IDEAS home Printed from https://ideas.repec.org/p/kob/dpaper/91.html
   My bibliography  Save this paper

Shifts in the Japanese Corporate Governance

Author

Listed:
  • Kenji Kojima

    (Research Institute for Economics & Business Administration (RIEB), Kobe University, Japan)

Abstract

This paper examines the effects of structural changes in financial system on corporate governance and finance 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. The Japanese corporate system has worked well in the most of the post-war period. But the balance of power in the Japanese corporate system is changing. As equity financing replace bank financing as the primary source of capital in Japanese major firms, the power of main banks and the government to direct corporate behavior through funds control are waning. 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.

Suggested Citation

  • Kenji Kojima, 1998. "Shifts in the Japanese Corporate Governance," Discussion Paper Series 91, Research Institute for Economics & Business Administration, Kobe University.
  • Handle: RePEc:kob:dpaper:91
    as

    Download full text from publisher

    To our knowledge, this item is not available for download. To find whether it is available, there are three options:
    1. Check below whether another version of this item is available online.
    2. Check on the provider's web page whether it is in fact available.
    3. Perform a search for a similarly titled item that would be available.

    Other versions of this item:

    More about this item

    Keywords

    Corporate governance; Financial deregulation; Financial relationships; Japanese firms; Main bank;
    All these keywords.

    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
    • G33 - Financial Economics - - Corporate Finance and Governance - - - Bankruptcy; Liquidation

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:kob:dpaper:91. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Office of Promoting Research Collaboration, Research Institute for Economics & Business Administration, Kobe University (email available below). General contact details of provider: https://edirc.repec.org/data/rikobjp.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.