Asia Pacific Journal of Management

, Volume 28, Issue 2, pp 299–323

Disaggregating the group effect: Vertical and horizontal keiretsu in changing economic times


DOI: 10.1007/s10490-009-9160-5

Cite this article as:
Dow, S., McGuire, J. & Yoshikawa, T. Asia Pac J Manag (2011) 28: 299. doi:10.1007/s10490-009-9160-5


This paper examines the evolution of keiretsu group affiliation among members of horizontal and vertical keiretsu in Japan over two time periods: 1992–1997, and 1997–2002. We found that ties were more stable in the later time period and therefore restricted our empirical analysis to the 1992–1997 period. We also found differences in the response of vertically and horizontally linked groups to economic downturn and capital market change—vertically linked groups weakened their ties while horizontally linked groups showed more stability.


Horizontal keiretsuVertical keiretsuEconomic changeRegulatory change

Copyright information

© Springer Science+Business Media, LLC 2009

Authors and Affiliations

  1. 1.Graduate School of International Policy and ManagementMonterey InstituteMontereyUSA
  2. 2.E. J. Ourso College of BusinessLouisiana State UniversityBaton RougeUSA
  3. 3.DeGroote School of BusinessMcMaster UniversityHamiltonCanada