JAPAN MNE Insights

Volume 6, Issue 2 October 2020

T ABLE OF C ONTENTS Japan Academy of Multinational Enterprises www.mne-jp.org 1. Special Essay: Human Resource Special Essay: Departments in Japanese MNEs: Exploring the Black Box Human Resource Departments in Japanese MNEs: Exploring the Black Box 2. Special Essay: Harald Conrad Do Domestic R&D Heinrich Heine University, Düsseldorf Activities Impact Those Overseas?: Analysis of [email protected] Productivity Changes Hendrik Meyer-Ohle and Globalization in Japan’s Manufacturing National University of Singapore, Singapore Industry [email protected]

This article reports on our recent research on thus conducted an interview study with young non- the roles and challenges of human resource Japanese employees working for Japanese departments in Japan’s large corporations. While we corporations in Japan, the HR sections of Japanese are still in the process of publishing our results, we companies and finally the agents involved in the report here shortly on our research motivation and actual recruitment processes (Conrad and Meyer-Ohle research framework and present some preliminary 2019; Conrad and Meyer-Ohle, forthcoming 2020). findings. Talking to representatives of HR sections, we realized that we had quite a good understanding of the HR

policies and practices of Japanese corporations, but Research Motivation were clearly lacking an understanding of the roles and We came to this research topic after capabilities of HR departments. For example, we had conducting a study on the recruitment of non- assumed that being in charge of recruitment and being Japanese fresh university graduates into the involved in the allocation and rotation of employees, headquarters of Japanese corporations. As both of us HR departments would carry some weight of their are teaching at universities outside of Japan, we were own in Japanese corporations. However, we found surprised to see an increasing trend of our graduates HR departments facing resistance when placing being recruited not only into Japanese companies in international recruits into operational units to fulfil Britain or Singapore, but also increasingly into requests by board members. We also sensed that headquarters in Japan. We thought that researching some HR policies of companies were not probably this trend was not only an opportunity to look at implemented, with our informants regarding their changes in human resource management in Japan, but work in human resources rather as a transitional would also enable us to advise and prepare our period than a long-term professional career. We students better for work in Japanese companies. We therefore set out to understand better the position and

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roles of Japanese HR departments through an centralized in Japanese companies, and there explorative interview study with HR representatives are considerable numbers of top executives of 37 mostly large, established Japanese MNCs. who have developed their careers chiefly in the personnel department. In recent years,

however, the tasks of the personnel Previous Research on HR Departments in department have become limited to more Japanese Companies routine activities (such as the recruitment of new graduates, payroll-related activities, Previous research on HR departments of large employee benefits and welfare, and labor Japanese companies has largely attributed to them a relations) as the corporate organization has more important role than that of their counterparts become more bureaucratic due to expansion in Western corporations. While in Western in size. (58) corporations HR sections have been seen as just Consequently, Nonaka proposed that human another administrative support function, HR resource departments should reassert their sections in Japanese corporations have been importance by playing a strategic role in what would described as controlling the vital allocation and have been a drastic overhaul of the way human rotation of employees, necessary within an resources were to be managed in Japan. His employment system that is built on the assumption propositions included a rejuvenation of decision of long-term employment. Aoki (1990) describes makers, diversification of career paths, this situation in his influential article Toward an individualization of incentive systems, Economic Model of the Japanese Firm as follows: decentralization of personnel movement and In order to administer rank hierarchies, heterogeneous staffing through mid-career hiring, as Japanese firms have developed the personnel well as the development of foreign staff. Nonaka’s department as an important institution. This proposal was derived from the aggregation of department has full control of the recruitment singular progressive initiatives of certain companies. of new employees for career tracks out of Yet, the fact that 30 years later all of these issues are school, designs and runs rank hierarchies still the focus of a lively debate with regards to their (pay scale and promotion criteria), and appropriateness to Japan underlines the stability of rotates white-collar workers with an eye to the original institutions of the so-called Japanese the wider interests of the organization… Since human resource management system. While Nonaka the personnel department potentially has in 1988 mainly related his call for “revitalized” excessive power because of its control of human resource departments to the needs of promotion and rotation, managers of the companies to nurture creativity and build department are usually themselves subject to international operations, HR departments regained rotation. (12/13) some of their importance by default during the 1990s after the Japanese economy had entered into a Yet, Nonaka, another influential scholar on period of stagnation and many companies faced the Japanese management, as early as 1988 questioned need to restructure labour forces through large scale this assumption: early retirement programs. Companies also began to The personnel department of Japanese experiment with new incentive systems (Conrad companies, in general, used to be a more 2010; 2011) or the employment of non-regular strategic section when compared with that of employees, often under the pressure to reduce typical Western companies. Personnel and labour costs (Meyer-Ohle 2009). Jacoby et al. financial management are relatively (2005) provide an overview of the role of the HR

