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Does Corporate Governance Matter? Why the Corporate Performance of Toyota and Canon is Superior to GM and Xerox

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  • Masaru Yoshimori

Abstract

In this exploratory comparative study of Toyota/GM and Canon/Xerox, the author purports to explain why the 10‐year performance of Toyota and Canon, despite their traditional Japanese primacy on job security, large board size and absence of non‐executive directors, is superior to that of their US rivals. The author compares the key stakeholder and the board structure as well as corporate values, culture and strategy of the sample firms and concludes that higher performance is possible without resorting to US‐style corporate governance, and proposes that corporate values, culture and strategy are equally vital ingredients of corporate success.

Suggested Citation

  • Masaru Yoshimori, 2005. "Does Corporate Governance Matter? Why the Corporate Performance of Toyota and Canon is Superior to GM and Xerox," Corporate Governance: An International Review, Wiley Blackwell, vol. 13(3), pages 447-457, May.
    • Handle: RePEc:bla:corgov:v:13:y:2005:i:3:p:447-457
    DOI: 10.1111/j.1467-8683.2005.00439.x
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    Cited by:

    1. Theo Renou & René Carrraz & Thierry Burger-Helmchen, 2023. "Japan’s Corporate Governance Transformation: Convergence or Reconfiguration? », Administrative sciences," Post-Print hal-04110803, HAL.
    2. Muhammad Shafiq & Adeel Akhtar & Muhammad Ismail & Muhammad Awais, 2021. "Lean Management Readiness Assessment Framework For Humanitarian Organizations Supply Chain Management," Bulletin of Business and Economics (BBE), Research Foundation for Humanity (RFH), vol. 10(3), pages 151-171.
    3. Toru Yoshikawa & Jean McGuire, 2008. "Change and continuity in Japanese corporate governance," Asia Pacific Journal of Management, Springer, vol. 25(1), pages 5-24, January.
    4. Windsor, Duane, 2009. "Tightening corporate governance," Journal of International Management, Elsevier, vol. 15(3), pages 306-316, September.
    5. Ormazábal, Gaizka, 2018. "The Role of Stakeholders in Corporate Governance: A View from Accounting Research," Foundations and Trends(R) in Accounting, now publishers, vol. 11(4), pages 193-290, February.
    6. Chowdhury, Shamsud D., 2014. "Strategic roads that diverge or converge: GM and Toyota in the battle for the top," Business Horizons, Elsevier, vol. 57(1), pages 127-136.
    7. Mitsuru Mizuno & Isaac T. Tabner, 2009. "Corporate Governance In Japan And The Uk: Codes, Theory And Practice," Pacific Economic Review, Wiley Blackwell, vol. 14(5), pages 622-638, December.
    8. Ormazabal, Gaizka, 2018. "The Role of Stakeholders in Corporate Governance: A View from Accounting Research," CEPR Discussion Papers 12775, C.E.P.R. Discussion Papers.
    9. Nakano, Makoto & Nguyen, Pascal, 2012. "Board size and corporate risk-taking: Further evidence from Japan," MPRA Paper 38990, University Library of Munich, Germany.
    10. Theo Renou & René Carraz & Thierry Burger-Helmchen, 2023. "Japan’s Corporate Governance Transformation: Convergence or Reconfiguration?," Administrative Sciences, MDPI, vol. 13(6), pages 1-17, May.
    11. Meelen, Toon & Herrmann, Andrea M. & Faber, Jan, 2017. "Disentangling patterns of economic, technological and innovative specialization of Western economies: An assessment of the Varieties-of-Capitalism theory on comparative institutional advantages," Research Policy, Elsevier, vol. 46(3), pages 667-677.
    12. Yonekura, Akira & Gallhofer, Sonja & Haslam, Jim, 2012. "Accounting disclosure, corporate governance and the battle for markets: The case of trade negotiations between Japan and the U.S," CRITICAL PERSPECTIVES ON ACCOUNTING, Elsevier, vol. 23(4), pages 312-331.

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