The Japanese Firm as a Worker-Managed Enterprise

Katsuhito Iwai

Japanese Economy, 1995, vol. 23, issue 2, 77-95

Abstract: It is well known that the Japanese firm is characterized with a behavioral mode and organizational structure that are quite different from the model of the firm portrayed in traditional neoclassical economics. In general, a firm is an economic organization composed of three different groups—namely, employees (workers), managers, and stockholders (capitalists); but, of them, in traditional neoclassical economic theory workers are in essence outsiders who are recruited in the labor market in exchange for wages while the firm is pictured as belonging in name and substance to the stockholders who are the rightful owners. Therefore, the managers, who are given the responsibility of conducting the actual management of the firm are portrayed as mere agents for stockholders with the objective of maximizing the profit (or, the value of the firm) to be distributed among the stockholders.

Date: 1995
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DOI: 10.2753/JES1097-203X230277

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