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This chapter discusses the diversification of Japanese firms under corporate governance reform. First, it is shown that Japanese firms are classified into four types, based on whether performance-related pay (PRP) is introduced and whether long-term employment (LTE) is maintained. Next, such classification is analyzed as a diversification from the traditional Japanese firms and demonstrated that it is boosted by the effect of the board reform to strengthen strategic management, and a hybrid organization emerges by the combined effects of the board reform to advance the introduction of PRP and stakeholder orientation to maintain LTE. We also found that the other type—a combination of not-maintaining LTE and introducing PRP—emerges by the combined effects of the board reform and shareholder orientation. In this way, we show a gradual institutional change in Japanese firms; it begins by the board reform, an incremental change compared to the US-style governance structure, which proceeds to cumulative change in the work organization and finally results in the diversification of Japanese firms.
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- Diversification of Japanese Firms: How Did a Hybrid Organization Emerge from Corporate Governance Reform?
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- Chapter 3
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