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| Author | : D. Hugh Whittaker |
| Publisher | : OUP Oxford |
| Total Pages | : 316 |
| Release | : 2009-10-29 |
| Genre | : Business & Economics |
| ISBN | : 019160982X |
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Japanese corporate governance and managerial practice is at a critical juncture. At the start of the decade pressures mounted for Japan to move to a shareholder-value driven, 'Anglo-American' system of corporate governance. Subsequent changes, however, may be seen as an adjustment and renewal of the post-war model of the Japanese firm. In adapting to global corporate governance standards, Japanese managers have also been reshaping them according to their own agenda of reform and restructuring of decision-making processes. The board's role is seen in terms of strategic planning rather than monitoring, and external directors are viewed as advisers, not as representatives of the shareholders. Managers have adopted a variety of defences against hostile takeovers, including poison pills in some cases. Although shareholder influence is more extensive than it was, central aspects of the Japanese 'community firm' remain in place. The commitment to stable or 'lifetime' employment for a core of employees, although coming under severe pressure, is still an important point of reference for Japanese management. Corporate Governance and Managerial Reform in Japan is based on detailed and intensive field work in large Japanese companies and interviews with investors, civil servants, and policy makers in the period following the adoption of significant corporate law reforms in the early 2000s up to the months just before the global financial crisis of 2008. The Japanese experience suggests that there are limits to the global convergence of company law systems, and that the widespread association of Anglo-American practices with the 'modernization' of corporate governance has been misplaced. This conclusion is unlikely to be altered - it may be reinforced - by reactions to the financial crisis.
| Author | : T. Inagami |
| Publisher | : Cambridge University Press |
| Total Pages | : 302 |
| Release | : 2005-01-06 |
| Genre | : Business & Economics |
| ISBN | : 9781139442930 |
Download The New Community Firm Book in PDF, ePub and Kindle
After sweeping all before it in the 1980s, 'Japanese management' ran into trouble in the 1990s, especially in the high-tech industries, prompting many to declare it had outlived its usefulness. From the late 1990s leading companies embarked on wide-ranging reforms designed to restore their entrepreneurial vigour. For some, this spelled the end of Japanese management; for others, little had changed. From the perspective of the community firm, Inagami and Whittaker examine changes to employment practices, corporate governance and management priorities, in this 2005 book, drawing on a rich combination of survey data and an in-depth study of Hitachi, Japan's leading general electric company and enterprise group. They find change and continuity, the emergence of a 'reformed model', but not the demise of the community firm. The model addresses both economic vitality and social fairness, within limits. This book offers unique insights into changes in Japanese management, corporations and society.
| Author | : Ms.Chie Aoyagi |
| Publisher | : International Monetary Fund |
| Total Pages | : 24 |
| Release | : 2014-08-05 |
| Genre | : Business & Economics |
| ISBN | : 1498373348 |
Download Unstash the Cash! Corporate Governance Reform in Japan Book in PDF, ePub and Kindle
Japan’s high corporate savings might be holding back growth. We focus on the causes and consequences of the current corporate behavior and suggest options for reform. In particular, Japan’s weak corporate governance—as measured by available indexes—might be contributing to high cash holdings. Our empirical analysis on a panel of Japanese firms confirms that improving corporate governance would help unlock corporate savings. The main policy implication of our analysis is that comprehensive corporate governance reform should be a key component of Japan’s growth strategy.
| Author | : Norio Kambayashi |
| Publisher | : Springer |
| Total Pages | : 226 |
| Release | : 2014-09-18 |
| Genre | : Business & Economics |
| ISBN | : 4431550968 |
Download Japanese Management in Change Book in PDF, ePub and Kindle
Following the burst of the “economic bubble” in the 1990s, many Japanese companies were required to reform their management systems. Changes in corporate governance were widely discussed during that decade in studies on “Japanese management.” These discussions have resulted in little progress, however, since Americanization became the dominant discourse concerning governance and the management system. There have been few studies conducted from an academic point of view on the internal aspects of organizations that practice traditional Japanese management theory. This book examines how, and the degree to which, the development of market principles accompanying the advances of globalization has affected the traditional Japanese system. It focuses on four aspects of corporate management: management institutions, strategy, organization, and human resource management. The aggregation of the new management system in Japanese companies is regarded as a distinctive Japanese-style system of management. With emphasis on these four aspects, research was conducted on the basic structure of that system, following changes in the market, technology, and society. Further, specific functions of the basic structure of the Japanese-style management system were studied. Those findings are included here, along with a discussion and analysis of the direction of future changes.
| Author | : Masahiko Aoki |
| Publisher | : Oxford University Press |
| Total Pages | : 468 |
| Release | : 2007-09-06 |
| Genre | : Business & Economics |
| ISBN | : 0199284512 |
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Debates regarding corporate governance have become increasingly important in Japan as the post-war model of bank-based, stakeholder-oriented corporate governance faces the new pressures associated with globalization and growing investor demands for shareholder value. Bringing together a group of leading scholars from economics, law, sociology and management studies, this book looks at how the Japanese approach to corporate governance and the firm have changed in the post-bubble era.The contributions offer a unique empirical exploration of why and how Japanese firms are reshaping their corporate governance arrangements, leading to greater diversity among firms and new 'hybrid' forms of corporate governance. The book concludes by looking at what effect these incremental buttransformative changes may have on Japan's distinctive variety of capitalism.
