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http://www.economist.com/surveys/displaystory.cfm?story_id=10169916
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JapAnglo-Saxon capitalism
Nov 29th 2007
Have Japanese business practices changed enough?
TO AN observer watching a Toyota Prius drive by, the car's hybrid propulsion system is invisible, but its improved performance shows up clearly in its fuel-consumption figures. The same applies to
“Japan has both embraced and rejected American capitalism,” observes Mr Vogel of the University of California, Berkeley. Having identified the American style of capitalism as a possible model,
How prevalent is the hybrid model? Gregory Jackson, an expert on international comparisons of corporate governance at King's College London, and Hideaki Miyajima of
Of the firms with hybrid models, 94% offered lifetime employment, 45% merit-based pay and 39% employee stock options. These companies were more likely to have outsiders on the boards than traditional firms, made more use of corporate bonds as a source of finance and less use of banks, and had a high level of foreign or institutional share ownership. This group included many large, internationally oriented firms, such as
All of the traditional Japanese firms offered lifetime employment and none merit-based pay; 19% awarded employee share options. They generally had boards consisting entirely of insiders, relied on bank finance rather than bonds and had few foreigners and institutional investors holding their shares. They were typically involved in industries such as construction, chemicals, textiles, machinery and food. Companies in the third cluster retained traditional ownership and finance structures, but some firms had adopted more market-oriented employment policies. Firms in this group included retailers, technology firms and family-controlled companies in a variety of industries.
On average, notes Mr Jackson, hybrid companies performed significantly better (measured by return on assets) than traditional Japanese firms or those in the intermediate group. Evidently the hybrid model allows firms to bring their distinctive competitive strengths to the wider world. And although they accounted for only 24% of Japanese firms, this included a disproportionate number of
This raises the question of how stable the hybrid model is, and whether it is just a step on the way to a total embrace of the Anglo-Saxon model. Mr Jackson points out that the number of companies introducing the American-style committee system has begun to slow and the debate on corporate-board reform has cooled. Now that the economy has started to recover, the decline in cross-shareholdings has halted and even gone into reverse. All of this, he suggests, implies that the hybrid model is stable, and will not prove to be just a halfway house on the way to an American model.
Halfway to
Look at the Toyota Prius again. Its hybrid design is also being refined. The next version, due in 2010, will be a “plug-in” hybrid with a better battery pack that will be able to make short trips entirely on electric power.
- Masahiko Aoki, Gregory Jackson, Hideaki Miyajima
- Corporate Governance in Japan: Institutional Change and Organizational Diversity