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Political Determinants of Corporate GovernancePolitical Context, Corporate Impact$
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Mark J. Roe

Print publication date: 2006

Print ISBN-13: 9780199205301

Published to Oxford Scholarship Online: October 2011

DOI: 10.1093/acprof:oso/9780199205301.001.0001

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(p.87) Chapter 10 Japan
Political Determinants of Corporate Governance

Mark J. Joe

Oxford University Press

In Japan, lifetime employment settled social conflict, and financial institutions played a strong role in firms in ways that complemented Japan's post-Second World War social understandings. Lifetime employment arose in Japan after vicious labor strife. Firms in a devastated Japan fired many employees, and they had to deal with sinking morale and potential revolutionary action of those who were left. Promotion to a large board of insiders helped the promotional tournament of managers with a key honour at the end of a successful career. The creditor-stockholders and lifetime employees fit together, stabilizing one another. Japanese corporate governance and ownership fit with the way post-war Japan settled social conflict.

Keywords:   Japan, lifetime employment, post-Second World War, creditor-stockholders

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