بررسی تحلیلی- تطبیقی ساختار کیریتسو(Keiretsu) ژاپن و هلدینگ‌ها در ایران: فرصت‌ها و چالش‌ها

ABSTRACT



Objective: The primary objective of this research is to conduct a multi-faceted comparative analysis between two corporate models: the “Keiretsu” in Japan and the “Holding Company” in Iran. The study seeks to move beyond formal comparisons to identify and explain the fundamental differences in the governance logic، institutional mechanisms، and the socio-political contexts shaping each model. Specifically، the research pursues three sub-goals: first، to perform a detailed deconstruction of the structural and functional components of Keiretsu (including cross-shareholding، the role of the main bank، and the general trading company) and Iranian holding companies (including concentrated ownership، hierarchical control، and portfolio management). Second، to analyze the impact of the distinct institutional environments of the two countries (a developmental state and economic stability in Japan versus chronic instability and monopolies in Iran) on the evolution and performance of these structures. Third، to present a conceptual and policy framework for understanding the challenges of Iranian holding companies and identifying opportunities for adapting (rather than imitating) the logic of Keiretsu to promote industrial synergy، innovation، and long-term investment in the Iranian economy.



Method: This research adopts a qualitative paradigm and is applied-developmental in its purpose. The core approach is analytical-comparative، implemented across three distinct yet interconnected levels: 1) Structural Level: A component-wise comparison of the key elements of both models، including corporate governance، ownership structure، financing systems، and inter-firm relationships. 2) Contextual Level: An examination and comparison of the historical، cultural، economic، and political contexts in which each model has evolved. 3) Policy Level: An analysis of the laws، regulations، and macroeconomic policies affecting these structures and the identification of existing gaps. Data were collected through documentary and library research، focusing on reputable domestic and international scholarly sources (articles، books، and research reports). Data analysis was based on qualitative content analysis and comparative reasoning. To ensure the credibility of the findings، a data triangulation strategy was employed to enhance the validity and reliability of the research.



Results: The findings reveal a profound contrast between the two models. Japanese Keiretsu have evolved as horizontal and flexible collaborative networks، characterized by: cross-shareholding، which serves as a buffer against hostile takeovers and short-term capital market pressures; consensus-based council governance built on mutual trust; and the strategic role of two pivotal institutions—the Main Bank as the provider of “patient capital”، and the “Sogo Shosha” (general trading company) as a facilitator of global markets and information. This structure، forged in the context of a developmental state and a stable economy، has led to the creation of industrial-technological synergy، long-term R&D investments، and sustainable innovation.In contrast، Iranian holding companies are predominantly vertical and hierarchical structures with concentrated (mostly state or quasi-state) ownership. This model، a product of an unstable institutional environment، chronic inflation، and a rentier-monopolistic economy، is centered on command-and-control governance and short-term financial portfolio management. The findings highlight its structural challenges، including: managerial instability stemming from political shifts، a lack of operational and strategic synergy among subsidiary companies (which often act as isolated islands)، weakness in technological capital accumulation، and a tendency towards profitability through non-productive activities rather than innovation and competitiveness.



Conclusion: This research concludes that improving the performance of Iranian holding companies is not merely a managerial project but an institutional super-project requiring integrated، multi-layered reforms. Benchmarking against the Keiretsu should not entail a simplistic، formal imitation of its structure، as its logic of success is deeply rooted in Japan’s institutional context. Instead، lessons should be drawn from its governing logic. Accordingly، key policy implications include: transitioning from concentrated state ownership towards ownership transparency and diversification; reforming the financial system by creating developmental financial institutions akin to the “main bank” to provide smart and patient investment; institutionally revitalizing the labor market to foster stability and specialization; and transforming science and technology policy from a linear approach to one of networked، ecosystem-based innovation. Ultimately، the transition from a bureaucratic، control-oriented economy to a productive، competitive، and network-based collaborative ecosystem is the core prerequisite for the evolution of Iranian holding companies into more efficient and innovative models.



Keywords: Japan، Holding Company، Iran، Keiretsu.