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department in the past and hypothesize for We are still in the process of analysing our Japanese firms that they have lost some of their findings and interpreting them within an institutional power due to a shift of governance away from theory framework, yet, we would like to highlight employees as stakeholders toward the interest of here the following points for an early discussion in shareholders. Finding some evidence for change in this forum. this direction, they still concluded that change in Japan has been relatively slower than in the US Towards a Strategic HR Management in with differences becoming even larger. Japanese MNCs? In Japan, the HR function’s power rests We found a significant interest among our inside the organization: on career informants in developing human resource employment practices, the centralization of management in Japan into a professional function that operating decisions, and on dealings with can participate in the strategic development of the the enterprise union. Executives are company, especially with the perspective to manage somewhat more inclined to see employees as global labour forces and discover, develop, allocate ends, that is, as stakeholders or as and retain talent throughout organizations. Our competitive resources. In short, we have a interviewees highlighted the significant efforts of paradox: both Japanese and U.S. firms are Japanese MNCs to grow overseas operations, with becoming more market-oriented yet national some companies having made substantial overseas differences persist and may even be acquisitions, yet also admitted that the integration of widening. (Jacoby et al. 2005: 238) HR policies was often lagging behind. Our Hirano (2013) also looks at the role of HR interviewees also reported pressure from board departments and, based on a large survey, members to contribute more strategically, but also concludes that the role of HR departments for highlighted the need of HR departments to reinvent managerial employees as well as towards other themselves after losing some of their influence due to functions in the company has changed little since the automation and outsourcing of administrative the high growth period. HR departments are found tasks. In addition, increasingly independent business to remain important and contributing to companies units are claiming more independence in HR through their accumulation of and control over decisions, partly circumventing the HR departments personal information, their involvement in the by resorting to mid-career hiring, with HR transfer dynamic of employees, and the training of departments themselves normally focussing only on employees across functions. the recruitment of fresh graduates. In conclusion, there has been some research on the institutional role of the HR function in Japanese firms, yet much of this Following the US Model? research has focussed on the reasons for its In looking for inspiration for changing the role continued relative institutional importance. of HR departments, Ulrich’s model of HR Overall, the literature has focussed on the professionalism has clearly gained significant important role of the HR function in the Japanese popularity in Japan. His books have been translated firm in facilitating the long-term development of into Japanese and influential institutions such as the personnel, yet it has little to say about its role in Japan Management Association have introduced initiating change or supporting larger corporate development courses for HR managers and are thus strategic objectives. This is why we set out to pushing the ideal of a professional HR manager. This investigate the latter issues in more detail. HR professional has a set of individual abilities, deep

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HR skills combined with an understanding of working temporarily in human resources. business operations beyond the realms of human Additionally, our informants did not necessarily see resource management and follows the mission to the need for HR department leaders to have a strong align HR activities with objectives set by corporate background in HR, but instead saw leadership leadership. This enables HR professionals to not just qualities and the ability to institute change as more support but to engage on eye-level as a partner with important. Here, it can be argued that these other business functions (Ulrich and Dulebohn, perceptions of the ideal state of HR management 2015). might mostly reflect the realities of Japanese corporations and particularly the experience of our However, while our company informants were own informants, with many not having spent all their well aware of the above discourse, their answers on careers in HR and very differing levels of HR the future of human resources and the “ideal HR specialization. A call for professionals might thus manager” in their companies in particular and in question their own careers and legitimacy in Japan more generally were still very much grounded occupying HR leadership positions. within the existing thinking on employment structures and employee development in Japan. First, we found However, these answers can also be seen as a very strong continued commitment to the ideal of reflecting an opportunity that arises from career paths understanding the so-called “genba” as the place and job descriptions in Japanese corporations being where goods and services are developed, produced more open and less specific. The Western discourse and sold on a day to day basis. While dealing with on the development and external and internal unions seems to have lost somewhat in importance, recognition of HR as a profession has admitted to one most informants still see future HR managers starting major hurdle, namely straddling the needs of their career in the genba and seem to value this developing individuals that have both a deep HR exposure much higher than any possible education in specialization and an understanding of the operational HR prior to the entry in companies. Exposure on this level seems to be what provides HR managers with the necessary legitimacy and skills to Japanese companies have, based on their communicate and align policies and to organisational characteristics, the opportunity negotiate employee transfers, possibly “ to come up with what could be termed even more so than previously, as “professional HR departments” rather than business functions have gained some individual “HR professionals” independence in HR matters. Being ourselves influenced by the discourse on the HR professional, we asked our and strategic needs of the business functions informants for the traits and qualifications of the (Lemmergaard 2009; Jamieson, Eklund, and Meekin “ideal HR employee”. However, most of our 2012; Cohen 2015). Within the Western system of informants would instead describe the “ideal HR frequent employer changes within one specialisation, department”. Here, they see the HR department being it seems to be very difficult to overcome this hurdle. composed of a mix of people with proper technical However, the longer tenure of employees in Japanese HR skills, possibly also gained through further companies and assigning tasks more broadly to education, overseas exposure or in other companies, departments and sections rather than specifically to and people who have a deep understanding of and individuals seems indeed to allow for a combination links to the operational functions, while possibly only of people of different backgrounds, skills and

