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The persistence of market leadership: evidence from Japan

Author

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  • Kato, Masatoshi
  • 加藤, 雅俊
  • Honjo, Yuji
  • 本庄, 裕司

Abstract

This article explores the persistence of market leadership in Japanese manufacturing industries over the period 1975--2004. By applying survival data techniques, we examine how long market leadership persists and how the duration of market leadership varies according to industry-specific characteristics. Our findings indicate that market leaders maintain their leadership positions for, on average, 20 years from 1975 in Japanese manufacturing industries. We provide evidence that market leadership tends to persist in capital-intensive and legally cartelized industries, whereas it is less likely to persist in demand-volatile, R&D-intensive, and import-intensive industries. Copyright 2009 The Author 2009. Published by Oxford University Press on behalf of Associazione ICC. All rights reserved., Oxford University Press.
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Suggested Citation

  • Kato, Masatoshi & 加藤, 雅俊 & Honjo, Yuji & 本庄, 裕司, 2007. "The persistence of market leadership: evidence from Japan," Working Paper Series 051, Center for Japanese Business Studies (HJBS), Graduate School of Commerce and Management Hitotsubashi University.
    • Handle: RePEc:hit:hjbswp:051
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    Cited by:

    1. Hiroaki Ino & Toshihiro Matsumura, 2012. "How Many Firms Should Be Leaders? Beneficial Concentration Revisited," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 53(4), pages 1323-1340, November.
    2. Susumu Cato & Ryoko Oki, 2012. "Leaders and competitors," Journal of Economics, Springer, vol. 107(3), pages 239-255, November.
    3. Yuji Honjo & Noriyuki Doi & Yasushi Kudo, 2018. "The Turnover of Market Leaders in Growing and Declining Industries: Evidence from Japan," Journal of Industry, Competition and Trade, Springer, vol. 18(2), pages 121-138, June.
    4. Dou, Winston Wei & Ji, Yan & Wu, Wei, 2021. "Competition, profitability, and discount rates," Journal of Financial Economics, Elsevier, vol. 140(2), pages 582-620.
    5. René Belderbos & Leo Sleuwaegen & Reinhilde Veugelers, 2010. "Market Integration and Technological Leadership in Europe," European Economy - Economic Papers 2008 - 2015 403, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
    6. Stefan Schneck, 2020. "Times are a Changin’? The Emergence of New Firms and Rank Reshuffling," Journal of Industry, Competition and Trade, Springer, vol. 20(1), pages 1-33, March.

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