Goals and Philosophies

Toyohiro Kono and Stewart Clegg

Chapter 3 in Trends in Japanese Management, 2001, pp 77-107 from Palgrave Macmillan

Abstract: Abstract Top management usually create corporate goals and creeds in the early history of the corporation that capitalise on their knowledge and experience. As the corporation develops, such creeds have to integrate the values of multiple stakeholders and interest groups. In Japan the interests of banks, employees and the company president have been most strongly represented, and this representation has been translated into an emphasis on long-term growth. However since the economic no-growth period in the 1990s the power of shareholders has increased. Top management initiate and make final decisions on corporate goals but they do not so unilaterally. Changes in the value and power of stakeholders and other interest groups, as well as changing opportunities in the market, have to be taken into consideration. These changes need to be reflected in the business creed: to this end many companies have created a study team of young managers whose task is to undertake a periodic revision of the creed.

Keywords: Cash Flow; Unethical Behaviour; Japanese Management; Share Price; Customer Orientation (search for similar items in EconPapers)
Date: 2001
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-333-99389-7_3

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DOI: 10.1057/9780333993897_3

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