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abilities. Currently, the composition of many HR The role of the Senior HR Executive in Japan and departments and the development of HR staff does the United States: Employment Relations, seem to reflect some elements of randomness. Yet, if Corporate governance, and Values. Industrial conceptualised properly, Japanese companies have, Relations: A Journal of Economy and Society, based on their organisational characteristics, the 44(2), 207-241. opportunity to come up with what could be termed Jamieson, D.J., Eklund, S., Meekin, B. (2012). “professional HR departments” rather than individual Strategic Business Partner Role - Definition, “HR professionals”. These would then indeed be able Knowledge, Skills, and Operating Tensions. W.J. to overcome the hurdle of HR as a profession, as it Rothwell and G. M. Benscoter (eds), The has been described in the literature. Encyclopaedia of Human Resource Management, Vol. 3, Thematic Essays, pp. 112-128. Hoboken: Wiley. References Lemmergaard, J. (2009). From Administrative Expert to Strategic Partner. Employee Relations, 31(2), Aoki, M. (1990). Toward an Economic Model of the 182-196. Japanese Firm. Journal of Economic Literature, Meyer-Ohle H. (2009). Japanese Workplaces in 28(1), 1-27. Transition: Employee Perceptions. Basingstoke: Cohen, D.J., (2015). HR past, present and future: A Palgrave Macmillan. call for consistent practices and a focus on Nonaka, I. (1988). Self‐renewal of the Japanese Firm competencies. Human Resource Management and the Human Resource Strategy. Human Review, 25(2), 205-215. Resource Management, 27(1), 45-62. Conrad, H. (2010). From Seniority to Performance Ulrich, D and Dulebohn, J. H. (2015). Are we there Principle - The Evolution of Pay Practices in yet? What's next for HR? Human Resource Japanese Firms since the 1990s. Social Science Management Review, 25(2), 188-204. Japan Journal, 13(1), 115-135. Conrad, H. (2011). Change and Continuity in Japanese Employment Practices: The Case of Occupational Pensions since the Early 2000s. International Journal of Human Resource Management, 22(15), 3051-3067. Conrad, H., and Meyer-Ohle, H. (2019). Overcoming the ethnocentric firm? –foreign fresh university graduate employment in Japan as a new international human resource development method. The International Journal of Human Resource Management, 30(17), 2525-2543. Conrad, H., and Meyer-Ohle, H. Forthcoming (2020). Training regimes and diversity: experiences of young foreign employees in Japanese headquarters. Work, Employment and Society. Hirano, M. (2013). Human resources departments of Japanese corporations: Have their roles changed?" Japan Labor Review, 10(1), 81-103. Jacoby, S. M., Nason, E. M., & Saguchi, K. (2005).

Vol.6 Issue 2 JAPAN MNE Insights

Special Essay:

Do Domestic R&D Activities Impact Those

Overseas?: Analysis of Productivity Changes and

Globalization in Japan’s Manufacturing Industry

Tomokazu Seki, Ph.D.

