This chapter has three objectives. The first is to review the literature on corporate groups in Japan and elsewhere, and to summarize the evidence on the economic roles (if any) corporate groups have played in the Japanese economy. The second objective is to present, for the first time, a comparison of Japanese groups and corporate groups in other developed and developing countries. The main conclusion emerging from this comparison is that Japanese groups, while similar to groups elsewhere in some respects, are different in their risk and return characteristics. The third objective is to describe the evolution of Japan's groups since the mid-1970s and to examine whether or not groups constitute an impediment to structural change in Japan.
Keywords: corporate groups; Japanese economy; risk and return; structural change
Chapter. 10428 words.
Subjects: Business and Management
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