In this paper, the relevance of such a study on agency theory is established and discussed. Experiences of past and present zaibatsus are also presented to illustrate the importance of governance in the three dimensions. The data collected covered the largest zaibatsus that thrived in 20th century Japan, the Philippines, Thailand, and Indonesia. Data used for the cases include business histories prepared by Morikawa (1992), Roberts (1989), Mishima (1989), Lachica (1984), Koike (1995), Sato (1993), and Suehiro (1989). Additional data involved expert accounts, financial, and other documents such as Securities and Exchange Commission materials that provided ownership and management information. Before proceeding, the next section attempts to clarify the definition and types of zaibatsu.
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