Compustat data set and the S&P and Fortune 500 lists. In contrast to most of these, these outliers have survived not by diversifying or innovating but by continuing to produce a perceived high-quality product for a small, dedicated clientele. Many have maintained their viability through reputation and consistency and have barely grown. Interestingly, most of them are Japanese. According to the Bank of Korea, of the 5,586 companies that were more than two hundred years old in 2008, over half (3,146 to be precise) were Japanese, 837 German, 222 Dutch, and 196 French. Furthermore, 90 percent of
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