2004. 1

New Trends of Japanese Management under IT Revolution
Koji Okubayashi

New Trends of Japanese Management under IT Revolution

Koji Okubayashi
Prof. Dr.
Graduate School of Business Administration
Kobe University
Rokkodai 2-1, Nada, Kobe,
657-8501 Japan
Tel: +81-78-803-6902
Fax: +81-78-803-6799
E-mail: okusankj@kobe-u.ac.jp

The paper presented at the 7th World Congress of IFSAM on 5-7July, 2004
At School of Economics and Commercial Law of Goeteborg University

1July 5-7,2004

New

Trends of Japanese Management under IT Revolution
Koji Okubayashi
Prof. Dr.
Graduate School of Business Administration
Kobe University

1. Introduction
2. Japanese trends of IT investment since 1990

3. Changes of production system
3.1. Multi-product small-volume production system
3.2. Shift from manufacturing to solution business3.3. Loosely-structured organization
3.4. E-net purchasing system
4. New trends of human resource management
4.1. Education and training based on employability
4.2. Management by objective
4.3. Annual salary for managers
5. Corporate governance5.1. Rebinding of Kigyo-shuudann
5.2. Decrease of mutual stock holding
5.3. Introduction of managing directors and “company system”
5.3.1. Case of Toyota
5.3.2. Case of Matsushita
6.Concluding remarks

2New Trends of Japanese Management under IT Revolution
1. Introduction
The effects of Information Technology on social as well as economic life are sometimes
called the “Third Industrial Revolution”. In the business world, it changed significantly
the way of management, strategies of companies, production system, human resource
management,

corporate

governance,accounting

system,distribution

channel,marketing system and so on. These trends are often reported in business journals andacademic papers.
This paper intends to access the following research questions based on the experienceof Japanese large companies since 1990.
1) How much is the investments for IT in private sector among private facility
investment since 1990 in Japan?
2) What are the directions of such changes of Japanese management under the effectsofIT

revolution,

especiallyamong

production

system,human

resource

management and corporate governance?

2. Japanese Trends of IT Investment since 1990
Japanese industries made a lot of investment for IT use especially since 1990 whenthe “bubble” economy finished its prosperity and Japanese economy went down into
deflation. Investment in IT as a whole has to include investment in IT facilities,
development of software and systems, training and education of the usage of IT
facilities and many intangible activities related to IT. However, here we will refer
only to the hardware aspect of IT investment.
According to the Japanese white paper on communication published in 2000, realamount of IT investment in private sector was 6,101 billion yen in 1990, but it
increased to 10,387 billion yen in 1998. The ratio of IT investment to GDP was 1.4 %in 1990 but 2.2 % in 1998. The ratio of IT investment to facility investment inprivate sector was 7.3 % in 1990 but 12.4 % in 1998. These figures indicates a large
amount of IT investment since 1990 and make us to expect drastic changes ofindustrial as well as social life due to the diffusion of IT. IT, in this case, means
personal computers in office and at home, many types of machines supported bycomputers, internet and many systems using the internet and any kind of systems
connected by computers. Office automation and many systems using IT in3

companies brought drastic transformation in production systems and management
style
Figure 1 Trends of IT Investment since 1990 in Japan
3. Changes of production system
3.1. Multi-product small-volume production system
The introduction of computers into production system brought a fundamental shift of
production

principle

fromsingle-productmass-productiontomulti-productsmall-volume production system. In electronics industry, for example, new products arequickly developed and sold within a short period of time. The first comer of electronics
products can get major parts of the gain in that market. They have to produce a new
product one after another and continue that process to get a lion’s share of that market.
Many other industries like automobile and chemicals also follow the new principle ofproduction system. Even service industries have to apply the new production principle
to respond quickly to the changing demands of their customers.
3.2. Shift from manufacturing to solution business
Many manufacturers in Japan started to shift their main activities frommanufacturing to research and development as well as marketing to get higher share ofadded value. They thought that they could not obtain high added value by
manufacturing standardized products, which would be transferred to Asian countries
with low labor cost. They intend to concentrate their energy on higher- added –value
stage of production process such as R&D and marketing. Sony and Matsushita, forexample, invested their efforts to develop a new business system or new field of
business by introducing

