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. © 2008 Springer Science+Business
Media, LLC.
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