Does Corporate Governance Matter? Why the Corporate Performance of Toyota and Canon is Superior to GM and Xerox

Masaru Yoshimori

Corporate Governance: An International Review, 2005, vol. 13, issue 3, 447-457

Abstract: In this exploratory comparative study of Toyota/GM and Canon/Xerox, the author purports to explain why the 10‐year performance of Toyota and Canon, despite their traditional Japanese primacy on job security, large board size and absence of non‐executive directors, is superior to that of their US rivals. The author compares the key stakeholder and the board structure as well as corporate values, culture and strategy of the sample firms and concludes that higher performance is possible without resorting to US‐style corporate governance, and proposes that corporate values, culture and strategy are equally vital ingredients of corporate success.

Date: 2005
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