There is at last public debate on corporate

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Unformatted text preview: es which may make market entry a little easier are documented in OECD (1999). Here again the private rationale for the present form of organization is more important than the regulatory structure. As noted above, cross-holdings are a part of the glue which holds the structure together and, despite press commentary to the contrary, Suzuki (1998) shows quite modest levels of change, suggesting that this aspect of the keiretsu system is not changing yet. There is, at last, public debate on corporate governance structures themselves, but the debate has only just begun and there are few concrete policy proposals. In this issue, Yafeh’s description of how the system has worked indicates the extent to which it has been informal and non-rule-based. Kanda (2000) notes that the legal changes implied by the ‘Big Bang’ reforms will have an impact on this aspect of corporate governance, such that it will become more rule-based and, in some but not all areas, will begin to converge to an Anglo-American model (i.e. less based on bankmonitoring). He also notes, however, that...
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This note was uploaded on 02/03/2014 for the course ECON 204 taught by Professor Devero during the Summer '13 term at American University of Sharjah.

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