Corporate Governance in Japan: Institutional Change and Organizational Diversity

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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.
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Product Details

  • ISBN-13: 9780199284511
  • Publisher: Oxford University Press
  • Publication date: 10/18/2007
  • Pages: 416
  • Product dimensions: 9.20 (w) x 6.30 (h) x 1.30 (d)

Meet 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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Table of Contents

Preface vii
1 Introduction: The Diversity and Change of Corporate Governance in Japan Gregory Jackson Hideaki Miyajima 1 Part I Changes in Ownership and Finance
2 Relationship Banking in Post-Bubble Japan: Coexistence of Soft- and Hard-Budget Constraints Yasuhiro Arikawa Hideaki Miyajima 51
3 The Unwinding of Cross-Shareholding in Japan: Causes, Effects, and Implications Hideaki Miyajima Fumiaki Kuroki 79
4 Foreign Investors and Corporate Governance in Japan Christina Ahmadjian 125
5 Venture Capital and its Governance: The Emergence of Equity Financing Conduits in Japan Nobuyuki Hata Haruhiko Ando Yoshiaki Ishii 151
6 Corporate Governance in Financial Distress: The New Role of Bankruptcy Peng Xu 179
7 The Rise of Bank-Related Corporate Revival Funds Noriyuki Yanagawa 205 Part II Changes in Organization, Employment, and Corporate Boards
8 Business Portfolio Restructuring of Japanese Firms in the 1990s: Entry and Exit Analysis Tatsuya Kikutani Hideshi Itoh Osamu Hayashida 227
9 Corporate Finance and Human Resource Management in Japan Masahiro Abe Takeo Hoshi 257
10 Employment Adjustment and Distributional Conflict in Japanese Firms Gregory Jackson 282
11 The Turnaround of 1997: Changes in Japanese Corporate Law and Governance Zenichi Shishido 310
12 The Performance Effects and Determinants of Corporate Governance Reform Hideaki Miyajima 330
13 Insider Management and Board Reform: For Whose Benefit? Ronald Dore 370 Part III Diversity and Institutional Change
14 Organizational Diversity and Institutional Change: Evidence from Financial and Labor Markets in Japan Mari Sako 399
15 Conclusion: Whither Japan'sCorporate Governance? Masahiko Aoki 427 Index 449
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