Have Japanese Firms Changed?: The Lost Decade (Palgrave by Hiroaki Miyoshi, Yoshifumi Nakata

By Hiroaki Miyoshi, Yoshifumi Nakata

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The Japanese market was relatively slow to adopt the PC platform, partly because of the difficulty of inputting Japanese characters. 4 Instead of general-purpose PCs, Japanese business users had favored specialized equipment like dedicated word processors. indd 19 10/5/2010 2:09:44 PM 20 Clair Brown and Greg Linden power supply), which require significant engineering effort to redesign. The DRAM requirements of Japan’s consumer electronics makers, which were the priority for their captive chip divisions, were incompatible with those of PC makers in the rest of the world.

However, as globalization intensified in the 1990s, Japanese corporations began frequently to introduce corporate governance techniques from the UK and the US. Chapter 10, ‘Changing Ownership and Governance Innovation: Japanese Enterprises in Transition’, by Asli M. Colpan, Takashi Hikino, and Toru Yoshikawa, presents regression analyses of panel data conducted to examine the impact of these new corporate governance systems – representing the interests of stockholders – on ROA (return on assets).

Chapter 11, ‘Why Do Japanese Companies Issue Stock Options? Behind the Introduction of Stock Options in Japan: Theory of Shareholder Sovereignty versus Theory of Managerial Sovereignty’, by Hiroaki Miyoshi and Takeo Nakao, analyzes the factors that underlie a Japanese corporation’s decision to introduce stock options, which aim to promote shareholder-conscious management by strengthening the link between executive compensation and firm performance. indd 9 10/5/2010 2:06:54 PM 10 Hiroaki Miyoshi and Yoshifumi Nakata large numbers of shareholders, and the fraction of shares controlled by large shareholders is not particularly high.

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