An Empirical study on the Business Failure of Mixed Enterprises in the Tourism Industry

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This study is an empirical study about the corporate-failure factor of the Japanese mixed enterprises in the field of tourism industry.This empirical study reveals followings: First, skewness of an internal governance mechanism has a corporate-failure factor of the Japanese mixed enterprises in the field of tourism industry. Second, the existence of subsidy, indemnity agreement, and loan from local government, in other words, the existence of soft budget, has a bad influence on the business conditions of Japanese mixed enterprises.