Abstract
In Japanese firms, the allocation of management rights influences the distribution of profit. Using the financial data of Japanese firms in the 1990 fiscal year, I classify firms based on governance structure, and evaluate the distribution structure. As a result, I get the conclusion that the separation of ownership and management has a significant influence on the distribution of profit. In the owner-manager firm, the distribution of profit privileges shareholders. And in the promoted-manager firm, that is, the firm managed by a president who has been promoted from among the employees, the distribution of profit privileges employees.
Original language | English |
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Pages (from-to) | 135-156 |
Number of pages | 22 |
Journal | Japan and the World Economy |
Volume | 10 |
Issue number | 2 |
DOIs | |
Publication status | Published - 1998 Apr 1 |
Keywords
- D21
- D33
- Distribution of profit
- Firm-specific skill
- G32
- Incomplete contract
- J41
- Japanese firms
- L29
- Separation of ownership and management
ASJC Scopus subject areas
- Finance
- Economics and Econometrics
- Political Science and International Relations