The nature and economic role of legally constituted firms varies between market economies and changes over time. In particular, the governance of leading firms and how they develop distinctive organisational capabilities vary between institutional regimes and their supporting political-economic...

The study of national business systems is increasingly concerned with the issue of path dependency and change. This paper seeks to clarify this debate through a theoretical and empirical examination of these issues in the context of change within the Japanese financial markets. The first section...