Separation of ownership and management

Japanese: 所有と経営の分離 - しょゆうとけいえいのぶんり（英語表記）separation of ownership and management

This refers to the separation of capital ownership and capital functions seen in the joint stock company system. In a joint stock company, capital ownership is represented by the general shareholders' meeting, and capital functions are performed by the board of directors delegated by the general shareholders' meeting. In principle, the voting rights required for corporate control or management control must be held by a majority of the total, but as joint stock companies grow, this principle becomes unrealistic as more shares are issued and the shares are dispersed among a larger number of investors. A. Burley and G. Means argued that the dispersion of stock ownership is the basis for the establishment of management control. The dispersion of stocks progresses with the expansion of the large number of small and medium-sized investors, but these people do not aim to participate in the management of the company, but rather to obtain dividends and capital gains from rising stock prices. Under these circumstances, the share ownership of major shareholders who aim to control the management of the company can actually be smaller. Furthermore, as the scale of management expands and the dispersion of stocks becomes more advanced, the management structure becomes more complex, and specialized management knowledge is required, the owner will have employed managers act on his or her behalf to manage the company. As a result, the owner's direct management shifts to indirect management, and the owner withdraws from management. In this way, the separation of ownership and management will become even greater.

Source: Encyclopaedia Britannica Concise Encyclopedia About Encyclopaedia Britannica Concise Encyclopedia Information

Japanese:

株式会社制度にみられる資本所有と資本機能の分離をいう。株式会社では資本所有は株主総会によって代表され，資本機能は総会によって委任される重役会が遂行する。会社支配とか経営支配に必要な議決権は，原則として全体の過半数を占めなければならないが，株式会社の発展に伴い，より大量の株式が発行され，より多数の投資家の間に株式が分散されると，この原則は現実的ではなくなる。株式所有の分散化を経営者支配成立の根拠として説いたのが，A.バーリと G.ミーンズである。株式の分散は多数の中小零細投資家層の拡大によって進むが，これらの人は会社経営への参加が目的ではなく，配当金の取得や株価の値上がりによる資本利得を目的としている。このような状態のもとで会社経営の支配を目的とする大株主の株式所有は，実質的にはより小さい割合ですむことになる。さらに経営規模の拡大，株式分散化が高度化し，管理機構が複雑となり経営の専門的知識が必要になると，所有者は雇用経営者に経営を代行させるようになる。この結果，所有者の直接管理は間接管理に移り，所有者は経営面から後退する。こうして所有と経営の分離はますます進展することになる。

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