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Shifts in Japanese Corporate Governance

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  • Kenji Kojima

    (Kobe University)

Abstract

This paper examines the effects of structural changes in financial system on corporate governance and finance in Japan, and discusses the future directions. Major shifts in the Japanese corporate governance are under way. As equity financing replace bank financing as the primary source of capital in Japanese major firms, the power of main banks and the government to direct corporate behavior through funds control are waning. As the economy continues to be sluggish, the effective role of relationship-based governance system is under serious consideration.

Suggested Citation

  • Kenji Kojima, 2001. "Shifts in Japanese Corporate Governance," Kobe Economic & Business Review, Research Institute for Economics & Business Administration, Kobe University, vol. 45, pages 15-38, February.
    • Handle: RePEc:kob:review:feb2001::v:45:p:15-38
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    Keywords

    Corporate governance; Financial deregulation; Financial relationships; Japanese firms;
    All these keywords.

    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G33 - Financial Economics - - Corporate Finance and Governance - - - Bankruptcy; Liquidation

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