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Corporate Governance in Japanese Firms: The Body of Employees as the Controlling Group and Friendly Shareholders

In: Firms and Industrial Organization in Japan

Author

Listed:
  • Yoshiro Miwa

    (University of Tokyo)

Abstract

In the preceding chapters I assumed a neoclassical firm as the basic decision-making unit. This real-world neoclassical firm is controlled by shareholders with the board of directors as the agent of those shareholders. This firm purchases factors of production other than ‘capital’ in the market. The firm’s objective is to maximize profit under given constraints, such as the production function and demand conditions. Also I assume zero transaction costs, unless otherwise stated. Transaction costs are not zero, however, and institutions do matter. If we are interested in the formation and functioning of firms, inter-firm relationships and the market, we must closely examine the validity of the above assumptions. Such an analysis is essential for understanding Japan’s intra-firm organization and inter-firm relationships.

Suggested Citation

  • Yoshiro Miwa, 1996. "Corporate Governance in Japanese Firms: The Body of Employees as the Controlling Group and Friendly Shareholders," Palgrave Macmillan Books, in: Firms and Industrial Organization in Japan, chapter 11, pages 195-216, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-37146-0_11
    DOI: 10.1057/9780230371460_11
    as

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