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The Importance of Cross-Shareholding in Japanese Companies
The culture in Japanese companies has been for people to rise up the ladder and the ranks internally. So when they reach the board level or whatever, maybe they're still favouring work compensation over shareholders. They had a real issue with what I call cross-shareholding. All the big companies owned bits of the other big companies so were incentivised not to compete properly but put each other out of business. It was a very strange market structure.
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