Corporate Governance in Japan

Institutional Change and Organizational Diversity

Edited by Masahiko Aoki, Gregory Jackson, and Hideaki Miyajima

Masahiko Aoki is internationally renowned for his work in comparative institutional analysis and corporate governance
Brings together a group of leading scholars from economics, law, sociology, and management studies
Corporate governance continues to be a hot topic and many lessons can be learned from the Japanese experience

Corporate Governance in Japan

Institutional Change and Organizational Diversity

Edited by Masahiko Aoki, Gregory Jackson, and Hideaki Miyajima

Description

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 but transformative changes may have on Japan's distinctive variety of capitalism.

Corporate Governance in Japan

Institutional Change and Organizational Diversity

Edited by Masahiko Aoki, Gregory Jackson, and Hideaki Miyajima

1. Introduction: The Diversity and Change of Corporate Governance in Japan, Gregory Jackson and Hideaki Miyajima
Changes in Ownership and Finance
2. Relationship Banking in Post-Bubble Japan: Coexistence of Soft- and Hard-Budget Constraints, Yasuhiro Arikawa and Hideaki Miyajima
3. The Unwinding of Cross-Shareholding in Japan: Causes, Effects, and Implications, Hideaki Miyajima and Fumiaki Kuroki
4. Foreign Investors and Corporate Governance in Japan, Christine Ahmadjian
5. Venture Capital and its Governance: The Emergence of Equity Financing Conduits in Japan, Nobuyuki Hata, Haruhiko Ando, and Yoshiaki Ishii
6. Corporate Governance in Financial Stress: The New Role of Bankruptcy, Peng Xu
7. The Rise of Bank-Related Corporate Revival Funds, Noriyuki Yanagawa
Changes in Organization, Employment, and Corporate Bonds
8. Business Portfolio Restructuring of Japanese Firms in the 1990s: Entry and Exit Analysis, Tatsuya Kikutani, Hideshi Itoh, and Osamu Hayashida
9. Corporate Finance and Human Resource Management: Some Recent Survey Evidence, Masahiro Abe and Takeo Hoshi
10. Employment Participation, Adjustment and Distributional Conflict in Japanese Firms, Gregory Jackson
11. The Turnaround of 1997: Changes in Japanese Corporate Law and Governance, Zenichi Shishido
12. The Performance Effects and Determinants of Corporate Governance Reform, Hideaki Miyajima
13. Insider Management and Board Reform: For Whose Benefit?, Ronald Dore
Diversity and Institutional Change
14. Organizational Diversity and Institutional Change: Evidence from Financial and Labor Markets in Japan, Mari Sako
15. Conclusion: Wither Japan's Corporate Governance?, Masahiko Aoki

Corporate Governance in Japan

Institutional Change and Organizational Diversity

Edited by Masahiko Aoki, Gregory Jackson, and Hideaki Miyajima

Author Information

Masahiko Aoki is the Henri and Tomoye Takahashi Professor Emeritus of Japanese Studies, Senior Fellow of Stanford Institute of Economic Policy Research (SIEPR), and Senior Fellow of Freeman Spogli Institute for International Studies (FSI) at Stanford University. He is President-Elect of the International Economic Association and was a former President of the Japanese Economic Association. He was awarded the Japan Academy Prize in 1990, and in 1998 he was awarded the 6th International Schumpeter Prize. Gregory Jackson is Senior Lecturer in Strategy and Comparative Management at King's College London. He graduated from the University of Wisconsin-Madison, received his Ph.D. in Sociology from Columbia University and was formerly a Research Fellow at the Max-Planck-Institute for the Study of Societies in Cologne, Germany (1996-2002). He was also a Fellow at the Research Institute of Economy, Trade and Industry (RIETI) (2002-2004). Hideaki Miyajima is Professor at the School of Commerce and Vice Director of the Institute of Finance at Waseda University. He is also faculty fellow of Research Institute of Economy, Trade and Industry (RIETI), a special research fellow of Policy Research Institute (Ministry of Finance), and adjunct professor of Chung-Ang University (Seoul). He was a Research Associate at the Institute of Social Sciences, Tokyo University before moving to Waseda University. He studied as graduate student at Tokyo University and received his Ph.D. in Commerce from Waseda University.

Contributors:

Masahiro Abe, Dokkyo University
Christine Ahmadjian, Hitotsubashi University
Haruhiko Ando, Ministry of Economy, Trade and Industry (METI)
Masahiko Aoki, Stanford University
Yasuhiro Arikawa, Waseda University
Ronald Dore, LSE
Nobuyuki Hata, Kokugakuin University
Osamu Hayashida, Osaka University of Economics
Takeo Hoshi, University of California, San Diego
Yoshiaki Ishii, Ministry of Economy, Trade and Industry (METI)
Hideshi Itoh, Hitotsubashi University
Gregory Jackson, Kings College, London
Tatsuya Kikutani, Kyoto University
Fumiaki Kuroki, NLI Research Institute
Hideaki Miyajima, Waseda University
Mari Sako, Said Business School
Zenichi Shishido, Seikei University
Peng Xu, Hosei University