Professor of International Business,

Department of Accounting and Finance, College of Economics,

Rikkyo University, Japan [email protected]

Introduction activities can positively affect those overseas. The Japanese business enterprises reported a research also highlights global innovation in the significant decline in R&D expenditures following Japanese manufacturing industry. the collapse of Lehman Brothers in 2008. According to the Survey of Research and Development Definition of Keywords

conducted by the Statistics Bureau of Japan, R&D This section presents the definitions for

expenditure recovered to pre-crisis levels in FY 2019 research and productivity, the two keywords and has reached 14,232 billion yen. However, employed in this study. The Statistics Bureau of concerns about the expenditure levels have recently Japan defines research as the creative acquisition re-emerged because of the coronavirus (COVID-19) of new knowledge and innovative use of existing pandemic. During April–June 2020, the preliminary knowledge. Our study analyzes R&D productivity real GDP figures decreased by an annualized 27.8% using intramural R&D expenditure data that have

from the previous quarter, which is the largest drop been annually published since 1987 in the Survey

since 1955, when GDP statistics were made available of Research and Development by the Statistics in Japan. In addition to Japan, the United States, the Bureau of Japan. The data include labor costs, United Kingdom, and Germany report a significant materials, expenditures on tangible and intangible decline in their GDP levels. To survive this economic fixed assets, lease fees, and other expenses. downturn, Japanese companies are exploring new The Japan Productivity Center describes ways to improve productivity while utilizing limited productivity as the degree to which production

resources and rare opportunities. One such solution is factors are effectively utilized. Labor productivity

an integrated system of manufacturing and sales that per capita, for example, is estimated by dividing leverages data and digital technology, also known as value added by the number of employees. Under digital transformation (DX). this concept, productivity can be improved by With the objective of exploring the first step increasing output while leaving inputs unchanged, to sales and production, R&D activities, this study decreasing input while keeping output constant, or conducts an R&D productivity analysis on Japan’s diminishing input while expanding output.

manufacturing industry. The results can help Japanese companies are accelerating DX adoption,

understand not only domestic but also overseas R&D given the potential to save labor costs and other activities since increased productivity in local R&D expenses.

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Figure 1. Six Types of Productivity Changes

Source: National Association of Small and Medium Enterprise Promotion Organizations (2018, p.62).

deterioration. The method also allows us to explore Classification of Productivity change the process of arriving at each result. This study focuses on labor productivity to estimate R&D productivity in the Japanese Value added in R&D manufacturing industry. The 2018 White Paper on While this study adopts the above Small and Medium Enterprises in Japan guides the mentioned classification method to examine research perspective and serves as a reference for changes in the R&D productivity of the Japanese changes in labor productivity. We adopt a method manufacturing industry, it replaces the number of developed by Accenture Japan Ltd. to analyze the employees with the number of persons employed growth rate of labor, which is the growth rate in in R&D. However, such a straightforward value added divided by that in the number of substitution cannot be applied to value added. The employees. Figure 1 illustrates the six output of R&D activities is generally denoted by classifications of productivity changes. the number of patent applications and publication The figure shows that efficient growth, citations. However, these indicators are difficult to for example, improves both labor productivity the evaluate in monetary terms. number of employees and, thus, can be considered Therefore, this study calculates value to promote corporate growth. Inefficient growth, added in R&D using data from the Survey of on the other hand, decreases labor productivity and Research and Development by the Statistics does not create value added associated with an Bureau of Japan for the technology balance of increase in employees. Thus, the classification payments 1 , labor costs, and the depreciation of method transcends the simple viewpoint that a tangible fixed assets in R&D. We replace these positive growth rate for labor productivity denotes indicators with operating profit, labor costs, and improvements, while a negative growth rate means depreciation costs2. Once we determined the

1 The technology balance of payments is estimated as receipts from technology exports minus technology payments. 2 Value added in R&D is the sum of the technology balance of payments, labor costs, and the depreciation of tangible fixed assets. 3 Following is the formula to estimate the growth rate in value added: labor share × the growth rate for labor costs + (1 − labor share) × the growth rate for tangible and intangible fixed assets + the growth rate for TFP. 7

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Figure 2. Productivity Changes in R&D

Source: Author.

appropriate calculation approach for value added, value added in R&D and a further decline in that it became possible to identify the contribution of for the number of persons employed in R&D. each production factor to the growth rate of value Thus, we see a contractionary trend for the growth

added 3. rate of value added in R&D and the contribution of

labor input, and this is consistent with the R&D productivity analysis for Japan’s downward trend observed for the growth rate of manufacturing industry the number of persons employed in R&D. These

