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Economic Organizations and Corporate Governance in Japan: The Impact of Formal and Informal Rules

Author

Listed:
  • Milhaupt, Curtis J.

    (Fuyo Professor and Director, Center for Japanese Legal Studies, Columbia University)

  • West, Mark D.

    (Nippon Life Professor of Law and Director, Center for Japanese Studies, University of Michigan)

Abstract

Using an institutional and empirical approach, this book analyses the role of formal rules (law and regulations) and informal rules (norms, practices, and shared beliefs) in the Japanese economy. Through in-depth studies of corporate governance and finance, mergers and acquisitions, financial regulation, and markets for everything from venture capital to legal talent and organized crime, Milhaupt and West show that institutions play a crucial and heretofore overlooked role in the structure of the Japanese economy, which often is portrayed as being governed exclusively by interpersonal relations and bureaucratic fiat. The book demonstrates that despite outward appearances of a decade of stagnation in Japan, the formal and informal rules of the Japanese economy are changing significantly. The evidence suggests that in the mix of formal and informal rules that govern Japanese firms and set the incentive structure for other economic actors, law is gaining in importance. As these rules change, Japanese actors are responding, reshaping corporate governance and financial markets, eroding the bureaucracy's power. This book's emphasis on the centrality of institutions, institutional change, and responses to change portray a Japanese economy far different from those provided by previous accounts. It provides a wealth of previously unexplored data on the Japanese economy and legal system, and demonstrates the importance of a sound incentive roadmap for Japan's economic recovery and transition. Available in OSO: http://www.oxfordscholarship.com/oso/public/content/economicsfinance/0199272115/toc.html

Suggested Citation

  • Milhaupt, Curtis J. & West, Mark D., 2004. "Economic Organizations and Corporate Governance in Japan: The Impact of Formal and Informal Rules," OUP Catalogue, Oxford University Press, number 9780199272112.
    • Handle: RePEc:oxp:obooks:9780199272112
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    Cited by:

    1. Yamamura, Eiji, 2010. "The effect of learning varies according to locality: Micro data analysis of the lawyer market in Japan," Japan and the World Economy, Elsevier, vol. 22(3), pages 193-197, August.
    2. Yoshiro Miwa & J. Mark Ramseyer, 2005. "Does Relationship Banking Matter? The Myth of the Japanese Main Bank," Journal of Empirical Legal Studies, John Wiley & Sons, vol. 2(2), pages 261-302, July.
    3. Dreyer, Mallory, 2021. "The Resolution and Collection Corporation of Japan," Journal of Financial Crises, Yale Program on Financial Stability (YPFS), vol. 3(2), pages 410-449, April.
    4. Minoru Nakazato & J. Mark Ramseyer & Eric B. Rasmusen, 2010. "The Industrial Organization of the Japanese Bar: Levels and Determinants of Attorney Income," Journal of Empirical Legal Studies, John Wiley & Sons, vol. 7(3), pages 460-489, September.
    5. Antony W. Dnes & Nuno Garoupa, 2010. "Behavior, Human Capital and the Formation of Gangs," Kyklos, Wiley Blackwell, vol. 63(4), pages 517-529, November.
    6. Yener Altunbaş & Alper Kara & Adrian van Rixtel, 2007. "Corporate governance and corporate ownership: The investment behaviour of Japanese institutional investors," Occasional Papers 0703, Banco de España.
    7. Yamamura Eiji, 2008. "The Market for Lawyers and Social Capital: Are Informal Rules a Substitute for Formal Ones?," Review of Law & Economics, De Gruyter, vol. 4(1), pages 499-517, December.

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