Electronics Manufacturing Service , which is often

categorized into solution business.
Figure 2 Sony’s R&D and Manufacturing System in 1999
3.3. Loosely-structured organization
The new production system will result in the transformation of traditional structure ofcompany organization. The traditional structure of organization with mechanistic workorganizationandhierarchicalmanagement

organization

is

named

here

“tightly-structured organization”. On the contrary, a new structure of organization withorganic work organization and flat management organization is named here4

“loosely-structured organization”.
The tightly-structured organization fits to single-product mass-production system toaccomplish high performance of organization. This type of organization is usually seenat the long belt conveyer line of automobile assembly shop. On the other side,loosely-structured organization is quite effective for organizational performance ofmulti-product small-volume production system. That type of organization is often
identified at the cell production system of electronics appliance. Many advanced
Japanese manufacturing companies are shifting their organizational structure toloosely-structured organization to adapt to turbulent management environment.
Figure 3 Four Types of Organizational Structure in 1993
3.4. E-net purchasing system of product parts
Keiretsu-shitauke was one of main mechanisms to connect buyer-supplier relations
especially in automobile and electronics industry in 1970 and 1980s. A supplier in someshitauke keeps

technical, management, financial and personnel relations with its

assembler to maintain mutual-aiding corporate group. However, these assemblers
nowadays try to enlarge the group of suppliers by using e-net to discount the price of
these parts and stimulate competition among suppliers for improving the quality anddesign of their parts. Through the e-net, the assemblers can easily find out suppliers
even abroad who can offer high-quality parts with low price. Therefore, e-net
transforms drastically the traditional buyer-supplier relations in many industries.
Figure 4 E-net Purchasing System
4. New trends of Human Resource Management
4.1. Education and training based on employability
The life-time employment ( shushinkoyo) provided all of the training and education of
employees necessary for carrying out their jobs at their company. However, after the
economic depression in 1990’ even Japanese big companies could not keep the life-time
employment for all of their employees. They insist on supporting the employability of
their employees by providing many types of training and education only for employees
who will be eager to improve their skills and knowledge for their carriers. Employees
themselves sometimes have to pay some money to attend training course prepared bytheir company. It indicates an establishment of new company-employees relations
different from the traditional life-time employment. Workers themselves can not trust5

in the life-time employment under recent economic conditions.
4.2. Management by objective
Japanese companies introduced the practice of management by objective in 1990’ sothat they can simulate the performance of their employees for their survival under
severe market condition. They evaluated the contribution of the employees to theircompany by the ability accumulated by their experience at the company, which isusually called ability-based wage system. However, the ability itself would be useless if
it cannot result in concrete performance of their company. They could not pay only forthe ability of their employees to keep their employment to the company. To measure theconcrete contribution of each employee to the total performance of the company, they
introduced MBO. According to the degree of accomplishment of the objective, they could
pay large or small amount of rewards to each employee, quite independent from theirage, length of service, educational level and potential ability. This is a new principle ofpayment different from seniority wage system.
4.3. Annual salary for managers
Another payment system introduced in 1990’ was annual salary for managers.
Japanese companies have to revise seniority wage system especially of managers whoshared more than ten percent of all of the employees. In the rapid economic growth
period of 1960’s and 19070’s’, the percentage of managers among employees was 3—4
percent. But due to aging of employees and shortage of management positions under
low economic growth, Japanese companies prepared unnecessary management
positions to keep the traditional incentives for all employees. This labor cost of
managers imposed heavy burden on the companies. Therefore, they introduced at thefirst stage the MBO for managers and then introduced annual salary based on MBO.
The annual salary is determined not by the ability of managers, but by the degree of theaccomplishment of their target. The amount of annual salary will vary depending on the
result of MBO. This flexible salary results in stimulating morale of managers andreducing the fixed labor cost of managers.
5. Corporate Governance5.1. Rebinding of Kigyo-shuudann
Kigyo-shuudann(Corporate Assemblage) was also one of the main characteristics ofJapanese corporate system. The main six Kigyo-shuudann (Sumitomo, Mitsui,
Mitsubishi, Fuyou, Sanwa, Daiiti-kangyou-ginkou) shared major part of economic

