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Japanese Corporate Governance and the Principle of "Internalism"

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  • John Buchanan

Abstract

Japanese corporate governance can be analysed in terms of a defining characteristic of "internalism": the belief that companies should be controlled by internally appointed managers who are integrated into their firms. Examples are offered from recent contacts with corporate management and other sources to illustrate how this determines the response of management to specific developments. Internalism depends on a socio-corporate environment created by specific historical and economic circumstances. Potentially disruptive elements exist which could alter this environment and undermine the foundations on which internalism rests. However, major change seems unlikely in the near future. Copyright (c) 2007 The Author; Journal compilation (c) 2007 Blackwell Publishing Ltd.

Suggested Citation

  • John Buchanan, 2007. "Japanese Corporate Governance and the Principle of "Internalism"," Corporate Governance: An International Review, Wiley Blackwell, vol. 15(1), pages 27-35, January.
  • Handle: RePEc:bla:corgov:v:15:y:2007:i:1:p:27-35
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    References listed on IDEAS

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    1. Yoshiro Miwa & J. Mark Ramseyer, 2005. "Who Appoints Them, What Do They Do? Evidence on Outside Directors from Japan," Journal of Economics & Management Strategy, Wiley Blackwell, vol. 14(2), pages 299-337, June.
    2. Okuno-Fujiwara, Masahiro & Okazaki, Tetsuji (ed.), 1999. "The Japanese Economic System and its Historical Origins," OUP Catalogue, Oxford University Press, number 9780198289012.
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    Cited by:

    1. Yoo, Taeyoung & Sung, Taeyoon, 2015. "How outside directors facilitate corporate R&D investment? Evidence from large Korean firms," Journal of Business Research, Elsevier, vol. 68(6), pages 1251-1260.
    2. John Buchanan & Dominic Heesang Chai & Simon Deakin, 2013. "Agency Theory in Practice: A Qualitative Study of Hedge Fund Activism in Japan," Working Papers wp448, Centre for Business Research, University of Cambridge.
    3. Kathryn Harrigan, 2014. "Comparing corporate governance practices and exit decisions between US and Japanese firms," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 18(4), pages 975-988, November.

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