-Style Enterprise System: Toward the Hybrid Model (Japanese)
The goal of this report is to overview the characteristics of the evolution and current status of corporate governance of Japanese companies from the 1990s to recent years, by focusing on two keywords: diversification and hybridization. We also seek to identify the policy implications with respect to the direction of future reform. First, we will present our view on the dispute as to whether the evolution of the enterprise system will converge into one system or whether it will continue to exist in different forms. We will emphasize the fact that the evolution of Japanese companies is not considered as simply converging with the American style, because it has not shown the uniformed pattern; rather, it is manifesting a hybrid evolution, the combining of the two different modes of a market-based system and a relationship-based system. Second, we will examine the process of the evolution of the enterprise system that commenced in the 1980s and accelerated from the middle of the 1990s, by focusing on the company called the Type I Hybrid in this report. In doing so, we will concentrate on how corporate governance and internal organizations that are mutually complimentary by rights have evolved into a hybrid structure. Third, we will examine whether or not the hybrid-type company that emerged through the evolution process as described above has actually had a significant impact on corporate activities or performance. In this connection, we will present the possibility of the hybrid-type company playing a key role in enhancing the performance of Japanese companies. Moreover, by using an example of a company choosing M&A, we will show that corporate governance and organizational structures significantly impact on the company's strategic decisions in areas such as M&A. Finally, we will summarize the challenges associated with reforms to corporate governance in the future, by focusing on the three different types of Japanese companies that currently exist.
|Date of creation:||Jun 2009|
|Date of revision:|
|Contact details of provider:|| Postal: 11th floor, Annex, Ministry of Economy, Trade and Industry (METI) 1-3-1, Kasumigaseki Chiyoda-ku, Tokyo, 100-8901|
Web page: http://www.rieti.go.jp/
More information through EDIRC
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Lopez-de-Silanes, Florencio & La Porta, Rafael & Shleifer, Andrei, 2008.
"The Economic Consequences of Legal Origins,"
2962610, Harvard University Department of Economics.
- Masahiko Aoki & Gregory Jackson, 2008. "Understanding an emergent diversity of corporate governance and organizational architecture: an essentiality-based analysis -super-1," Industrial and Corporate Change, Oxford University Press, vol. 17(1), pages 1-27, February.
- Nick Bloom & John Van Reenen, 2006.
"Measuring and Explaining Management Practices Across Firms and Countries,"
NBER Working Papers
12216, National Bureau of Economic Research, Inc.
- Nicholas Bloom & John Van Reenen, 2007. "Measuring and Explaining Management Practices Across Firms and Countries," The Quarterly Journal of Economics, Oxford University Press, vol. 122(4), pages 1351-1408.
- Nick Bloom & John Van Reenen, 2006. "Measuring and Explaining Management Practices Across Firms and Countries," CEP Discussion Papers dp0716, Centre for Economic Performance, LSE.
- Nick Bloom & John Van Reenen, 2006. "Measuring and explaining management practices across firms and countries," LSE Research Online Documents on Economics 733, London School of Economics and Political Science, LSE Library.
- Bloom, Nicholas & Van Reenen, John, 2006. "Measuring and Explaining Management Practices Across Firms and Countries," CEPR Discussion Papers 5581, C.E.P.R. Discussion Papers.
- Henry Hansmann & Reinier Kraakman, 2000. "The End Of History For Corporate Law," Yale School of Management Working Papers ysm136, Yale School of Management, revised 01 Feb 2001.
- Nicholas Bloom & Christos Genakos & Raffaella Sadun & John Van Reenen, 2012.
"Management Practices Across Firms and Countries,"
NBER Working Papers
17850, National Bureau of Economic Research, Inc.
- Andrei Shleifer, 2009. "The Age of Milton Friedman," Journal of Economic Literature, American Economic Association, vol. 47(1), pages 123-35, March.
- Julian FRANKS & Colin MAYER & MIYAJIMA Hideaki, 2009. "Equity Markets and Institutions: The case of Japan," Discussion papers 09039, Research Institute of Economy, Trade and Industry (RIETI).
- Rafael LaPorta & Florencio Lopez de-Silanes & Andrei Shleifer & Robert W. Vishny, 1996.
"Law and Finance,"
Harvard Institute of Economic Research Working Papers
1768, Harvard - Institute of Economic Research.
- Rafael La Porta & Florencio Lopez-de-Silane & Andrei Shleifer & Robert W. Vishny, 1996. "Law and Finance," NBER Working Papers 5661, National Bureau of Economic Research, Inc.
- Rafael LaPorta & Florencio Lopez-de-Silanes & Andrei Shleifer & Robert W. Vishny, . "Law and Finance," Working Paper 19451, Harvard University OpenScholar.
- La Porta, Rafael & Lopez-de-Silanes, Florencio & Shleifer, Andrei & Vishny, Robert W., 1998. "Law and Finance," Scholarly Articles 3451310, Harvard University Department of Economics.
- Boyan Jovanovic & Peter L. Rousseau, 2002.
"The Q-Theory of Mergers,"
NBER Working Papers
8740, National Bureau of Economic Research, Inc.
- Rajan, Raghuram G, 1992. " Insiders and Outsiders: The Choice between Informed and Arm's-Length Debt," Journal of Finance, American Finance Association, vol. 47(4), pages 1367-400, September.
- Streeck, Wolfgang & Thelen, Kathleen (ed.), 2005. "Beyond Continuity: Institutional Change in Advanced Political Economies," OUP Catalogue, Oxford University Press, number 9780199280469.
- Hall, Peter A. & Gingerich, Daniel W., 2004. "Varieties of Capitalism and Institutional Complementarities in the Macroeconomy," MPIfG Discussion Paper 04/5, Max Planck Institute for the Study of Societies.
- Park, Kwangwoo, 2002. "Foreign Ownership and Firm Value in Japan," CEI Working Paper Series 2002-15, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University.
- Takeo Hoshi & Anil Kashyap & David Scharfstein, 1993. "The Choice Between Public and Private Debt: An Analysis of Post-Deregulation Corporate Financing in Japan," NBER Working Papers 4421, National Bureau of Economic Research, Inc.
When requesting a correction, please mention this item's handle: RePEc:eti:rdpsjp:09017. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (NUKATANI Sorahiko)
If references are entirely missing, you can add them using this form.