Management rights and distribution structure in Japanese firms

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2 Citations (Scopus)


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 languageEnglish
Pages (from-to)135-156
Number of pages22
JournalJapan and the World Economy
Issue number2
Publication statusPublished - 1998 Apr 1


  • D21
  • D33
  • Distribution of profit
  • Firm-specific skill
  • G32
  • Incomplete contract
  • J41
  • Japanese firms
  • L29
  • Separation of ownership and management


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