ABSTRACT
This chapter analyses the evolution of corporate governance and ownership of keiretsu focusing on vertical manufacturing keiretsu and highlighting structural changes affecting governance modes. Since the end of the 1990s, vertical keiretsu have undergone restructuring plans designed to better prepare them to face the competition especially in the automobile industry. Foreign direct investment (FDI) has increased, foreign companies made acquisitions of large stakes in keiretsu such as Nissan, Mitsubishi Motors.
