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ICC Advance Access first published online on May 21, 2009
This version published online on November 22, 2009
Industrial and Corporate Change, doi:10.1093/icc/dtp012
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© The Author 2009. Published by Oxford University Press on behalf of Associazione ICC. All rights reserved.

The persistence of market leadership: evidence from Japan

Masatoshi Kato and Yuji Honjo

Correspondence: Masatoshi Kato, Institute of Economic Research, Hitotsubashi University, 2-1 Naka, Kunitachi, Tokyo 186-8603, Japan. E-mail: masatoshi.kato{at}gmail.com

Correspondence: Yuji Honjo, Faculty of Commerce, Chuo University, 742-1 Higashinakano, Hachioji, Tokyo 192-0393, Japan. E-mail: yhonjo{at}tamacc.chuo-u.ac.jp

This article explores the persistence of market leadership in Japanese manufacturing industries over the period 1975–2004. By applying survival data techniques, we examine how long market leadership persists and how the duration of market leadership varies according to industry-specific characteristics. Our findings indicate that market leaders maintain their leadership positions for, on average, 20 years from 1975 in Japanese manufacturing industries. We provide evidence that market leadership tends to persist in capital-intensive and legally cartelized industries, whereas it is less likely to persist in demand-volatile, R&D-intensive, and import-intensive industries.


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