著者

青木 茂男 Sigeo Aoki

出版者

茨城キリスト教大学

雑誌

茨城キリスト教大学紀要. II, 社会・自然科学 = Journal of Ibaraki Christian College. I, Humanities, II, Social and natural sciences (ISSN:13426370)

巻号頁・発行日

vol.47, pp.143-151, 2013

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ROA and ROE of Japanese companies are lower when compared to those in England, France,Germany and the US. When ROA is analyzed separately by operating profit/sales and sales/total assets, the latter is at a similar level of companies in these countries, however, the former is lower. It is due to both the low sales price and high products cost in Japan. Low priced merchandises are led by the wide availability of similar products among various competitors and little product differentiation among them. Low productivity leades to the high product cost, and it is partially due to the delayed application of ICT. The root cause is, however, considered to be the the company culture of Japan that accepts the low profitability even with the marginal profit,and due to lack of pressure for the management by the institutional investors.