This paper will show, based upon the survey of the preceding research, surveys, academic articles and essays as well as the original analysis, that the post-war Japanese managers infringed upon the rights of shareholders. The Japanese Corporation Law stipulates three rights of shareholders in the article 105, number 1, as (1) the right to receive dividends from surplus earnings, (2) the right to receive distribution of residual property, and (3) the right to vote in the general meetings of shareholders. Among those three rights, the paper will focus on the right to receive dividends from surplus earnings and the right to vote in the general meetings of shareholders. In addition, it will focus on the right to maintain the percentage ownership in the corporation.