1. Okimoto Daniel I., Sugano Takuo, Weinstein Franklin B., Competitive Edge: The Semiconductor Industry in the U.S. and Japan (Stanford, CA: Stanford University Press, 1984), p. 141. The reliance on borrowed capital in Japan is high even in comparison with that for European countries. Futatsugi, using a different data base, finds that for the period 1967–1972, Japanese firms borrowed on average 15.9% more of their total capital than did French firms, 20.3% more than did West German firms, and 23.2% more than did British firms. Futatsugi Yuusaku, Gendai Nihon no Kigyo Shudan - Dai-Kigyo Bunseki o Mezashite [Enterprise Groups in Contemporary Japan: Focusing on an Analysis of Large Firms] (Tokyo: Toyo Shinposha, 1976), p. 33, Table 1.9.
2. Where firms' debt capital had accounted for only 10% of total capital in the 1930s, it rose to over 50% in the 1950s. Meanwhile, equity as a portion of external capital declined during the postwar period, from 39% to only 8% in the 1950s. Goldsmith Raymond A., The Financial Development of Japan, 1868–1977 (New Haven, CT: Yale University Press, 1983), pp. 143 ff.
3. Clark Rodney, The Japanese Company (New Haven, CT: Yale University Press, 1979), p. 8.