The irresponsible Japanese top management under the cross-shareholding arrangement

Takao Sase
"The principles of Japanese social structure can be seen clearly portrayed in the household structure, and the internal structure of the various groups in Japan is vertical. Kaisha (a company or a corporation) is not an exception. Key characteristics of corporate governance in Japan are the lifetime employment mores for larger corporations with the seniority system, company-wide labor organizations and the cross-shareholding arrangements among corporations that center around main-banks. The Japanese corporate governance promoted economic...
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