6

activities in the rapid economic growth period and exerted strong influence on Japanese
economy. The corporate assemblage intended to maintain their mutual economic
benefits among their members and to compete with other assemblage. This mutual
benefits and competition among assemblage members promoted positive economic
activities of Japanese companies after the Second World War. The main banks of theseassemblages played an important role of coordinating business activities of theirmember corporations and distributing financial resources to these activities.
However, under the long depression and bankruptcy of financial organizations, manyof these main banks have to merge or reorganize among themselves beyond theboundary of kigyou-shuudann. Mitsui Bank and Sumitomo Bank merged into
Mitsui-Sumitomo bank. Mizuho bank is composed of Fuji, Daiiti-kanngyou, andNihonkougyou Banks. UFJ Bank is a result of merger between Sanwa and Toukai
Banks. These mergers of banks will lead to reorganization of kigyou-shuudann andindustries as a whole.
Table 1 The Main Corporate Assembles in 1989
5.2. Decrease of mutual stock holding
Companies in a kigyoushuudann hold their stock each other to keep financial relations
and group identity. However, under the low stock price in the depression and a newpractice of accounting based on present value of stock, many companies even among
kigyou-shuudann started to reduce their mutual stock holding. The ratio of
mutually-hold stock among total stock in the stock market in non-financial companies
decreased from around ten percent in 1987 to four percent in 1999. This reduction ofmutual stock holding means to the companies within kigyou-shuudann a decrease of
their stable stock- holders. Top management of these companies has to take care of theinterests of stock- holders and to be keen about their stock price to obtain financial
resource from stock market. The executives of these companies were moved into
unstable position compared with the former one.
Figure 5 Trends of Mutual Stock Holding since 1987
5.3. Introduction of managing directors and “company” system
Some of Japanese leading companies like NEC and Sony introduced a new practice ofmanaging directors and “company” system meaning a company within company. Many
opinions concerning corporate governance were presented by managers and academics

7

on the occasions of corporate scandals and bankruptcy of banks and security companies.
Some companies shifted their target of investor relations from stable to active
stock-holders to keep friendly investor relationship.
At the same time, restructuring of top management organization came from thedemand of speedy decision making at the board of directors and clarification of
responsibility of each executive. The “company” system was an effective reply to theserequests to top management organization.
1) Case of Toyota
Toyota announced the introduction of a new system of corporate governance installing‘standing managing officers’ in a newspaper on March 28,2003. Detail information
cannot be obtained only from this newspaper, but some assessment on this statement
would be necessary and useful.
Toyota’s new corporate governance is shown in Figure 3.
Conventional Board of Directors consisted of 58 members. As the left side of the figure
3 shows, all of the board members shared the final responsibility for the management of
Toyota. However, some division of management role was established among them.
Chairman, vice chairman and president supervised the enterprise directors and eachenterprise directors was responsible for their own enterprise.
In the new system, the board members are reduced to around 20 to 30 members andformer senior managing directors and managing directors are called ‘standing
managing officers‘ who are no more members of directors and responsibility only of theexecution of the management of their own enterprise.
Thesestanding managing officers concentrate on the execution of management

strategies of their own enterprise. They are supervised by executive officers who areusually senior executive directors and board members.
In this new system, chairman, executive vice chairman, president and vicepresident play a role of supervision towards the executive officers within the board.
Therefore, the function of decision making of strategies and the function of their
execution are not divided in the governance organization, but they are different roles of
directors within the board. This is one of the main reasons that they call the new
governance system not to be American style but to be “Toyota style”.
This reorganization of corporate governance in Toyota was introduced in the process ofcarrying out of “ Global Vision 2010” that intended to strengthen the competitive powerof Toyota. The aims of that Vision are as following:
1) Making lean the board members; Top management higher than senior managing

8

director can be a member of the board and appointed only one year.
2) New establishment of managing officers: They are assigned responsibility ofoperation of their own function or enterprise. Among these managing officers will
be assigned many foreigners and young managers. They have to work on the baseof performance-based control.
3) Flat structure of decision- making: Operation management of each enterprise isfinished at the level of senior executive directors.
4) Strengthening the supervising function of directors: 4 members among 7 auditors
are appointed outside the company.
This reconstruction of corporate governance of Toyota was introduced within the main
strategy of the ‘Global Vision 2010’ (as of April 2002) that intended to change theorganizational structure for speedy decision- making and flat organization. Therefore,
the transformation of corporate governance in Toyota was brought not by the pressureof capital market but by the demand of organization for efficient management.
Figure 6 Corporate Governance of Toyota

