Ownership and Management

Hiroyuki Odagiri

in Growth through Competition, Competition through Growth

Published in print May 1994 | ISBN: 9780198288732
Published online November 2003 | e-ISBN: 9780191596711 | DOI:
 Ownership and Management

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The pattern of share ownership and the (lack of) effectiveness of take‐overs as a control device are discussed. Inter‐company shareholdings and shareholdings by financial institutions, particularly main banks, are a prevalent feature in Japan. These facts suggest that the control of management by the capital market is weaker in Japan than in the USA or the UK and that management has considerable discretion. Thus, in order to understand managerial behaviour, it is necessary to look into the power and the origin of managers, as well as their motivations, which are discussed in the second half of the chapter.

Keywords: capital; control; discretion; main banks; management; managers; motivation; ownership; shareholding; take‐overs

Chapter.  7653 words. 

Subjects: Business and Management

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