Corporate Governance in Japan: Institutional Change and Organizational Diversity

ISBN : 9780199284511

Masahiko Aoki; Gregory Jackson; Hideaki Miyajima
480 Pages
160 x 240 mm
Pub date
Sep 2007
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Debates regarding corporate governance have become increasingly important in Japan as the post-war model of bank-based, stakeholder-oriented corporate governance faces the new pressures associated with globalization and growing investor demands for shareholder value. Bringing together a group of leading scholars from economics, law, sociology and management studies, this book looks at how the Japanese approach to corporate governance and the firm have changed in the post-bubble era. The contributions offer a unique empirical exploration of why and how Japanese firms are reshaping their corporate governance arrangements, leading to greater diversity among firms and new 'hybrid' forms of corporate governance. The book concludes by looking at what effect these incremental but transformative changes may have on Japan's distinctive variety of capitalism.


1. Introduction: The Diversity and Change of Corporate Governance in Japan
2. Relational Banking in Post-Bubble Japan: The Coexistence of Soft- and Hard-Budget Constraints
3. The Unwinding of Cross-shareholding: Causes, Effects, and Implications
4. Foreign Investors and Corporate Governance in Japan
5. Venture Capital and its Governance: The Emergence of Equity Financing Conduits in Japan
6. Corporate Governance in Financial Stress: The New Role of Bankruptcy
7. The Rise of Bank-Related Corporate Revival Funds
8. Business Portfolio Restructuring of Japanese Firms in the 1990s
9. Corporate Finance and Human Resource Management: Some Recent Survey Evidence
10. Employee Participation, Adjustment and Distributional Conflict
11. The Turnaround of 1997: Changes in Japanese Corporate Law and Governance
12. The Performance Effects and Determinants of Corporate Governance Reform
13. Insider Management and Board Reform: For Whose Benefit?
14. Organizational Diversity and Institutional Change: Evidence from Financial and Labor Markets in Japan
15. Conclusion: Wither Japanese Corporate Governance? Toward External Monitoring of Internal Linkage

About the author: 

Masahiko Aoki is the Henri and Tomoye Takahashi Professor Emeritus of Japanese Studies, Senior Fellow of Stanford Institute of Economic Policy Research (SIEPR), and Senior Fellow of Freeman Spogli Institute for International Studies (FSI) at Stanford University. He is President-Elect of the International Economic Association and was a former President of the Japanese Economic Association. He was awarded the Japan Academy Prize in 1990, and in 1998 he was awarded the 6th International Schumpeter Prize. ; Gregory Jackson is Senior Lecturer in Strategy and Comparative Management at King's College London. He graduated from the University of Wisconsin-Madison, received his Ph.D. in Sociology from Columbia University and was formerly a Research Fellow at the Max-Planck-Institute for the Study of Societies in Cologne, Germany (1996-2002). He was also a Fellow at the Research Institute of Economy, Trade and Industry (RIETI) (2002-2004). ; Hideaki Miyajima is Professor at the School of Commerce and Vice Director of the Institute of Finance at Waseda University. He is also faculty fellow of Research Institute of Economy, Trade and Industry (RIETI), a special research fellow of Policy Research Institute (Ministry of Finance), and adjunct professor of Chung-Ang University (Seoul). He was a Research Associate at the Institute of Social Sciences, Tokyo University before moving to Waseda University. He studied as graduate student at Tokyo University and received his Ph.D. in Commerce from Waseda University.

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