Figure 2 presents the analysis results for findings highlight the substitution of labor with

productivity changes in R&D. Changes in capital in the R&D activities of the Japanese manufacturing industry. productivity are confirmed between the regions of To this effect, Takenaka (1984) describes efficient growth and efficiency. The analysis also reports improvements in labor productivity. In R&D activities in the Japanese manufacturing other words, Japan’s manufacturing industry industry as capital intensive and large scale shows sound growth in its R&D activities. By considering the increasing investments in labor- contrast, Figure 3 suggests that improvements in saving technologies and rationalization. This

labor productivity in the context of R&D are viewpoint can be substantiated with the

associated with a decrease in the growth rate for conclusions of the Survey of Research and

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Figure 3. Factor Decomposition for Productivity Changes in R&D

Source: Author.

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Figure 4. Distribution of Four Types of Employees in R&D

Source: Survey of Research and Development, Statistics Bureau of Japan

Figure 5. Trend for Overseas R&D Expenditures in the Japanese Manufacturing Industry

Source: Survey on Overseas Business Activities in Ministry of Economy, Trade, and Industry, Japan.

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Figure 6. Relationship between Improvements in Domestic R&D Activities and Ratio of Overseas R&D Expenditures 4.4% 85%

4.3% 80% 4.2%

4.1% 75%

4.0% 70% 3.9% R&D intensity R&D

y = 0.1481x + 0.0341 TSItechnology for 3.8% 65% R² = 0.6091 y = 8.4653x + 0.3382 R² = 0.9333 3.7% 60% 3.6%

3.5% 55% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% Ratio of overseas R&D expenditures Ratio of overseas R&D expenditures

18 84%

17 83%

16 82%

y = 143.18x + 8.5944 y = 1.5695x + 0.7422 15 R² = 0.8256 81% R² = 0.9159

14 researchers of Ratio 80% Labor productivity yen) (million productivity Labor

13 79%

12 78% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% Ratio of overseas R&D expenditures Ratio of overseas R&D expenditures

Source: Author.

Development conducted by the Statistics Bureau of performance of productivity. OECD (2003), for Japan. Labor costs related to value added in R&D example, reports that computers as a skill-biased steadily declined from more than 80% in 1990 to technology increase the demand for skilled workers 76% in 2000, 66% in 2010, and 54% in 2019. This but reduces that of unskilled workers. Similarly, the study further confirms the substitution of labor with 2009 White Paper on Information and capital in R&D activities. Communications in Japan highlights that ICT capital complements highly skilled labor but renders Conclusions and implications low-skilled labor substitutable in both the Some scholars have attributed declining manufacturing and service industries. This study employment to the introduction of information and focuses on researchers performing high-skilled communication technologies (ICT), whereas some labor among four types of employees in R&D. The others believe ICT complements a rise in results confirm that, in recent years, there has been a employment. A majority of micro-level studies in steady increase in the ratio of researchers to the advanced countries confirm the complementarity overall number of employees (see Figure 4). In between technology and skills in improving the other words, labor productivity in R&D is gradually

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entering a recessionary phase. The rationalization of August 31, 2020. R&D, however, is progressing and complements OECD (2003). ICT and Economic Growth: highly skilled labor. The conclusions of this study Evidence from OECD Countries, Industries and have some implications for overseas R&D activities Firms, (https://www.oecd-ilibrary.org/science- associated with the Japanese manufacturing and-technology/ict-and-economic- industry. growth_9789264101296-en). Accessed August The Survey on Overseas Business 31, 2020. Activities conducted by Japan’s Ministry of Survey of Research and Development, Statistics Economy, Trade, and Industry reports a recent Bureau of Japan, upward trend in the ratio of overseas R&D (https://www.stat.go.jp/english/data/kagaku/inde expenditures to overall R&D (total domestic R&D x.html). Accessed August 31, 2020. expenditures in Japan and overseas R&D) in the Survey on Overseas Business Activities, Ministry of Japanese manufacturing industry (Figure 5). Such Economy, Trade and Industry, Japan, progress in overseas R&D activities can be viewed (https://www.meti.go.jp/english/statistics/tyo/kai as an extension of advancements in domestic R&D gaizi/index.html). Accessed August 31, 2020. activities. Figure 6 shows that R&D intensity, the Takenaka, H. (1984). The Economics of Research trade specification index (TSI) for technology, labor and Development and Capital Investment: productivity, and the ratio of researchers are Mechanisms Underpinning Economic associated with the ratio of overseas R&D Dynamism. Toyo Keizai (in Japanese). expenditures in the manufacturing industry. This work was financially supported by the Japan In conclusion, improved productivity in Society for the Promotion of Science (JSPS) domestic R&D activities may positively affect KAKENHI [Grant No. JP18K01813]. overseas R&D activities. Nevertheless, further analysis is needed to confirm this finding.

