A historical analysis of the industrial groupings distinctive to Japan demonstrates the existence of persistent cohorts of stable friendly shareholders within group company equity holdings. Over the years, these shareholders have performed various useful tasks for group companies especially with regard to ameliorating the effects of external threats to company governance or group coherence. A number of lessons for management are derived from this analysis.
Johnston, S. and McAlevey, L. (1999), "The rise and fall and rise of Japan’s stable shareholders", Journal of Management History (Archive), Vol. 5 No. 6, pp. 307-319. https://doi.org/10.1108/13552529910288055
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