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Twentieth-century enterprise forms: Japan in comparative perspective

Hannah, Leslie and Kasuya, Makoto (2016) Twentieth-century enterprise forms: Japan in comparative perspective. Enterprise and Society, 17 (1). pp. 80-115. ISSN 1467-2227

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Identification Number: 10.1017/eso.2015.51

Abstract

La Porta et al. see common law as most favorable to corporate development and economic growth, but Japanese legislators explicitly based their system on German civil law. However, Japan’s commercial code of 1899 omitted the GmbH (private company) form, which Guinnane et al. see as the jewel in the crown of Germany’s organizational menu. Neither apparent “mistake” retarded Japan’s adoption of the corporate form, because its commercial code offered flexible governance and liability options, implemented liberally. It was this liberal flexibility, not choice of legal family or hybrid corporate forms emphasized by previous writers, that drove corporatization forward in Japan and more widely. Surprisingly (given that Germany’s superficially fuller organizational menu predated Japan’s by many decades and the country was wealthier), by the 1930s Japan already had not only more corporations than Germany, but also more commandite partnerships (with some corporate characteristics). After the introduction of the yugen kaisha (private company) in 1940, corporate forms became nearly as widely used in Japan as in the United States, United Kingdom, or Switzerland.

Item Type: Article
Official URL: http://journals.cambridge.org/action/displayJourna...
Additional Information: © 2015 The Authors
Divisions: Economic History
Subjects: H Social Sciences > HC Economic History and Conditions
Sets: Departments > Economic History
Date Deposited: 02 Mar 2016 14:32
Last Modified: 20 Nov 2019 11:38
URI: http://eprints.lse.ac.uk/id/eprint/65579

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