A Clash of Capitalisms: Foreign Shareholders and Corporate Restructuring in 1990s Japan
Abstract
This article examines the clash between stakeholder- and shareholder-based business systems resulting from an increase in foreign portfolio investment in the Japanese economy during the 1990s. An analysis of 1,108 firms between 1991 and 2000 shows that as foreign institutional investors, who were more interested in investment returns than in long-term relationships, replaced domestic shareholders, one fundamental pillar of Japan's stakeholder...
Paper Details
Title
A Clash of Capitalisms: Foreign Shareholders and Corporate Restructuring in 1990s Japan
Published Date
Jun 1, 2005
Journal
Volume
70
Issue
3
Pages
451 - 471
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