Avoidance of Agency Relationship in Corporations with Stakeholder Model in Prewar Japan

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  • Inoue Mayumi
    Department of Economics, Takasaki City University of Economics
  • Tamai Yoshiro
    Graduate School of Policy and Management, Doshisha University

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Other Title
  • 戦前のステークホルダー型企業におけるエージェンシー関係の忌避
  • センゼン ノ ステークホルダーカタ キギョウ ニ オケル エージェンシー カンケイ ノ キヒ

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Abstract

How can we understand corporations as public institutions or “persons” within the Japanese society, not as instruments for shareholders? In this paper, we focus on two Japanese firms that can be viewed as the“stakeholder model” and identify several key features they have in terms of the theory of corporate governance. The purpose of the paper is to contribute to the previous discussions on characteristics of Japanese firms before WWII, specifically the “Anglo-Saxon type,” and to indicate that the concept of “avoidance of agency relationship” can be used in the discussions.

Journal

  • Organizational Science

    Organizational Science 48 (1), 52-63, 2014-09-20

    The Academic Association for Organizational Science

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