ISBN : 9780199284528
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
CHANGES IN OWNERSHIP AND FINANCE
2. Relationship Banking in Post-Bubble Japan: Coexistence of Soft- and Hard-Budget Constraints
3. The Unwinding of Cross-Shareholding in Japan: 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
CHANGES IN ORGANIZATION, EMPLOYMENT, AND CORPORATE BONDS
8. Business Portfolio Restructuring of Japanese Firms in the 1990s: Entry and Exit Analysis
9. Corporate Finance and Human Resource Management: Some Recent Survey Evidence
10. Employment Participation, Adjustment and Distributional Conflict in Japanese Firms
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?
DIVERSITY AND INSTITUTIONAL CHANGE
14. Organizational Diversity and Institutional Change: Evidence from Financial and Labor Markets in Japan
15. Conclusion: Wither Japan's Corporate Governance?