Understanding the Japanese keiretsu: overlaps between corporate governance and industrial organization. From: Yale Law Journal | Date: January 1, 1993| Author: Gilson, Ronald J.; Roe, Mark J. | COPYRIGHT 1993 Yale University, School of Law. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group.Copyright information

Study of the Japanese keiretsu, a system of interlocking banks and industrial companies, has largely focused on the monitoring function performed by main banks. This function is said to alleviate in Japan the agency costs associated with American separation of ownership and control. Professors Gilson and Rose argue that key features of the Japanese cross-ownership system must also be understood as "contractual governance," aimed at facilitating relational investments, of which investment in f...

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