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The Effects of Structual Changes in Financial System on Corporate Governance in Japan


  • Kenji Kojima

    (Kobe University)


This paper examines the effects of structural changes in financial system on corporate governance in Japan. The primary purpose of the study is twofold: to identify important features of changes in Japanese financial system and their effects on corporate 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 market-based governance system is likely more effective.

Suggested Citation

  • Kenji Kojima, 2004. "The Effects of Structual Changes in Financial System on Corporate Governance in Japan," Kobe Economic & Business Review, Research Institute for Economics & Business Administration, Kobe University, vol. 48, pages 27-53, February.
  • Handle: RePEc:kob:review:feb2004::v:48:p:27-53

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    Corporate governance; Financial deregulation; Financial relationships; Japanese firms; Main bank;

    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


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