The Japanese Firm from a Financial Perspective

Kazuhito Ikeo

Japanese Economy, 1995, vol. 23, issue 5, 46-73

Abstract: The following concept is frequently noted: The prevailing management style of Japanese firms—as portrayed in traditional economics textbooks—is oriented toward the worker-managed business rather than the maximization of the firm's stock price. 1 This can be interpreted to mean that many Japanese firms are not the providers of capital (i.e., stockholders). Instead, the workers, in essence, occupy the position of the residual claimant with the right to receive the firm's residual earnings. The residual earnings refers to that part of the total firm's earnings which remain after satisfying prior contracts with other providers of factors of production. 2

Date: 1995
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DOI: 10.2753/JES1097-203X230546

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