Abstract
The bursting of the speculative ‘bubble economy’ — and the longest recession in Japan’s post-war history that followed it — plunged the Japanese economy into crisis and called many of the idiosyncrasies into question which, until that time, had been seen as factors in the successes of Japanese businesses (Schmidt, 1997, p. 95). In order to deal with this crisis, Japanese companies carried out restructuring programs of a size and scope not hitherto seen in Japan’s post-war history. In the economic slump following the global financial crisis of 2008–09, Japanese companies will again be forced to implement restructuring programs in order to survive. Recent announcements like that of Panasonic to close down 27 manufacturing sites and to cut 15,000 jobs (Reuters, 2009), are probably just the herald of another restructuring wave.
This is a preview of subscription content, log in via an institution to check access.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
Preview
Unable to display preview. Download preview PDF.
Bibliography
C.L. Ahmadjian and P. Robinson, ‘Downsizing and the Deinstitutionalization of Permanent Employment in Japan’, Columbia University, Center on Japanese Economy and Business Working Paper Series (2001).
C.L. Ahmadjian and G.E. Robbins, ‘A Clash of Capitalisms: Foreign Shareholders and Corporate Restructuring in 1990’s Japan’, Columbia University, Center on Japanese Economy and Business Working Paper Series (2002).
T. Araki, ‘Japan’, in R. Blanpain (ed.), Labour Law in Motion–Diversification of the Labour Force & Terms and Conditions of Employment (The Hague: Kluwer Law International, 2005), pp. 135–56.
S. Asaba, ‘Do Foreign Shareholders Change Japanese Firms?’ Paper prepared for the AAoM PDW in Aom Annual Meeting 2005 in Hawaii (2005).
D. Bailey and R. Sugden, ‘“Kudoka,” Restructuring and Possibilities for Industrial Policy in Japan’, in D. Bailey, D. Coffey and P. Tomlinson (eds.), Crisis or Recovery in Japan–State and Industrial Economy (Cheltenham/Northhampton: Edward Elgar, 2007), pp. 133–56.
J.A. Chan-Lau, ‘Corporate Restructuring in Japan: An Event-Study Analysis’, International Monetary Fund, IMF Working Paper WP/ 01/202 (2001).
Y.K. Choi and S.H. Han, ‘Internal Capital Markets and Bank Relationships: Evidence from Japanese Corporate “Spin-offs”’, Working Paper (2006).
P. Debroux, Human Resource Management in Japan: Changes and Uncertainties (Aldershot: Ashgate, 2003).
V. Dedoussis, ‘Keiretsu and Management Practices in Japan–Resilience Amid Change’, Journal of Managerial Psychology, 16(2) (2001), pp. 173–88.
H. Demes, ‘Arbeitsmarkt und Beschäftigung’, in Deutsches Institut für Japanstudien (ed.), Die Wirtschaft Japans: Strukturen zwischen Kontinuität und Wandel (Berlin: Springer, 1998), pp. 135–64.
Diamond Online, available at http://diamond.jp/series/nagasawa/10053/, accessed on 16 February 2009.
D. Dirks, ‘Limits and Latitudes of Labour Adjustment Strategies in Japanese Companies’, in D. Dirks, J.-F. Huchet and T. Ribault (eds.), Japanese Management in the Low Growth Era (Berlin: Springer, 1999), 267–89.
J. Dyer, ‘Effective Interfirm Collaboration: How Firms Minimize Transaction Cost and Maximize Transaction Value’, Strategic Management Journal, 18 (1997), pp. 535–56.
M. Ehrke, ‘Japan: die Folgen der Bubble’, electronic edn (FES-Analyse) (Bonn: Bibliothek der FES, 1996), available at http://library.fes.de/fulltext/stabsabteilung/00043.htm, accessed on 17 July 2008.
A. Ernst, Dauerbeschäftigung und Flexibilität in Japan: Beschäftigungspolitik japanischer Unternehmen in Rationalisierungs-und Krisenphasen (Frankfurt, New York: Campus, 1988).
Finanznachrichten Online (2009a), available at http://www.finanznachrichten.de/nachrichten-2009–02/13025923-mitsubishi-motors-announces-3q-fy2008-financial-results-full-year-forecast-011.htm, accessed on 6 February 2009.
Finanznachrichten Online (2009b), available at http://www.finanznachrichten.de/nachrichten-2009–02/13016950-panasonic-sees-08–09-restructuring-costs-of-dollar-3–9-bln-020.htm, accessed on 16 February 2009.
Y. Fukui and T. Ushijima, ‘Corporate Diversification, Performance, and Restructuring in the Largest Japanese Manufacturers’, Journal of the Japanese and International Economies, 21 (2007), pp. 303–23.
K. Goka, ‘Unemployment and Irregular Employment Under Restructuring in Today’s Japan’, International Journal of Political Economy 29(1) (1999), pp. 49–64.
