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Japanese keiretsu: Past, present, future

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Abstract

This article reviews major theoretical and empirical work on vertical and horizontal Japanese keiretsu. We first outline the history, characteristics, and strategic and performance implications of each type of business group. We then discuss changes in the Japanese economy during the post-1992 Japanese economic decline and their implications for the persistence and continued benefits of each form of inter-corporate grouping followed by a discussion of empirical findings regarding the continued role of keiretsu in the Japanese economy. The review concludes by exploring areas of future research into the evolution of keiretsu ties and their implications.

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Authors and Affiliations

  1. Department of Management, Ourso College of Business, Louisiana State University, Baton Rouge, LA, 70808, USA

    Jean McGuire

  2. Department of Finance, École des Sciences de la Gestion, Université du Québec à Montréal, 315 rue Sainte-Catherine Est, Montréal, Quebec, H2X 3X2, Canada

    Sandra Dow

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  1. Jean McGuire
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Correspondence to Jean McGuire.

Additional information

We are grateful for the helpful comments we received from Mike Peng (Editor-in-Chief) on an earlier draft of this manuscript. The authors also thank the Social Science and Humanities Research Council of Canada (Grant 410 2006 1468) and the Fonds Québécois de la Recherche sur la Société et Culture (Grant 2007 SE 111772) for their research support. The opinions expressed are those of the authors and do not necessarily reflect those of the granting agencies.

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McGuire, J., Dow, S. Japanese keiretsu: Past, present, future. Asia Pac J Manag 26, 333–351 (2009). https://doi.org/10.1007/s10490-008-9104-5

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