Keiretsu
Keiretsu ( Japanese 系列 , literally: 'series', 'line') describes Japanese associations of companies , also known as "economic groups". The companies are legally independent, but economically dependent on one another.
definition
There is no uniform definition for keiretsu , they are identified by a catalog of characteristics. These characteristics include:
- same name components of the companies
- Presidential meeting ( 社長 会 shachō-kai ) to agree on corporate strategies ,
- a "house bank", which is usually the main lender,
- a general trading house ( Sōgō Shōsha ), which is commissioned for trade at home and abroad,
- the cross-holding of shares of other group members,
- preferring to award contracts within the group,
- the posting of managers to the boards of other group companies, and
- a strong sense of belonging.
A distinction is also made between horizontal and vertical keiretsu . Horizontal keiretsu are made up of companies from various industries. Often the various companies are organized around a bank, which has a strong influence. The links between the companies are based on mutual shares and trade relationships. Most of their forerunners go back to companies from corporate groups that existed before 1945 ( 財閥 zaibatsu ). Vertical keiretsu can designate end manufacturers and their suppliers ( 企業 系列 kigyō keiretsu ) or retail chains ( 流通 系列 ryūtsu keiretsu ). In contrast to horizontal keiretsu, the companies here mostly come from the same industry. In addition, they are often embedded in a horizontal keiretsu. The expression of the characteristics is different depending on the Keiretsu .
history
The Keiretsu's predecessors were Zaibatsu , the giant economic and trading groups that dominated Japan's economy. These were smashed under the supervision of US General Douglas MacArthur . Furthermore, the form of corporate holding and the use of old zaibatsu names were prohibited under the Allied occupation . The Keiretsu organization served as a substitute mechanism to reduce transaction costs. Increasing globalization and deregulation of the Japanese economic system since the mid-1990s also necessitate a restructuring of the Keiretsu . The reform of the banking sector, for example, has resulted in the amalgamation of “house banks”. This leads to a competitive situation in lending to companies in an industry that previously belonged to different horizontal keiretsu . Cross-held shares are also sold.
The Keiretsu are in a strong process of change. In what form they will continue to exist cannot currently be foreseen. In 1997 the ban on holding companies was lifted, which means that Japanese corporate groups and conglomerates can organize themselves in a centralized manner in other industrialized countries and cross-shareholdings are no longer the most important means of integration.
Important keiretsu
Horizontal keiretsu
- Mitsui
- Mitsubishi - approx. 30 companies are part of the Mitsubishi Kinyokai
- Sumitomo
- Fuyo
- Yasuda / Fuyō
- Sanwa
- Dai-Ichi Kangyō
Vertical keiretsu
- Automotive industry:
- Electronics:
See also
Similar structures in Korea are called Jaebeol .
literature
- Max Eli: The importance of economic groups. Network structure and keiretsu effect . In: Manfred Pohl, Hans Jürgen Mayer (Eds.): Country Report Japan . BpB, Bonn 1998, ISBN 3-89331-337-0 .
- Paul Kevenhörster, Werner Pascha, Karen A. Shire: Japan. Economy, society, politics . Leske + Budrich, Opladen 2003, ISBN 3-8100-3413-4 .
- Dietmar Vahs, Jan Schäfer-Kunz: Introduction to business administration . 5th edition. Schäffer-Pöschel, Stuttgart 2007, ISBN 978-3-7910-2661-9 .