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Identifier to cite or link to this item: https://hdl.handle.net/10086/13884

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Title
Investor Right in Historical Perspective: Globalization and the Future of the Japanese Firm and Financial System
Creator
Creator Name
Teranishi, Juro Teranishi, Juro
寺西, 重郎 寺西, 重郎
テラニシ, ジュウロウ テラニシ, ジュウロウ
Affiliation
Affiliation Name
Hitotsubashi University
Editor
Contributor Name
Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University
Abstract
The evolution of investor right in Japan is examined in a historical perspective since the prewar period and in relation to the evolution in firm-specific skill formation. First, we will show that the investment in firm-specific skills spread from the top to the bottom in a firm system. Second, we will show that the delegation of control right of physical assets to employees was caused in order to accommodate the rapid technological changes. The weak investor right in Japan evolved through a rational choice of asset holders (shareholders and landlords), who delegated part of control right over their assets to actual producers (managers, workers, and tenant farmers) in order to maximize the benefits of firm-specific skill formation by them. A cautious approach is needed in adjusting the investor right to global standards: a stronger investor right would enhance allocation efficiency of financial resources, but it could be harmful to organizational efficiency based on investment in firm-specific skills.
Description
February 28, 2005; Revised: March 24, 2005
Publisher
Institute of Economic Research, Hitotsubashi University
Issued Date
2005-03
Language
English(eng)
Resource Type
technical report
Version Type
VoR
Is Part OfRelation -
Related Title
CEI Working Paper Series ; No. 2004-21
Relation
Related Identifier
URI
  http://cei.ier.hit-u.ac.jp/index.html
NCID
AA11590659
Number of Pages
42
Appears in Collections
CEI Working Paper Series
URL
https://hdl.handle.net/10086/13884