2) Case of Matsushita
Matsushita Electric (National/Panasonic) announced a new structure of corporate
governance on April 24,2003 that does not systematically separate directors andexecutive officers in the process of restructuring the management organization of the
Matsushita Corporate Group. The present and new top management organization isindicated in Figure 7.
In the present system, the board of directors consists of 27 members excluding therepresentatives from subsidiaries and chief staff member of corporate headquarter. In
the new system, on the contrary, the members of director are reduced and only 20
persons who are ranked higher than managing directors are board of directors.
Chairman, vice chairman, president and vice president, senior managing directors andmanaging directors who are top management of her strategic business parts ofenterprise compose the board of directors.

This board plays roles of speedy decision

making of the corporate group as a whole and of supervising and monitoring of theactivities of member enterprises. The board intends to decide the basic strategies of the
Matsushita group from the standpoint of stock-holder and to concentrate its activities
on supervising the member companies.

9

The officers are supposed to execute the decision done by the board. The separation
between decision making and its execution at the top management organization seems
to be realized by this new structure. However, the new organization of Matsushita yetkeep some mechanism for officers to be able to participate in the discussion at the board
with the system that some senior managing directors and managing directors who arevery familiar with the business activities of strategic enterprises of Matsushita
corporate group can be members of the board. The new organization intends to make arealistic decision making of corporate strategies by inviting the officers of strategic
enterprises to the corporate board of directors. It also makes the coordination of many
enterprises within the corporate group quite easy and effective.
The senior managing officers, managing officers, and officers have to engaged mainly
in execution of the corporate strategies given by the directors. However, they are treatedas the same rank with directors and rewarded on the same principle with the of
directors. Therefore, the representatives of subsidiaries within the Matsushita groupare located at the same rank as the directors of Matsushita Electric. Their rewards arecalculated on the same standard as that of directors that is based on the performance of
their business activities. The stock-option for the officers and directors are abolished
due to the same reason.
Concerning the auditing system under the new corporate governance, she introduced
standing auditors to strengthen the auditing function of the company and organized“meeting of auditors within Matsushita group” to intensify the cooperation among theauditors of member companies of Matsushita group.
Matsushita Electric did not clearly separate the decision -making and execution withincorporate governance by inviting the officers to the board to coordinate various business
units. Toyota also follows the same policy concerning restructuring corporate
governance. NEC and Sony seem to introduce the separation between decision-making
and its execution at the top management organization from the viewpoint oforganizational structure. However, some directors occupy the same positions ofexecutive officers. They did not introduce the system of outside auditors. Therefore thecontrol by stock-holders over the directors or top management does not seem to be sostrong as that of American or German companies.
Figure 7 Reform of Matsushita’s Top Management

106. Concluding Remarks
Rapid spread of IT such as internet, office computer, mobile telephone and cell
production system is changing the traditional style of Japanese management as well as
life style of ordinary people in 1990s. These fundamental changes of working life andmanagement style can be named “ the third industrial revolution” in the beginning of
21st century.
The IT revolution transformed fundamentally the relationship between companies
and customers, between company and employees, between company and stock-holders.
First, IT changed the principle of production system from single-volume mass
production system to multi-products small-volume production system to adapt quickly
to changing product market.
This transformation of production system leads to transformation of organization
structure of companies from hierarchical structure to flat management organizationand from mechanistic to organic work organization. It also leads to company relations
from Keiretu-sutauke to network purchasing system.
The transformation of organizational structure of company results to transformationof human resource management. Under the traditional employment system of“shushinkoyo”, a company had some morale obligation of training employees, but now
she insists on a new principle of employability for training and education of theemployees. The relationship of that company with her employees has changed from thedependent to contract-based employees relations.
The target of work activities of the employees changed from ability-based toperformance-based activity under the principles of performance in the practice ofmanagement by objective. The employees themselves have to show their own ability by
their own performance under the severe market conditions.
The rewards of the employees were determined not by their ability but theirperformance actually realized. The rewards of managers are calculated not by theirability but by their performance in a certain term by annual salary. Therefore, therelations between company and her employees are changing from ability-based toperformance-based contract relations.
The relationship between a company and her stock-holder is at the same timechanging. In the traditional kigyo-shuudann relationship, stock-holders intended to be“quiet stock-holders” to hope the prosperity of their company. However, thestock-holders themselves intended to keep the value of their stock to be high under the
depression. The companies themselves intended to be free to utilize

