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| Author: | Kester, W.C. |
| Title: | Global players, Western tactics, Japanese outcomes: the new Japanese market for corporate control. |
| Journal: | California Management Review
1991 : WINTER, VOL. 33:2, p. 58-70 |
| Index terms: | COMPANY CONTROL CORPORATE PLANNING INTERNATIONAL BUSINESS JAPAN |
| Language: | eng |
| Abstract: | The future development of a market for corporate control in Japan is examined. The challenge for the Japanese system of corporate governance is to find a substitute for the lessening of capital market discipline caused by the decline in the dependence of firms on bank lending. A market for corporate control will emerge in Japan: managers will be replaced and capital will be reallocated. But this market will assume a distinctively Japanese character, one that reinforces rather than undermines the firm's long-term trading relationships. The many offshore minority-equity stakes acquired by Japanese companies may serve as a basis of an even larger wave of Japanese foreign takeovers. This study is drawn from a recently published book. |
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