ROSCAs and Credit Unions: Is Modern Japan Missing Something?
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.
Volume (Year): 48 (2004)
Issue (Month): (February)
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