their capital

without long fixing. Therefore mutual stock-holding among kigyo-shudann decreased11under the severe depression in 1990s. The top management have to consider the levelof the stock price to keep good relations with ordinary stock-holders.
The relations of the companies with their stock-holders stimulated to reconstructionof corporate governance of big companies in Japan. Sony and NEC are the good
examples to follow the American model of new corporate governance. However, Toyota
and Matsushita intended to keep the power of executive directors to control the power of
top management against other managers and subsidiaries. They introduced a new typeof corporate governance compared with American or German style of corporate
governance.
Japanese style of management is changing under the great impacts of IT revolution.
The impacts have in some parts common characteristics with those of other developed
countries. On the other hand, Japanese management responded to these impacts withdifferent way compared with Western countries. It is urgent necessity to compare thedifferent responses of industrialized countries toward IT spread in management.
(The end)[2004.1.7 668]
References
1. Koji Okubayashi, “ Japanese Effects of New Technology on Organization andWork”, ZfB, Erganzungssheft, 1995-4.
2. Koji Okubayashi, “ Japanese Style of Team-working,” ZfB, Erganzungsheft
2000-1.
3. Koji Okubayashi,”Japanese Manufacturers without Factories,” Vezestudomany,
Evf.2001.

12

Figure 1 Trends of IT Investment Since 199014(%) or (trillion)

12

Ratio of IT
investment to GDP

10Real civil investment
into IT

8
6

Ratio of IT
investment to private
sector facility
investment

4201990 1991 1992 1993 1994 1995 1996 1997 1998

Figure2 SONY’S R&D AND MANUFACTURE SYSTEM

televison,audio

personal computer,mobile terminal
battery,
recording media

partnership

Solectron(American)
・AV(video, acoustics),
IT(information technology)
・divice・semiconductor
Engineering,
ManufacturingandCustomer Services
contracting
corpration

EMCS(manufacture,physical distribution)broadcasting equipments,
system for businesssemiconductor

company(designing and
R&D of merchandise)organization of home officeFigure 3 Four Types of Organizational StructureManagement organization
HierarchicalMechanistic
8 (5.7%)

Hierarchicalorganic
94 (64.3%)

Tightly-structured
Organization
Work organization
Flat
Mechanistic2(1.4%)

Flat
Organic
36(25.7%)
Loosely-Structured
Organization

Figure４ E‐net Purchasing System
Assembler A(Buyer)

Choice of best company
Home page for purchasing

Internet

Application by companies

○

○

○

○

○

○

○

○

○

○

（Supplier）

Ken Nakayama, Network Strategy of Medium and Small-sized Company, Douyuukan, 2001, p.142.

Table 1 The Main Corporate Assemblages

1989.10.1(1)

Corporate assemblage Mitsui kei

Mitsubishi kei

Sumitomo kei

Nikikai 24

Kinyoukai 29

Hakusuikai 20

IndustryFoundation 1961.10

Foundation 1955

Foudation 1951.4

Bank・Insurance

Mitsui Bank

Mitsubishi Bank

Sumitomo Bank

Mitsui Trust Finance

Mitsubishi Trust Finance

Sumitomo Trust Finance

＊

＊

＊

Taisho Marine & Fire InsuranceTokyo Marine & Fire

Sumitomo Marine & Fire

Insurance

Insurance

Mitsubishi

Sumitomo

Mitsui Life Insurance

Meiji Life Insurance

Sumitomo Life Insurance

Trading company

Mitsui & Co.

