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Investor Rights in Historical Perspective: Globalization and the Future of the Japanese Firm and Financial System
Publisher: Journals Gateway
Asian Economic Papers (2006) 5 (1): 36–63.
Published: 01 January 2006
AbstractView article PDF
The evolution of investor rights in Japan is examined in relation to the evolution in firm-specific skill formation. Asset holders (shareholders and landlords) delegated part of the control of their assets to actual producers (managers, workers, and tenant farmers) to maximize the benefits of firm-specific skill formation by the producers. A cautious approach is therefore needed in adjusting investor rights in Japan to global standards: stronger investor rights could enhance allocative efficiency of financial resources, but they could also be harmful to organizational efficiency based on investment by employees in firm-specific skills.