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"The Corporate Governance Model of Japan: Shareholders are not Rulers

Опубликовано на портале: 25-11-2008
PKU Business Review. 2007.  Vol. 36. No. 7. P. 98-102. 
In the U.S. and U.K. corporate governance is concerned with the narrow goal of ensuring that firms maximize the wealth of shareholders. In Japan and some other countries, firms are concerned with a broader group of stakeholders, including employees, suppliers, customers and others as well as shareholders. This article contrasts the Anglo-American system of corporate governance with that in Japan and elsewhere. If markets and institutions are well developed and competitive, Anglo-American corporate governance ensures an efficient allocation of resources. In other circumstances, focusing on a wider range of stakeholders as the Japanese do can be more efficient.

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