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Author: Torsten Spiegel Publisher: ISBN: Category : Languages : en Pages : 47
Book Description
Effective monitoring of management is at the core of the corporate governance debate. One tool to compensate for existing monitoring deficits is the independent director. While board independence is a global standard of “good corporate governance,” it has increasingly become the subject of hefty criticism, not least in the US as its country of origin. In contrast, the reception of the independent director in Japan has only recently picked up speed against the background of Abenomics, a plan for revitalizing the Japanese economy.This article examines the question of how the independent director as a legal transplant fits into the corporate governance system in Japan, which has so far been largely isolated from outsider influence. The study begins by providing the comparative background necessary for understanding recent Japanese developments. It then examines the institutional framework and characteristics of traditional Japanese corporate governance before discussing the opening of the closed system through the reforms of the twenty-first century, including those of 2015. Finally, it explores the crucial question of whether these reforms and the independent director in its current form can build on or bring about substantial change to Japanese corporate governance.
Author: Torsten Spiegel Publisher: ISBN: Category : Languages : en Pages : 47
Book Description
Effective monitoring of management is at the core of the corporate governance debate. One tool to compensate for existing monitoring deficits is the independent director. While board independence is a global standard of “good corporate governance,” it has increasingly become the subject of hefty criticism, not least in the US as its country of origin. In contrast, the reception of the independent director in Japan has only recently picked up speed against the background of Abenomics, a plan for revitalizing the Japanese economy.This article examines the question of how the independent director as a legal transplant fits into the corporate governance system in Japan, which has so far been largely isolated from outsider influence. The study begins by providing the comparative background necessary for understanding recent Japanese developments. It then examines the institutional framework and characteristics of traditional Japanese corporate governance before discussing the opening of the closed system through the reforms of the twenty-first century, including those of 2015. Finally, it explores the crucial question of whether these reforms and the independent director in its current form can build on or bring about substantial change to Japanese corporate governance.
Author: Luke Nottage Publisher: Edward Elgar Publishing ISBN: 1848445113 Category : Business & Economics Languages : en Pages : 301
Book Description
Corporate Governance in the 21st Century is a very useful addition to the literature on corporate governance in Japan. It is worth reading simply because it updates many of the ongoing issues such as adoptions of takeover defenses, appointments of independent directors, and increases in foreign direct investment. It is also useful because it examines corporate governance from the perspectives of business as well as law. Furthermore, it provides the beginnings of a framework through which to understand the process of gradual transformation. Christina L. Ahmadjian, Journal of Japanese Studies An invaluable set of resources for everyone with an interest in corporate governance in Japan. Covering both basic information and recent developments, the collection provides readers with an excellent survey of the complexity of modern corporate governance and its legal setting. . . in Japan. Hideki Kanda, University of Tokyo, Japan The essays in this collection approach Japanese corporate governance in the 2000s from a variety of novel perspectives novel in terms of subject matter, methodology, and points of comparison. The result is a comprehensive portrait of the current dynamics of change and stasis in the institutional environment for Japanese firms. Curtis Milhaupt, Columbia Law School, US The lost decade of economic stagnation in Japan during the 1990s has become a found decade for regulatory and institutional reform. Nowhere is this more evident than in corporate law. In 2005, for example, a spate of reforms to the Commercial Code culminated in the new Company Act, a statute promising greater organisational flexibility and shareholder empowerment for Japanese corporations competing in a more globalised economy. But does this new law herald a more Americanised system of corporate governance? Has Japan embraced shareholder primacy over its traditional loyalty to other key stakeholders such as main banks , core employees, and partners within diffuse corporate (keiretsu) groups? This book argues that a more complex gradual transformation is unfolding in Japan a process evident in many other post-industrial economies. The book brings together contributions from academics and practitioners from Japan, Australia, New Zealand, Canada and the United States. It includes chapters on comparative corporate governance theory and methodology, lifelong employment, the main bank system, board structures, and governance issues in small and medium-sized enterprises. The procedural, substantive and FDI policy dimensions of takeover law and practice are discussed, as well as empirical changes to corporate governance practices in large, publicly listed companies during the past twenty years. The authors rich mix of national, disciplinary and professional backgrounds allows for a broad comparative perspective on developments in Japanese corporate governance. The book will be of great interest to scholars and students of law, business, political economy and Japanese studies, and will also appeal to corporate lawyers and policymakers.
