"By examining several key variables concerning corporate governance, Miyajima and Arikawa examine the evolutionary process of corporate governance arrangements in Japan from the 2000s to the early 2020s. Japanese corporate governance has become more market-oriented and this book illustrates the impact of the change on corporate behavior, such as physical and R&D investments, business diversification and restructuring, information disclosure and corporate misconduct. This volume looks at how Japanese firms have evolved from cross-shareholding between firms and banks to a more shareholder-oriented system, with an expanding role for outside directors and, more importantly, large holdings by institutional shareholders (including activist and buyout funds). This notion of hybridization, which is one of the key concepts of this book, enhances the understanding of the evolution of corporate governance in Japan. As financial markets continue to globalize and institutional shareholders gain influence, firms in incivil law jurisdictions or coordinated market economies may find the book's discussion of hybridization of interest. An essential read for scholars in finance, management and organization as well as market participants and lawyers who wish to understand the current Japanese economy from a practical perspective"-- Provided by publisher.
By examining several key variables concerning corporate governance, Miyajima and Arikawa examine the evolutionary process of corporate governance arrangements in Japan from the 2000s to the early 2020s. An essential read for scholars in finance, management and organization as well as market participants and lawyers.
By examining several key variables concerning corporate governance, Miyajima and Arikawa examine the evolutionary process of corporate governance arrangements in Japan from the 2000s to the early 2020s.
Japanese corporate governance has become more market-oriented and this book illustrates the impact of the change on corporate behavior including business diversification, restructuring, and corporate misconduct. This volume looks at how Japanese firms have evolved from cross-shareholding between firms and banks to a more shareholder-oriented system, with an expanding role for outside directors and, more importantly, large holdings by institutional shareholders (including activist and buyout funds). The notion of hybridization, which is one of the key concepts of this book, enhances the understanding of the evolution of corporate governance in Japan. As financial markets continue to globalize and institutional shareholders gain influence, firms in in civil law jurisdictions or coordinated market economies may find the book’s discussion of hybridization of interest.
An essential read for scholars in finance, management and organization as well as market participants and lawyers who wish to understand the current Japanese economy from a practical perspective.
Contents
Contributors
Preface:
Hideaki Miyajima and Yasuhiro Arikawa
Chapter 1: Overview of the Evolution of Corporate Governance: The Impact of
Reforms and the Future of Japanese Firms
Yasuhiro Arikawa, Hideaki Miyajima, and Takuji Saito
Chapter 2: The BankFirm Relationship after the Creation of Megabanks
Yasuhiro Arikawa, Hideaki Miyajima, and Ryo Ogawa
Chapter 3: Convergence or Emerging Diversity? Understanding the Impact of
Foreign Investors on Corporate Governance in Japan.
Hideaki Miyajima and Ryo Ogawa
Chapter 4: Employee Ownership in Japan.
Takao Kato, Hideaki Miyajima, and Hideo Owan
Chapter 5: Current State and Analysis of Corporate Governance Reform in
Japan
How the Comply or Explain Rule Can and Has Changed the Board of Directors
System
Wataru Tanaka
Chapter 6: Board Evolution in Japan in the Last Twenty Years
Thanh Thi Phuong Nguyen, Katsuyuki Kubo, and Hanh Minh Thai
Chapter 7: The Effects of Opening up All-insider Boards on Firm Value and
CSR: A Study from Japan.
Mariko Yasu
Chapter 8: Empirical Analysis of Public-to-Private Management Buyouts of
Japanese Companies.
Takashi Saito, Takuya Kawanishi, and Shinya Kawamoto
Chapter 9: Private Debt Restructuring and Alternative Dispute Resolution in
Japan
Sumio Saruyama and Xu Peng
Chapter 10: Have Large Firms in Japan Become More Likely to Have Fewer
Employees?
Katsuyuki Kubo
Chapter 11: Agency Hazards and the Value of Corporate Diversification in
Japan.
Tatsuo Ushijima
Chapter 12: Corporate Governance and Financial Misconduct: Is Corporate
Governance Reform Effective
Hidetaka Aoki
Chapter 13: Impact of Organizational Culture on Corporate Fraud: A
Quantitative Empirical Analysis using Text Mining of Corporate Philosophy
Yoshimi Shibano
Chapter 14: Corporate Social Responsibility in Context: A Comparative
Perspective on Japan
Gregory Jackson and Julia Bartosch
Chapter 15: ESG Investment and Its Impact on Japanese Companies
Naoko Nemoto
Chapter 16: Corporate Governance, Employment, and Financial Performance of
Japanese firms: A Cross-Country Analysis.
Yasuhiro Arikawa, Kotaro Inoue, and Takuji Saito
Hideaki Miyajima is a Professor at Faculty of Commerce, Waseda University and a Faculty Fellow at the Researc Institute of Economy, Trade, and Industry. His work appeared in the Review of Financial Studies and Journal of Banking and Finance. He published several edited volumes such as Corporate Governance in Japan.
Yasuhiro Arikawa is an Associate Professor at the Faculty of Commerce, Waseda University. His research has been published in academic journals such as the Journal of Banking and Finance.
