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Corporate Governance in JapanInstitutional Change and Organizational Diversity$
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Masahiko Aoki, Gregory Jackson, and Hideaki Miyajima

Print publication date: 2007

Print ISBN-13: 9780199284511

Published to Oxford Scholarship Online: September 2007

DOI: 10.1093/acprof:oso/9780199284511.001.0001

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Business Portfolio Restructuring of Japanese Firms in the 1990s: Entry and Exit Analysis *

Business Portfolio Restructuring of Japanese Firms in the 1990s: Entry and Exit Analysis *

(p.227) 8 Business Portfolio Restructuring of Japanese Firms in the 1990s: Entry and Exit Analysis*
Corporate Governance in Japan

Tatsuya Kikutani

Hideshi Itoh

Osamu Hayashida

Oxford University Press

This chapter examines the restructuring of Japanese business groups during the 1990s. Using the Basic Survey of Business Structure and Activity, the chapter analyses the business portfolio of Japanese firms from the perspective of the group structure of parent and affiliate. While previous studies have examined the net shift in diversification or specialization of business, the chapter also adopts an original approach by looking at the actual flow of entry and exit from business segments. The analysis demonstrates that Japanese business groups engaged in a high level of restructuring during the 1990s, and a growing preference to separate businesses into subsidiaries and affiliated firms rather than managing them in house. Although Japanese firms have no trend toward greater diversification or greater focus on aggregate, entry and exit are important complementary strategies that improve firms.

Keywords:   Japanese economy, business strategy, diversification, divestment, business groups, keiretsu, industrial organization

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