Author: M. Nakamura Publisher: Springer ISBN: 0230595154 Category : Business & Economics Languages : en Pages : 302
Book Description
A timely evaluation of rapidly globalizing governance mechanisms in China and Japan. This book looks at how corporate governance practices in these countries are adapting to Anglo-American practices, but argues that these adaptations are selective, and both countries continue to retain their own local corporate governance practices in some areas.
Author: D. Hugh Whittaker Publisher: Oxford University Press ISBN: 0199563632 Category : Business & Economics Languages : en Pages : 316
Book Description
This book examines recent changes in Japanese corporate governance. It is based on detailed field work in large Japanese companies and interviews with investors, civil servants, and policy makers in the period after the significant corporate law reforms in the early 2000s up to the months just before the global financial crisis of 2008.
Author: Masahiko Aoki Publisher: Oxford University Press ISBN: 0199284512 Category : Business & Economics Languages : en Pages : 468
Book 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 buttransformative changes may have on Japan's distinctive variety of capitalism.
Author: Gen Goto Publisher: ISBN: Category : Languages : en Pages : 21
Book Description
In recent years, Japan has been working on corporate governance reforms, focusing on the roles of outside/independent directors. Among others, the 2014 Reform of the Companies Act and the 2015 Japanese Corporate Governance Code introduced “comply or explain” rules regarding appointment of one outside director or two independent directors, respectively. These reforms turned out to be quite effective. Within the companies listed in the First Section of Tokyo Stock Exchange, the ratio of those appointing one or more outside directors jumped up from 48.5% in 2010 to 55.4% in 2012, 74.3% in 2014, and to 98.8% in 2016. It is still quite rare, however, for Japanese companies to appoint more outside/independent directors to reach one third or majority of their boards of directors.While such reforms focusing on board independence may seem to be in line with the global trend since the UK's Cadbury Report in 1992, although at a quite modest rate, it does not necessarily follow that the reason of having these reforms are also similar to those of other jurisdictions. Unlike many other corporate governance reforms around the world, the recent reforms in Japan are not responses to corporate scandals. Rather, the current government emphasizes corporate governance reform and board independence as a key to revitalize Japanese economy. The problem is that it is not so clear how outside/independent directors can contribute to increase corporate value and overall economic growth.After describing the situation before and the contents of the recent reforms, this paper analyzes the various roles expected to be performed by outside/independent directors in Japan and argues that more attention should be paid to the possible intra-jurisdictional divergence in addition to the inter-jurisdictional difference regarding outside/inside directors.
Author: Dan W. Puchniak Publisher: Cambridge University Press ISBN: 1316846091 Category : Law Languages : en Pages : 638
Book Description
The rise of the independent director in Asia is an issue of global consequence that has been largely overlooked until recently. Less than two decades ago, independent directors were oddities in Asia's boardrooms. Today, they are ubiquitous. Independent Directors in Asia undertakes the first detailed analysis of this phenomenon. It provides in-depth historical, contextual and comparative perspectives on the law and practice of independent directors in seven core Asian jurisdictions (China, Hong Kong, India, Japan, Singapore, South Korea, Taiwan) and Australia. These case studies reveal the varieties of independent directors in Asia, none of which conform to its original American concept. The authors develop a taxonomy of these varieties, which provides a powerful analytical tool for more accurately understanding and effectively researching independent directors in Asia. This new approach challenges foundational aspects of comparative corporate governance practice and suggests a new path for comparative corporate governance scholarship and reform.
Author: N. Demise Publisher: Springer Science & Business Media ISBN: 4431309209 Category : Business & Economics Languages : en Pages : 124
Book Description
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: Torsten Spiegel
Author: Torsten Spiegel
Author: Luke Nottage
Author: M. Nakamura
Author: D. Hugh Whittaker
Author: Masahiko Aoki
Author: Christina Linn Ahmadjian
Author: Gen Goto
Author: Dan W. Puchniak
Author: David H. Kaufman
Author: N. Demise