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Nothing new in the (North) East? Interpreting the Rhetoric and Reality of Japanese Corporate Governance

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  • Luke Nottage

Abstract

As Japan emerges from a lost decade of economic stagnation, attention is also focusing on its corporate governance system. Shareholders are gaining ground vis-à-vis other stakeholders. This is also evident in a plethora of legislative reforms culminating in the consolidated Company Law of 2005, leading some to proclaim the Americanisation of Japanese Law. Part I of this paper outlines two pairs of views. It confirms significant but gradual transformation towards a more market-driven system, involving some modes of change paralleled elsewhere. In assessing change more broadly, Part II urges care in selecting the temporal timeframe and countries to compare, balancing blackletter law and wider socio-economic context, disclosing normative preferences, and focusing on processes as well as outcomes.

Suggested Citation

  • Luke Nottage, 2006. "Nothing new in the (North) East? Interpreting the Rhetoric and Reality of Japanese Corporate Governance," Asia Pacific Economic Papers 359, Australia-Japan Research Centre, Crawford School of Public Policy, The Australian National University.
  • Handle: RePEc:csg:ajrcau:359
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    File URL: https://crawford.anu.edu.au/pdf/pep/pep-359.pdf
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    Cited by:

    1. Craig Freedman & Alex Blair, 2007. "If Corporate Governance is the Answer, What is the Question? The Illusory Relation between Structural Solutions and Japanese Deflation," The Economic and Labour Relations Review, , vol. 17(2), pages 11-35, April.

    More about this item

    JEL classification:

    • M20 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Economics - - - General

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