Keiretsu centrality — profits and profit stability: A power dependence perspective

Brouthers, Lance Eliot; Gao, Yan; Napshin, Stuart

doi:10.1016/j.jbusres.2014.03.019

Cited by 20 publications

(13 citation statements)

References 40 publications

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“…Cross-shareholders are defined as a system of interlocking share ownership among Japanese companies or banks [54][55][56]. Since they tend to hold stakes for long periods, Japanese ownership structures were characterized by these stable shareholders before the financial deregulation of the 2000s [6,19,38].…”

Section: Introductionmentioning

confidence: 99%

Institutional Ownership and Firm Performance under Stakeholder-Oriented Corporate Governance

Sakawa

Watanabel

2020

Sustainability

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This study aimed to reveal the role of institutional investors with shareholder-oriented scopes in a stakeholder-oriented economy such as Japan. With financial globalization, the increasing number of institutional shareholders in Japanese corporations enables us to investigate whether their shareholder-oriented perspectives are conducive to taking on effective monitoring roles under stakeholder-oriented corporate governance. This study’s sample included large listed firms of the TOPIX 500 in Japan during 2010-2016. Using 2924 firm-year observations, the effect of institutional investors on firm performance was analyzed to test the role of institutional investors in stakeholder-oriented corporate governance. Our study showed that the monitoring role of institutional shareholders, or foreign shareholders, functions effectively in Japanese corporations. In addition, we showed that the monitoring roles of these are expected to strengthen firms through higher growth opportunities. These results implied that institutional shareholders contribute to enhancing sustainable firm performance and constructing sustainable corporate governance mechanisms in a stakeholder-oriented system.

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Section: Introductionmentioning

confidence: 99%

Institutional Ownership and Firm Performance under Stakeholder-Oriented Corporate Governance

Sakawa

Watanabel

2020

Sustainability

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“…The study has a limitation in that the identification of keiretsu is only based on supply relationships. Following prior studies identifying keiretsu by investment ratio on the basis of the data from Industrial Groupings in Japan (Brouthers et al, 2014;Kim et al, 2004;Lincoln et al, 1996;Sambharya & Banerji, 2006) or by 7 Prior studies have not come up with any consistent conclusion regarding the relationship between product diversity and profitability. Kekre and Srinivasan (1990), for instance, concluded that having a broad product diversity could lead to higher firm profitability.…”

Section: Resultsmentioning

confidence: 99%

“…The sample in this study consists of auto parts suppliers in the Japanese automotive industry. Prior studies identified keiretsu based on the classifications of Industrial Groupings in Japan (IGJ), issued by Dodwell Marketing Consultants (Brouthers et al, 2014;Kim, Hoskisson, & Wan, 2004;Lincoln et al, 1996;Sambharya & Banerji, 2006). However, scholars such as McGuire and Dow (2009) or Miwa and Ramseyer (2002) see the classification of IGJ as a problem since it uses only the equity ownership ratio to identify keiretsu.…”

Section: Methodsmentioning

confidence: 99%

“…These studies have demonstrated that the source of the competitive advantage results from the long-term, cooperative assembler-supplier relationship and the keiretsu system that is closely intertwined. 2 Yet, prior studies on keiretsu have provided detailed analyses such as research on the Toyota keiretsu or the network structures (Brouthers, Gao, & Napshin, 2014;Dyer, 1996;Lincoln et al, 1996;Peng, Lee, & Tan, 2001) but have not paid attention to the differences in strategic behavior among keiretsu, i.e., comparisons between Toyota suppliers and non-Toyota suppliers or between the Toyota keiretsu and the other keiretsu networks (an exception is Takeishi & Noro, 2017).…”

Section: Introductionmentioning

confidence: 99%

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Strategic divergence of <i>keiretsu</i>

Min

2019

ABAS

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Does keiretsu in the Japanese automotive industry vary by company in terms of firm performance and strategic behavior? This paper classifies parts-supply keiretsu into (1) Toyota suppliers and non-Toyota suppliers and (2) Nissan suppliers and non-Nissan suppliers and then conducts a comparative analysis of the suppliers to test differences in (a) firm performance, (b) customer scope, and (c) product diversity. The following results emerge from the analysis: (a) in regard to "firm performance (return on sales)," Toyota suppliers outperformed non-Toyota suppliers, but there was no difference between Nissan suppliers and non-Nissan suppliers; (b) with respect to "customer scope," both Toyota suppliers and Nissan suppliers outperformed non-Toyota suppliers and non-Nissan suppliers, respectively; (c) as for "product diversity," Toyota suppliers have less product diversity than non-Toyota suppliers, but there was no difference between Nissan suppliers and non-Nissan suppliers. These results indicate that the strategic behavior of Toyota suppliers differs from that of Nissan suppliers in that Toyota suppliers achieve high profitability by broadening customer scope and simultaneously narrowing product

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“…İşlem maliyetlerinin azaltılması yolu ile sağlanan bu avantaj firmanın konumu sayesinde de artmaktadır. Buna karşılık yine aynı çalışmada (Brouthers vd., 2014), merkezi yatay keiretsu firmalarının hem merkezi dikey keiretsu firmalarına hem de merkezi olmayan yatay keiretsu firmalarına göre kârlarının daha istikrarlı olduğu ortaya koyulmaktadır 3 .…”

Section: Kavramsal çErçeve Ve Araştırma Modeliunclassified

DOES TAKING PLACE IN THE CENTRAL NETWORK POSITION PROVIDE ADVANTAGES TO THE ACTOR?: A RESEARCH IN TURKISH BUSINESS GROUPS SAMPLE / Ağın Merkezinde Yer Almak Aktöre Avantaj Sağlar Mı?: Türk İşletme Grupları Örnekleminde Bir Araştırma

Aytekin

2017

Uluslararası Ekonomi İşletme Ve Politika Dergisi

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Bu araştırmanın amacı, işletme gruplarının bağlı işletmelerinin, işletme grubu içerisinde oluşan ağ düzeneğinde yer aldıkları konumun finansal performansları üzerindeki etkisini ortaya koymaktır. Bu ilişki, Borsa İstanbul'da koteli ve bir işletme grubuna bağlı işletmelerden oluşan örneklem üzerinde analiz edilmiştir. Toplamda 15 işletme grubuna ait 74 bağlı işletmenin verileri üzerinde analizler gerçekleştirilmiştir. Analizler sonucunda, hem ticari bağlardan oluşan ağ yapısı içerisinde hem de örtüşen yönetim kurulu üyeliklerinden oluşan ağ içerisinde daha merkezi konumda bulunan bağlı işletmelerin finansal performanslarında istatistiksel olarak anlamlı ve pozitif yönlü ilişkiler gözlenmiştir.

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Keiretsu centrality — profits and profit stability: A power dependence perspective

Cited by 20 publications

References 40 publications

Institutional Ownership and Firm Performance under Stakeholder-Oriented Corporate Governance

Institutional Ownership and Firm Performance under Stakeholder-Oriented Corporate Governance

Strategic divergence of <i>keiretsu</i>

DOES TAKING PLACE IN THE CENTRAL NETWORK POSITION PROVIDE ADVANTAGES TO THE ACTOR?: A RESEARCH IN TURKISH BUSINESS GROUPS SAMPLE / Ağın Merkezinde Yer Almak Aktöre Avantaj Sağlar Mı?: Türk İşletme Grupları Örnekleminde Bir Araştırma

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