Structural Changes of the Financial System and Corporate Governance in Japan
AbstractThis paper examines the effects of structural changes in financial system on corporate finance and governance in Japan, and discusses the future directions. The primary purpose of the study is twofold: to identify important features of changes in financial system in Japan and their effects on corporate finance and governance; to develop insights concerning corporate governance and capital market under institutional and regulatory environments. Major shifts in the Japanese corporate governance are under way. The significant changes in the Japanese financial system are now in consideration: new standards of accounting and financial disclosure, heightened capital adequacy requirements for banks, and reforms in the financial system. As the economy continues to be sluggish, the effective role of relationship-based governance system is under serious consideration. As a result, the market-based governance system is likely more effective.
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Bibliographic InfoPaper provided by Research Institute for Economics & Business Administration, Kobe University in its series Discussion Paper Series with number 93.
Length: 36 pages
Date of creation: Apr 1998
Date of revision: Jun 1998
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Financial market; Japan; Enterprises;
Find related papers by JEL classification:
- D23 - Microeconomics - - Production and Organizations - - - Organizational Behavior; Transaction Costs; Property Rights
- G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
- O53 - Economic Development, Technological Change, and Growth - - Economywide Country Studies - - - Asia including Middle East
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