Japanese Corporate Governance Problem and Economic Efficiency : An Empirical Analysis of Japanese Manufacturing Firms

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We investigate how the Japanese governance characteristics hurt shareholders’ value focusing on the rent distribution problem between two residual claimant parties, shareholders and employees. We find that lower Tobin’s Q under Japanese governance characteristics is mainly attributed to the rent distribution problem, not to a decrease in productivity. We argue that pros and cons of a governance characteristic should be valued not only from the viewpoint of shareholders value but also by that of value added. In other words, corporate governance system that enhances employee-oriented management may be rational when valued from the viewpoint of value added.

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  • オイコノミカ

    オイコノミカ 45 (2), 41-64, 2008-11-01

    名古屋 : 名古屋市立大学経済学会

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