Corporate Governance and Managerial Reform in Japan

Hardcover | November 1, 2009

EditorD. Hugh Whittaker, Simon Deakin

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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 renewalof 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 shareholderinfluence 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 monthsjust 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. Thisconclusion is unlikely to be altered - it may be reinforced - by reactions to the financial crisis.

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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 renewalof the post-war model of the Japanese firm. ...

D. Hugh Whittaker is a Professor at the University of Auckland Business School. He has written extensively on Japanese and comparative management, entrepreneurship and innovation, most recently Comparative Entrepreneurship: The UK, Japan, and the Shadow of Silicon Valley (with P. Byosiere, S. Momose, T. Morishita, T. Quince and J. Hig...

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Corporate Governance and Managerial Reform in Japan
Corporate Governance and Managerial Reform in Japan

Kobo ebook|Oct 29 2009

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Format:HardcoverDimensions:304 pagesPublished:November 1, 2009Publisher:Oxford University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0199563632

ISBN - 13:9780199563630

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Table of Contents

1. Simon Deakin and D. Hugh Whittaker: On a Different Path? The Managerial Reshaping of Japanese Corporate Governance2. John Buchanan and Simon Deakin: In the Shadow of Corporate Governance Reform: Change and Continuity in Managerial Practice at Listed Companies in Japan3. Masaru Hayakawa and D. Hugh Whittaker: Takeovers and Corporate Governance: Three Years of Tensions4. Sanford M. Jacoby: Foreign Investors and Corporate Governance in Japan: The Case of CalPERS5. Ronald Dore: Japan's Conversion to Investor Capitalism6. Takeshi Inagami: Managers and Corporate Governance Reform in Japan: Restoring Self-Confidence or Shareholder Revolution?7. George Olcott: Whose Company Is It? Changing CEO Ideology in Japan8. Takashi Araki: Changes in Japan's Practice-Dependent Stakeholder Model and Employee-Centred Corporate Governance9. Hisayoshi Fuwa: Management Innovation at Toshiba: The Introduction of the Company With Committees System10. D. Hugh Whittaker and Simon Deakin: Corporate Governance, Institutions, and the Spirits of Capitalism