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Excess Capacity and Difficulty of Exit

Evidence from Japan’s Electronics Industry

Paperback Engels 2021 9789811648991
Verwachte levertijd ongeveer 8 werkdagen


This book provides cases and analyses of causes and consequences of difficulty in downsizing and exiting in the electronics industry during the “two lost decades” in Japan. Because of excess capacity in the industry, many electronics companies have been required for downsizing and exit since the 1990s. Exploiting corporate financial and segment datasets, it shows empirical evidence of misallocation of internal funds to “zombie” segments—intra-firm businesses suffering losses consecutively. The topics addressed in the book include the failure of Japanese corporate internal control systems, the lack of capital market pressure, employment protection, and misallocation of internal funds to businesses with few prospects. The last two decades indicate that the Japanese corporate governance systems have failed to resolve problems of excess capacity, as did US systems in the 1980s. Zombie lending is no more than one phase of the difficulty of downsizing and exit in response to excess capacity in the banking sector. Supported by both data analyses and rich anecdotal evidence, this book is highly recommended to readers who seek a convincing and comprehensive explanation of Japan's two lost decades from the points of view of difficulty in downsizing and exit. The authors’ analyses have implications not only for accelerating downsizing and exit in corporate Japan, but also for the world economy.


Uitgever:Springer Nature Singapore


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Title<div>Acknowledgments</div><div>Contents</div><div>1 Introduction</div><div>1.1 The Requirement for Downsizing and Exit since the 1980s</div><div>1.2 Worldwide Difficulty of Downsizing and Exit</div><div>1.3 Purpose and Outline of the Book</div><div>References</div><div>2 Zombie Businesses in Electrical Industry: Case Studies</div>2.1 The case of NEC<div>2.2 The case of SONY</div><div>2.3 The case of Mitsubishi Electric</div><div>References</div><div>3 Misallocation of Internal Fund to Loss Making Zombie Businesses in Electrical Industry</div><div>3.1 Conceptual Framework</div><div>3.1.1 Empire-Building Hypothesis</div><div>3.1.2 Diversification Discount Hypothesis</div><div>3.1.3 Employment Protection Hypothesis</div><div>3.2 Empirical Design</div><div>3.3 Descriptive Statistics</div><div>3.4 Misallocation of Internal Fund to Loss Making Divisions</div><div>3.4.1 The Failure of Internal Governance</div><div>3.4.2 Waste of Internal Fund</div><div>3.5 Concluding Remarks</div><div>References</div><div>4 Subsequent Downsizing after Mergers of Respective Loss Making Divisions among Concerned Companies</div><div>4.1 The Case of Japan Display</div><div>4.2 The Case of Elpida</div>4.3 The Case of Renesas<div>4.4 Concluding Remarks</div><div><div>References</div><div>5 Final Remarks</div><div>5.1 New Findings of the Book: Delay of exit and the Lost Two Decades of Japan</div><div>5.2 Implication for the World</div><div>References</div></div>

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        Excess Capacity and Difficulty of Exit