References Economic Research Office, ICT Strategy Policy Division, Global ICT Strategy Bureau, Ministry of Internal Affairs and Communications, Japan (2009). 2009 White Paper, Information and Communications in Japan, (https://www.soumu.go.jp/johotsusintokei/white paper/eng/WP2009/2009-index.html). Accessed August 31, 2020. Japan Productivity Center, (https://www.jpc- net.jp/movement/productivity.html) (in Japanese). Accessed August 31, 2020. National Association of Small and Medium Enterprise Promotion Organizations (2018). 2018 White Paper, Small and Medium Enterprises in Japan, (https://www.chusho.meti.go.jp/pamflet/hakusy o/H30/PDF/2018hakusho_eng.pdf). Accessed

Vol.6 Issue 2 JAPAN MNE Insights Japan Academy of Multinational Enterprises 2020-2022 Executive Board

President: International Relations: Tetsuya Usui (Nihon University) Tomokazu Seki (Rikkyo University) Chie Iguchi (Keio University) Vice President: Hajime Baba (Kansai University) Yoshinori Yasuda (Soka University) Mitsuru Nakagawa (Nihon University)* Masayuki Furusawa (Kindai University) Naoki Yasuda (Tokyo University of Science)*

General Affairs: Program Commitee: Hiroshi Hoshino (Kyusyu University) Naotoshi Umeno (Osaka University of Commerce) Takeshi Ohtowa (Kanto Gakuin University) Masahiro Ida (Hannan University) Takao Yamamoto (Kanagawa University) General Planning: Kyuho Choi (Osaka University of Commerce)* Yasuro Uchida (University of Hyogo) Hiroyuki Yamabe (Nara Prefecutural University)* Tamiko Kasahara (University of Shizuoka) Shohei Tabata (Kindai University) Eastern Chapter: Tatsuo Mori (Hirosaki University)* Susumu Harada (Meiji University) Nisato Suzuki (Hakuoh University)* Masashi Arai (Asia University) Hiroyasu Furukawa (Nihon University)* Publications Commitee: Tatsuya Karasawa (Kanto Gakuin University) * Hajime Baba (Kansai University) Hironori Uchibori (Hakuoh University)* Takeshi Fujisawa (Kwansei Gakuin University) Risa Jitosho (Ryukoku University)* Western Chapter: Wataru Kikuchi (Rikkyo University)* Yukiko Shinomiya (Kindai University) Takahide Yamaguchi (University of Hyogo) Best Book and Paper Award Commitee: Osamu Ishida (Kyushu University)* Shohei Tabata (Kindai University) Motoyuki Kanetsuna (Nanzan University)* Kazuhiro Asakawa (Keio University) Taehyun Lee (Hannan University)* Takeshi Ohtowa (Kanto Gakuin University) Akio Tokuda (Ritumeikan University) Executive Secretariat and Directors: Hirofumi Tatsumoto (University of Tsukuba)* Head Office: Takuya Fukazawa (Tokyo Fuji University) Eastern Chapter: Nisato Suzuki (Hakuoh University) Public Relations: Western Chapter: Yukiko Shinomiya (Kindai University) Masashi Arai (Asia University) Chie Iguchi (Keio University) Auditor: Tamiko Kasahara (University of Shizuoka) Shingo Nishii (University of Hyogo) Masato Yamauchi (Senshu University)* Kazumi Tada (Hosei University)

Note: Those with * are coordinators of the role.

Vol.6 Issue 2 JAPAN MNE Insights

Japan MNE Insights will be published twice a year on the AMNE official website (www.mne-jp.org). Please feel free to contact with the editorial team if you have any question or request.

Japan MNE Insights Editorial Team

Editor-in-Chief Tamiko Kasahara (University of Shizuoka) Editor Masashi Arai (Asia University) Chie Iguchi (Keio University) Masato Yamauchi (Senshu University)

Japan MNE Insights Editorial Team is currently located at Office of Dr. Tamiko Kasahara, University of Shizuoka, School of Management and Information 52-1 Yada, Suruga-ku, Shizuoka, 422-8526, Japan TEL/FAX:+81-54-264-5435 (direct) Contact e-mail address: [email protected]