Agriculture・Forestry・Mining

Mitsui Mining

Sumitomo Forestry＊

Sumitomo Coal Mining

Hokkaido Tanko Kisen

Construction

Mitsui Construction Sanki

＊

Foods

Nippon Flour Mills

Kirin Brewery

TextilesToray Industries

Mitsubishi Rayon

Pulp and paper

Oji Paper Mills

Mitsubishi Paper Mills

Chemistry

Mitsui Toatsu Chemicals

Mitsubishi Kasei

Sumitomo Chemical

Mitsui Petrochemical Industry

Mitsubishi Gas Chemical

Sumitomo Bakelite

Mitsubishi Construction

Mitsubishi Plastics Industry＊

Mitsubishi Monsant

ChemicalOil
RubberMitsubishi Oil

Sumitomo Construction

Table 1

The Main Corporate Assemblages

Corporate assemblage Huyou kei
Huyoukai 29
Foundation 1966.1
Industry
Bank・Insurance
Fuji Bank
Yasuda Trust & Banking＊
Yasuda Life Insurance
Yasuda Fire & Marine Insurance

Sanwa kei
Sannsuikai
Foundation1967.2
Sanwa Bank
Toyo Trust & Finance＊Nippon Life Insurance

Trading company

Nichimen☆Nissho Iwai
Iwatani International

Agriculture・Forestry・Mining
Construction

Foods
TextilesPulp and paper
Chemistry

Oil
RubberGlass・Cement

Nihon Cement(2)
Ikkan kei
Sankinkai
Foudation 1978.1
Dai-ichi Kangyo Bank＊
Asahi Life Insurance＊
Fukoku Life Insurance
Nissan Fire & Marine Insurance
Taisei Fire & Marine Insurance
ItochuKanematsu Kosho☆Nissho Iwai
KawashoObayashiZenitaka
Toyo Construction
Sekisui House
Itoham Foods＊
Suntory
UnitikaTeijinShimizu

Tokuyama Soda
Sekisui Chemical
Ube Industies
Hitachi Chemical
Tanabe PharmaceuticalKansai Paint

Denki Kagaku Kogyo
Kyowa Hakko kogyo
Nippon Zeon
Asahi Denka Kogyo
SankyoShiseido
Lion
Showa Shell Sekiyu
Yokohama Rubber
Titibu cement

COSMO OIL
Toyo Tire & Rubber
Osaka cement

Asahi Chemical Industry

Figure5 Trends of Mutual Stock Holding since 198
20
18
16
14

%

12

Ration of mutually-hold stock among market
stock
Ration of mutually-hold stock by non-financial
companies
Ration of mutually-hold stock by financial
companies

10
8
6
4
2
0
1987

1988

1989

1990

1991

1992

1993
year

1994

1995

1996

1997

1998

Source: Mitsuaki Okabe “Mutual Stock Holding and Japanese Economic System”,
Keiougijyukudaigaku-shuppankai, 2002, p.34

1999

Figure6

Corporate

Governance of Toyota

Present
SystemNew
System(From the end of June 2003)

Board of Directors（58persons）

Board of Directors(20~30 persons)Supervising Function
Chairman, Vice Chairman, President

Supervising Function
Chairman, Vice Chairman, President

Executive Vice Presidents

Enterprise Directors
Executive Vice Presidents（8 persons）
Senior Managing Directors（5 persons）
Managing Directors（14 persons）

Executive

Officers

Senior Executive Directors

Directors（26 persons）

Managing Officer(non Directors)(30~40 persons)
Source: Nihon Keizai Shinbun 29th March 2003.

Figure 7

Reform of Matsushita’s

Top Management Organization

Present

New

SystemSystem(From the end of June 2003)

Board of Directors (27 persons)Board of Directors (around 20 persons)

Chairman, President
Vice Chairman, Vice President(2 persons)

Chairman, President
Vice Chairman, Vice President

Enterprise Directors of Corporate HQ
Senior Managing Directors （３persons）
Managing Directors （７persons）

Senior Managing Directors
Managing Directors(Top Management of strategic enterprise)

Directors（12 persons）

Senior Managing Officers
AroundManaging Officers
20
persons
Officers
Subsidiary President

Representatives of Subsidiaries

Chief Staffs of Corporate
Headquarter
Source; Nihon Keizai Shinbun

24 th , April, 2003.