M. Hemmert, ‘Struktur und Organisation der Industrie’, in Deutsches Institut für Japanstudien (ed.), Die Wirtschaft Japans: Strukturen zwischen Kontinuität und Wandel (Berlin: Springer, 1998), pp. 165–82.
C. Herbes, Post-Merger-Integration bei europäisch-japanischen Unternehmenszusammenschlüssen: Konfliktorientierte Analyse am Beispiel des Lieferantenmanagements (Wiesbaden: Deutscher Universitäts-Verlag, 2006).
M. Ikeda, ‘Globalisation’s Impact Upon the Subcontracting System’, in H. Hasegawa and G.D. Hook (eds.), Japanese Business Management: Restructuring for Low Growth and Globalization (London: Routledge, 1998), pp. 109–27.
J.-K. Kang and A. Shivdasani, ‘Corporate Restructuring During Performance Declines in Japan’, Journal of Financial Economics, 46 (1997), pp. 29–65.
S. Kataoka, ‘Deregulation of Economy and Corporate Restructuring in Japan’, Keieigaku ronshû 43(1) (Ryokoku University) (2003), pp. 34–45.
T. Kato, ‘The End of “Lifetime Employment” in Japan? Evidence From National Surveys and Field Research’, Columbia University, Center on Japanese Economy and Business Working Paper Series, Working Paper No. 185 (2001).
S. Kroner, ‘Rahmenbedingungen für Unternehmensrestrukturierungen in Japan’, Japan Analysen Prognosen, 192 (Japan-Zentrum der Ludwig-Maximilians-Universität, München und Deutsch-Japanischer Wirtschaftskreis, 2004).
R.C. Lamming, ‘Japanese Supply Chain Relationships in Recession’, Long Range Planning, 33 (2001), pp. 757–78.
J. Levy, ‘Financial Reorganization and Corporate Restructuring in Japan’, in T. Bayoumi and C. Collyns (eds.), Post-Bubble Blues: How Japan Responded to Asset Price Collapse (Washington, DC: International Monetary Fund, 2000), 164–99.
K. Matsuura, ‘Koyôsakugen to genpai, muhai no kankei–kigyô rijun, kigyô zaimu, kôporêto gabanansu kara no shiten’ [Labor Adjustments, Dividend Reductions and Cancellations–From the Aspects of Company Profits, Corporate Finance and Corporate Governance], Fainansharu rebiü, 60 (12/2001), Zaimushô, zaimusôgôseisakukenkyüsho [Ministry of Finance, Policy Research Institute] (2001), pp. 106–36.
M. Miura, ‘Globalization and Reforms of Labor Market Institutions: Japan and Major OECD Countries’, Working Paper, Institute of Social Science, University of Tokyo (2001).
Y. Miwa and J.M. Ramseyer, ‘The Fable of the Keiretsu’, Journal of Economics and Management Strategy, 11 (2002), pp. 169–224.
C. Müller, Der Transfer von Managementpraktiken und–techniken aus Deutschland in die USA und nach Japan (München und Mehring: Rainer Hampp Verlag, 2004).
Nissei Kiso Kenkyüsho, Kabushiki Mochiai Jōkyō Chosa. 2003 Nendoban [Survey on the Shareholding Situation. Edition 2003], (Tokyo, 2004).
Official Statistics ofJapan, available at http://www.e-stat.go.jg/SGI/estat/GL38020103.do?_toGL38020103_ &tclassID=000000110009&cycleCode=0&requestSender=est at,accessed on 23 February 2009.
K. Ohta, ‘Hiseikikoyō to roudōshotokukakusa’ [Irregular Employment and Remuneration Differences], Nihonrōdōkenkyūzasshi [The Japanese Journal of Labor Studies], 557, (Tokushn: Koyôkaizen no meian [Special Issue: The Bright and Dark Sides of Employment Recovery]) (2006), pp. 41–51.
F. Ohtake and K. Fujikawa, ‘Nihon no seirikaiko’ [Layoffs in Japan], in B. Inoki and F. Ohtake (eds.), Kôyoseisaku no keizaibunseki [The Economic Analysis of Employment Policy] (Tokyo: Tôdai, 2001) pp. 3–28.
K. Okina, M. Shirakawa and S. Shiratsuka, ‘The Asset Price Bubble and Monetary Policy: Japan’s Experience in the Late 1980s and the Lessons’, Monetary and Economic Studies, 19 (S1) (2001), pp. 395–450.
K. Okubayashi, ‘Small Headquarters and the Reorganisation of Management’, in H. Hasegawa and G.D. Hook (eds.), Japanese Business Management: Restructuring for Low Growth and Globalization (London: Routledge, 1998), pp. 143–62.
H. Onuma, ‘Corporate Restructuring System and Corporate Value in Japan’, Tokyo University of Science Working Paper (2007).
T. Otte, ‘Personalwirtschaftliche Anpassungsstrategien japanischer Unternehmungen bei rückläufigem Beschäftigungsniveau’, in W. Dorow and H. Groenewald (eds.), Personalwirtschaftlicher Wandel in Japan: Gesellschaftlicher Wertewandel und Folgen für die Unternehmungskultur und Mitarbeiterführung (Wiesbaden: Gabler, 2003), pp. 439–54.
