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 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 Bank–Firm 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
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