| Author | : Hideaki Miyajima |
| Publisher | : |
| Total Pages | : 49 |
| Release | : 2005 |
| Genre | : |
| ISBN | : |
Download The Performance Effects and Determinants of Corporate Governance Reform in Japan Book in PDF, ePub and Kindle
The wave of governance reforms that swept the country in the late 1990s has begun to shake up the boardrooms of Japanese corporations. Japanese companies' attitudes toward reform range broadly from actively receptive to very cautious. While attention is often focused on the importance of reforms based on the U.S. corporate governance model, with three distinct reform measures -- the protection of minority shareholders' rights, the separation of management from monitoring (including the introduction of outside board members), and active information disclosure -- seen as a single package, companies have responded in practice in diverse ways. Some have adopted only one or two of these measures; others have adopted all three. This paper addresses the performance effects and determinants of board reform. We examine whether the recently adopted measures mattered to corporate performance or not, and try to show which are most likely to improve performance. Second, we analyze the factors that determine a firm's decision to choose a particular reform. Has governance reform been encouraged by increasing capital market pressures but impeded by employee sovereignty, as is often assumed? And more specifically, has governance reform been slowed by employee involvement and the human resources management practices of Japanese firms? In order to answer these questions, we compiled a Corporate Governance Score (CGS) for each corporation, which is designed to capture the cumulative efforts of recent corporate governance reforms, focusing on: a) protection of the rights of minority shareholders (general meetings of shareholders), b) the extent of separation between management and monitoring in corporate boards, and c) information disclosure. We then used the CGS to conduct our estimations.
| Author | : N. Demise |
| Publisher | : Springer Science & Business Media |
| Total Pages | : 124 |
| Release | : 2006-11-22 |
| Genre | : Business & Economics |
| ISBN | : 4431309209 |
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This book is the result of an international comparative study of corporate governance begun in 2002, and provides analysis of the issue as it applies to management, moral hazards, accounting practices, and the institutional investor from both a Japanese and a global perspective. The study presents a view of the company as an entity that not only maximizes profit for stockholders but that also has a social role to play in maintaining a sustainable society.
| Author | : Mitsuharu Miyamoto |
| Publisher | : Springer |
| Total Pages | : 147 |
| Release | : 2018-05-09 |
| Genre | : Business & Economics |
| ISBN | : 9811088519 |
Download The new Japanese Firm as a Hybrid Organization Book in PDF, ePub and Kindle
This book examines corporate reform in Japan by focusing on corporate governance and the employment system. Contrary to a prevailing assertion of radical change, it is revealed that actual change is gradual, and a new type of Japanese firm is generated by reform with gradual change. Throughout the book, Japanese firms are seen to be evolving through gradual institutional change. Chapter 1 discusses how Japanese corporate governance changed incrementally and cumulatively to rebuild management and restore corporate performance. Chapter 2 focuses on reform in work organization and discusses how performance-related pay was introduced in tandem with corporate governance reform. It is shown that the practice of long-term employment has been maintained despite the prolonged depression and mounting pressure to shift to shareholder-oriented corporate governance. Chapter 3 investigates how Japanese firms are diversified into four types, based on whether performance-related pay is introduced and whether long-term employment is maintained. The author demonstrates that major Japanese firms reconstruct their organization as hybrid structures based on a combination of long-term employment and performance-related pay. Chapter 4 investigates how performance-related pay actually operates. It is analyzed by distinguishing the three main objectives to be attained by performance pay: succeeding in individual performance, contributing to overall organization performance, and meeting the challenge of new tasks. Finally, Chapter 5 investigates how employees react to changes in corporate governance. Using survey data, the book shows that Japanese employees approve of increasing shareholder value, regarding it as corporate value. They not only approve the monitoring of management by shareholders, but also demand a part in the monitoring. Employees seek to be engaged in corporate governance—a true challenge for a Japanese corporation.
| Author | : Simon Learmount |
| Publisher | : Oxford University Press |
| Total Pages | : 190 |
| Release | : 2002 |
| Genre | : Business & Economics |
| ISBN | : 0199252912 |
Download Corporate Governance Book in PDF, ePub and Kindle
This text examines thinking on corporate governance by way of a detailed study of the governance practices of 14 Japanese companies. It suggests that mainstream conceptualizations of corporate governance are inadequate, failing to account for the actual way the companies are controlled.
| Author | : Dan W. Puchniak |
| Publisher | : |
| Total Pages | : |
| Release | : 2013 |
| Genre | : |
| ISBN | : |
Download The 2002 Reform of the Management of Large Corporations in Japan Book in PDF, ePub and Kindle
Japan's 2002 reforms to the Commercial Code have been widely touted as introducing US-style corporate governance to Japan in the form of corporate officers and committee structures for large corporations. This article argues that these reforms have three apparent problems: (i) they are optional and do not provide the managerial or market incentives necessary to make managers choose the new corporate model; (ii) they fail to provide clear direction for corporate managers because they offer two new, conflicting, corporate models; and (iii) even if adopted, the new corporate models are changes in form, rather than in corporate governance practice. Nevertheless, the article argues that if we compare the Japanese reforms with their English, rather than US, counterparts, we can see that the optional nature of the reform may cause Japanese managers to 'run the race': although the reforms may lack a clear direction, the market may unify around one corporate model that does not depend on independent directors.
