Corporate group

About: Corporate group is a research topic. Over the lifetime, 1747 publications have been published within this topic receiving 46868 citations.

Foundations of Corporate Law

Abstract: This paper is the first chapter of the third edition of The Anatomy of Corporate Law: A Comparative and Functional Approach, by Reinier Kraakman, John Armour, Paul Davies, Luca Enriques, Henry Hansmann, Gerard Hertig, Klaus Hopt, Hideki Kanda Mariana Pargendler, Georg Ringe, and Edward Rock (Oxford University Press, 2017). The book as a whole provides a functional analysis of corporate (or company) law in Europe, the U.S., and Japan. Its organization reflects the structure of corporate law across all jurisdictions, while individual chapters explore the diversity of jurisdictional approaches to the common problems of corporate law. In its third edition, the book has been significantly revised and expanded. As the introductory chapter to the book, this paper introduces the book’s analytic framework, which focuses on the common structure of corporate law across different jurisdictions as a response to fundamentally similar legal and economic problems. It first details the economic importance of the corporate form’s hallmark features: legal personality, limited liability, transferable shares, delegated management, and investor ownership. The major agency problems that attend the corporate form and that, therefore, must be addressed, are identified. The chapter next considers the role of law and contract in structuring corporate affairs, including the function of mandatory and default rules, standard forms, and choice of law, as well the debate about the proper role of corporate law in promoting overall social welfare. While almost all legal systems retain the core features of the corporate form, individual jurisdictions have made distinct choices regarding many other aspects of their corporate laws. The forces shaping the development of corporate law, including evolving patterns of share ownership, are examined.

Balancing Social and Corporate Culture in the Global Economy: The Evolution of Japanese Corporate Structure and Norms

Abstract: Japanese corporate law is undergoing a transition with new Commercial Code amendments in 2003 that allow corporations to opt for an Anglo-American model of governance Combined with shifts in securities regulation, shareholder activism, and the notion of Japanese lifetime employment, there is an important issue of whether these shifts represent a move towards an optimal corporate governance paradigm The evolution is tempered by particular cultural norms that drive Japanese corporate law While there is a perception in North America that Japanese corporations have shifted to an Anglo-American model of corporate governance, the reality is more layered It may be that ultimately, the governance model that evolves will adopt the best elements of increased transparency, corporate accountability, enhanced shareholder protection, employee long-term employment protections, and production synergies, that would allow Japanese corporations to compete internationally, but retain those elements of corporate community that have long been considered a primary objective of the social and economic life of Japan

Exploration and exploitation: The different impacts of two types of Japanese business group network on firm innovation and global learning

Abstract: This article examines how two types of Japanese business group networks impact on firm innovation and global learning. Both the general network and Japanese business group literature have emphasized the important role this kind of tightly knit and stable network plays in facilitating the innovation of firms. Yet little is known of the different effects of the two types of business groups on innovation: horizontal versus vertical. In this article, we argue that the horizontal business group network, owing to its inter-industry conglomerate structure, promotes innovation of a wider knowledge-exploration type, whereas the vertical business group network, owing to its intra-industry supply chain linkage, promotes innovation of a close knowledge-exploitation type. In terms of global learning, it is hypothesized that the more domestically explorative horizontal business group network imposes a constraint on international innovation, whereas the vertical business group network does not. Empirical results largely support these arguments.

The Keatley Creek Site and Corporate Group Archaeology

Abstract: In 1986, Hayden began a programme of excavations which has continued until the present at the Keatley Creek Site (EeRl 7) near Lillooet, B.C. The Keatley Creek Site is one of the most remarkable archaeological sites in British Columbia and deserves to be recognized as a special heritage resource for the province. It is one of the largest village sites in western Canada (perhaps the largest), and the size of the semisubterranean houses is unusual (up to 25 m in diameter). The remains of these structures are clearly visible (unlike many prehistoric sites which lack pronounced surface indications of their existence), and the site is very important for our understanding of the development of complex hunting and gathering cultures. It is also located in a region of special heritage importance, the geographic setting is spectacular (figure 1 ), and the site can be easily accessed from the nearby highway. Because of land and road developments, there are only three large prehistoric villages left in the Lillooet area, of which Keatley Creek is the largest. The goal of the archaeological research undertaken at the Keatley Creek site was to determine why this site (like the two others near Lillooet) was so large and why some of the individual semisubterranean housepits were

Agency theory and the context for R&D investment: Evidence from Korea

Abstract: Pitting the theoretical assumptions of agency theory against the characteristic governance mechanisms of a state-coordinated market economy, this study examines the effects of financial structure, ownership formation and ownership identity on corporate R&D investment. Using panel data on 100 large listed Korean firms, the study provides evidence that market-based governance mechanisms facilitate R&D investment. However, the findings also indicate that the idiosyncratic organizational characteristics of a society, such as business-group affiliation and state ownership in Korea, are not active in dividend payout and are positively related to R&D investment. This suggests that strategic management of changes in corporate governance requires contextual understanding of the two contrasting governance rationales.