Chief Staff of Headquarter

Execution Function

Discussion Paper
No.
2003・1
2003・2
2003・3

2003・5

AuthorKatsuhiko Kokubu
Kazuhiro Tanaka
Fumitoshi Mizutani
Shuji Uranishi
Yang Jia Yin
Koji Okubayashi
Mitsutoshi Hirano

2003・6

Kazuhisa Otogawa

2003・7

Nobuyuki Isagawa
Tadayasu Yamashita
Kenji Kutsuna
Marc Cowling

2003・4

2003・8

2003・9

Noriko Masumura

2003・10 Nobuyuki Isagawa
Katsuhiko Okada
2003・11 Mitsutoshi Hirano
2003・12 Kenji Kutsuna
Richard Smith
2003・13 Kenji Kutsuna
Janet Kiholm Smith
Richard L. Smith
2003・14 Hideya Kubo
2003・15 Hideki Murakami
2003・16 Norio Kambayashi
2003・17 Nobuyuki Isagawa
2003・18 Nobuyuki Isagawa
2003・19 Huang Lin
2003・20 Koji Okubayashi
2003・21 Nobuyuki Isagawa
2003・22 Keizo Mizuno
Fumitoshi Mizutani
Noriyoshi Nakayama
2003・23 Kenji Kutsuna
Nobuyuki Harada

2003・24 Shigeki Sakakibara
Takashi Yamasaki
2003・25 Michihiro Ozawa
2003・26 Atsushi Takao

Title
Environmental Accounting for Corporate Management
Embeddedness and Entrenchment of Managers
The Effects of Privatization on TFP Growth and Capital
Adjustments
Labour Turnover of Japan-Affiliated Companies inShanghai
Generation and Resolution of Asymmetric Information in
Human Resource Management –In the Cases of Job
Rotation in Two Retailers in JapanMarket Liquidity around Quarterly Earnings
Announcements
Lender’s Risk Incentive and Borrower’s Risk Incentive
Determinants of Small Business Loan Approval:
Evidence from Japanese Survey after 1997 Financial
CrisisVoluntary Corporate Disclosure and the Cost of Debt:
The Case of Quarterly Reporting
Corporate Financial Strategy and Stock Price Behavior
in a Noise Trader Model with Limited Arbitrage
Two Modes of Economic Organization in the Duality
Principle and Asymmetric Personal Information
Why Does Book Building Drive Out Auction Methods of
IPO Issuance? Evidence from Japan (Revised version)
Banking Relationships and Access to Equity CapitalMarkets:
Evidence from Japan’s Main Bank System
The Present Condition and Problem of JapaneseCorporate Pension Systems
An empirical analysis of the spillover and dynamic
effects of low-cost airline’s presence on rival’s price:
US duopoly case
Japanese Style of Management Education
Unwinding of Cross Shareholding for BusinessRestructuring
Unwinding of Cross Shareholding: A Signalling
Approach
Strategies and Store Development of Carregour in the
Chinese Continent
Emp lo yme nt Situation and Measur es for
In cr easing Emp lo yme nt Oppor tun ities;
Th e Cas e o f Jap an
L end er ’s Risk In cen tiv e and D eb t Forg iv ene ss
Industrial Diversity and Metropolitan Unemployment
Rate(in Japanese)(in Japanese)

Date
1／20032／20032／2003(in Japanese)

3／2003(in Japanese)

3／20033／2003(in Japanese)

3／20033／2003(in Japanese)

4／20034／2003(in Japanese)

5／20035／20035／2003(in Japanese)

6／2003(in Japanese)

7／2003(in Japanese)(in Japanese)

7／20037／2003(in Japanese)

7／2003(in Japanese)

8／2003

Small Business Managers as Latent Informal Investors inJapan:
Evidence from a country with a bank-based financial
systemThe First Half of The Year Effect in Japanese Stock (in Japanese)
MarketAudit Risk Model with conditional probability and the (in Japanese)
importance of risk assessment
A Note on the Securitilization of Catastrophe Risk
(in Japanese)〜 A Study by Especially Attention -Focusing toInsurance Linked Securities 〜

8／20038／20039／20039／20039／2003
10／2003
10／2003

Discussion Paper
No.
Author
2003・27 Koji Okubayashi
2003・28 Nobuyuki Isagawa
Tadayasu Yamashita
2003・29 Mitsutoshi Hirano
2004・1

Koji Okubayashi

Title
Industrial Relations in a Changing Economy: Japan’s
Experience
Debt Forgiveness and Stock Price Reaction of Lending
Bank: Theory and Evidence from Japan
Self-Reliance Career Development via Change in (in Japanese)
Organization Mode of Japanese Firm
New Trends of Japanese Management under IT
Revolution

Date
11／2003
12／2003
12／2003
1／2004