N. Pohl, ‘Industrial Revitalization in Japan: The Role for Government vs. the Market’, Asian Business & Management 2005, 4 (2005), pp. 45–65.
A.A. Rasheed, T. Yoshikawa, D.K. Datta and J. Rosenstein, ‘Convergence and Restructuring: A Comparison of Japan and the United States’, in H. Wildemann (ed.), Organisation und Personal: Festschrift für Rolf Bühner (München: TCW Transfer-Centrum, 2004), pp. 35–56.
M. Rebick, The Japanese Employment System: Adapting to a New Economic Environment (Oxford: Oxford University Press, 2005).
Reuters, Panasonic sees 08/09 restructuring costs of $3.9bln (4 February 2009), available at http://www.reuters.com/article/marketsNews/idUSTKG00427220090204, accessed on 6 February 2009.
P.A. Robinson and N. Shimizu, ‘Japanese Corporate Restructuring: CEO Priorities as a Window on Environmental and Organizational Change’, Academy of Management Perspectives, 20(3) (2006), pp. 44–75.
S. Saint-Seine, ‘Renault-Nissan Buying Organization Cuts Cost’, Automotive News, 77 (6016) (2002), p. 26.
S. Saint-Seine, ‘Renault, Nissan Will Cut Shared Suppliers by 20%’, Automotive News, 79 (6138) (2005), p. 36.
M. Sako, ‘Supplier Development at Honda, Nissan and Toyota: Comparative Case Studies of Organizational Capability Enhancement’, Industrial and Corporate Change, 13(2) (2004), pp. 281–308.
U. Schaede, ‘Competition for Corporate Control: Institutional Investors, Investment Funds, and Hostile Takeovers in Japan’, Columbia University, Center on Japanese Economy and Business Working Paper Series, Working Paper No. 248 (2006).
A. Schmidt, Management der Human-Ressourcen und Restrukturierung in Japan (St. Gallen: Dissertation, 1997).
S. Takagi, Issues Arising in the Cross-border Insolvency of Groups of Companies in Japan (2006), meeting held on 27–28 April 2006.
Tôkeikyoku [Statistics Bureau of Japan] (2008), available at http://www.stat.go.jp/data/roudou/longtime/03roudou.htm; accessed on 14 July 2008.
Tokyo Shoko Research (2008), available at http://www.tsr-net.co.jp/new/data/1175827_818.htm, accessed on 14 July 2008.
C. Usui and R.A. Colignon, ‘Corporate Restructuring: Converging World Pattern or Societally Specific Embeddedness’, The Sociological Quarterly 37(4) (1996), pp. 551–78.
D. Vaubel and C. Herbes, ‘On the importance of Successful Post Merger Integration for M & As in Japan’, Japan Aktuell, 3/2007 (2007), pp. 43–62.
P. Walgenbach, ‘Institutionalistische Ansätze in der Organisationstheorie’, in A. Kieser (ed.), Organisationstheorien, 2nd edn (Stuttgart: Kohlhammer, 1995), pp. 269–301.
M.M.L. Wong, ‘The Challenges to Japan’s Market in the Post-Bubble Recession’, in R. Aggarwal (ed.), Restructruring Japanese Business for Growth: Strategy, Finance, Management and Marketing Perspective (Dordrecht: Kluwer Academic Publishers, 1999), pp. 193–208.
Yahoo News (2009), available at http://news.yahoo.com/s/ap/20090212/ap_on_bi_ge/as_japan_pioneer, accessed on 16 February 2009.
R. Yamakawa, ‘Japan’, in R. Blanpain (ed.), Corporate Restructuring and the Role of Labour Law (The Hague: Kluwer Law International, 2003), pp. 103–22.
P. Yeow, ‘The Dissolution of Life-long Employment in Japan and its Consequences for the Work Attitudes’, in W. Dorow and H. Groenewald (eds.), Personalwirtschaftlicher Wandel in Japan: Gesellschaftlicher Wertewandel und Folgen für die Unternehmungskultur und Mitarbeiterführung (Wiesbaden: Gabler, 2003), pp. 369–92.
Editor information
Editors and Affiliations
Copyright information
© 2010 Carsten Herbes
About this chapter
Cite this chapter
Herbes, C. (2010). Restructuring of Japanese Enterprises — Programs for a Special Institutional Environment. In: Haghirian, P. (eds) Innovation and Change in Japanese Management. Palgrave Macmillan, London. https://doi.org/10.1057/9780230250536_2
Download citation
DOI: https://doi.org/10.1057/9780230250536_2
Publisher Name: Palgrave Macmillan, London
Print ISBN: 978-1-349-30362-5
Online ISBN: 978-0-230-25053-6
eBook Packages: Palgrave Business & Management CollectionBusiness and Management (R0)