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Corporate Governance in Japan: Past Performance and Future Prospects

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  • Yafeh, Yishay
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    Abstract

    Much has been written about the Japanese "model" of corporate governance. Indeed, Japanese-style corporate governance has been described as an efficient alternative to corporate governance mechanisms available in the West, and as a model for developing economies. As opposed to American-style corporate governance, in which hostile takeovers and managerial incentive schemes play a major role, Japanese firms have traditionally relied on monitoring by large shareholders and banks. This article describes the evolution of corporate governance in Japan since the Second World War, and surveys the empirical evidence on its performance. Although there is substantial evidence on the effectiveness of the Japanese system, there is also evidence on its significant shortcomings. The article also evaluates the effects of the current macroeconomic and banking crises on corporate governance in Japan, and suggests possible directions for future changes, which are likely to make Japan more similar to the USA in this respect. Copyright 2000 by Oxford University Press.

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    Bibliographic Info

    Article provided by Oxford University Press in its journal Oxford Review of Economic Policy.

    Volume (Year): 16 (2000)
    Issue (Month): 2 (Summer)
    Pages: 74-84

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    Handle: RePEc:oup:oxford:v:16:y:2000:i:2:p:74-84

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    Cited by:
    1. Jorge A. Chan-Lau, 2001. "Corporate Restructuring in Japan," IMF Working Papers 01/202, International Monetary Fund.
    2. Panayotis Kapopoulos & Sophia Lazaretou, 2005. "Does Corporate Ownership Structure Matter for Economic Growth? A Cross-Country Analysis," Working Papers 21, Bank of Greece.
    3. Chan-Lau, Jorge A., 2002. "Corporate restructuring in Japan: an event-study analysis," Japan and the World Economy, Elsevier, vol. 14(4), pages 367-377, December.
    4. Onji, Kazuki, 2009. "The response of firms to eligibility thresholds: Evidence from the Japanese value-added tax," Journal of Public Economics, Elsevier, vol. 93(5-6), pages 766-775, June.
    5. Eric Gedajlovic & Daniel Shapiro & Bogdan Buduru, 2003. "Financial Ownership, Diversification and Firm Profitability in Japan," Journal of Management and Governance, Springer, vol. 7(3), pages 315-335, September.
    6. Yishay Yafeh, 2002. "An International Perspective of Japan's Corporate Groups and their Prospects," NBER Working Papers 9386, National Bureau of Economic Research, Inc.
    7. Miyajima Hideaki & Kuroki Fumiaki, 2005. "The Unwinding of Cross-shareholding: Causes, Effects, and Implications," Discussion papers 05006, Research Institute of Economy, Trade and Industry (RIETI).
    8. Branston, J. Robert & Cowling, Keith & Sugden, Roger, 2002. "Corporate Governance And The Public Interest," The Warwick Economics Research Paper Series (TWERPS) 626, University of Warwick, Department of Economics.
    9. Jean McGuire & Sandra Dow, 2009. "Japanese keiretsu: Past, present, future," Asia Pacific Journal of Management, Springer, vol. 26(2), pages 333-351, June.
    10. Yener Altunbaş & Alper Kara & Adrian van Rixtel, 2007. "Corporate governance and corporate ownership: The investment behaviour of Japanese institutional investors," Banco de Espa�a Occasional Papers 0703, Banco de Espa�a.
    11. Marlene Davies & Bernadette Schlitzer, 2008. "The impracticality of an international “one size fits all” corporate governance code of best practice," Managerial Auditing Journal, Emerald Group Publishing, vol. 23(6), pages 532-544, July.
    12. Sandra Dow & Jean McGuire & Toru Yoshikawa, 2011. "Disaggregating the group effect: Vertical and horizontal keiretsu in changing economic times," Asia Pacific Journal of Management, Springer, vol. 28(2), pages 299-323, June.

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