1997 Fiscal Year Final Research Report Summary
A Comparative-Economic Analysis of Firms and Organizations
| Project/Area Number |
08630115
|
|---|
| Research Category |
Grant-in-Aid for Scientific Research (C)
|
| Allocation Type | Single-year Grants |
|---|
| Section | 一般 |
|---|
| Research Field |
Business administration
|
|---|
| Research Institution | Kobe University |
|---|
Principal Investigator |
KOJIMA Kenji Research Institute for Economics & Business Administration, Kobe University, Associate Professor, 経済経営研究所, 助教授 (50121455)
|
|---|
| Co-Investigator(Kenkyū-buntansha) |
SUEHIRO Hideo School of Business Administration, 経営学部, 助教授 (30162837)
|
|---|
| Project Period (FY) |
1996 – 1997
|
| Keywords | corporate institutions / trading institutions / trading relationships / corporate governance / economic institutions / economic organizations |
|---|
| Research Abstract |
Various systems of corporate governance have evolved in different countries. This research examines the corporate governance in Germany, Japan, and the United States. It demonstrates the U.S.companies have tended to address hazards of self-interested behaviors among stakeholders by delineating the responsibilities of one to another, make the board of directors ensure the interests of shareholders, and resort to marker for corporate control to correct failure of the board of directors. The effects of business relationships on German and Japanese corporate governance can help explain inactive market for corporate control in those countries. Japanese companies establish corporate governance with relationship-based control mechanisms to promote building and maintaining long-term business relationship.
The research in Japanese financial relationships examines the structural changes in the financial relationships and discusses the future directions. The primary purpose of the study is threefo
… More
ld : to identify important features of financial relationships in Japan and its structural changes, to provide economic rationale for those relationships and their changes, and to develop insights concerning corporate finance and capital market under institutional and regulatory environments. Corporate finance in Japan has evolved around the main bank relationships. Financial liberalization in Japan has created difficulties for the main bank relationships. The process of change will continue, both because of continuing liberalization and because some financial patterns change sluggishly. Financial liberalization tends to undermine the main bank system because major non-financial firms have greater access to arm's length debt as well as borrowing from foreign financial institutions. Consequently the main bank system could continue to be viable and advantageous for firms which is limited to access to alternative debt sources and need strong bank support. The financing patterns of large Japanese firms are beginning to resemble the more arms-length financing patterns observed in the U.S. Less
|
