Management rights and distribution structure in Japanese firms

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.