Przyczyny regresu japońskich grup kapitałowo-przemysłowych keiretsu
Japanese keiretsu groups: why the decline?

Summary/Abstract: The term keiretsu has been applied to a variety of Japanese intercorporate networks. In general, keiretsu groups are defined as clusters of independently managed firms maintaining close and stable economic ties, cemented by a governance mechanism such as Presidents’ Clubs, partial cross-ownership, and interlocking directorates. In the postwar high-growth period, stable financial, capital, production, and personal relationships built trust, reduced transaction cost, and provided incentives for specific investments, and R&D activities among the companies within keiretsu networks. Changes in the internal and external environment in the 1990s, combined with economic stagnation, financial deregulation, and increasing globalization are causing large-scale shifts in the organizational structure and mode of operation of keiretsu groups.

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