Japan’s Corporate Governance Transformation: Convergence or Reconfiguration? », Administrative sciences

Theo Renou, René Carrraz and Thierry Burger-Helmchen
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Theo Renou: UNISTRA FSEG - Université de Strasbourg - Faculté des sciences économiques et de gestion - UNISTRA - Université de Strasbourg
René Carrraz: UTokyo - Tōkyō teikoku daigaku = University of Tokyo [Tokyo]

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Abstract: Japanese firms have historically followed a country-specific model of corporate governance. Yet, Japan has had to adapt its corporate model over the last 30 years, along with the transformation of distinctive characteristics of Japanese capitalism in the same period. We review the historical evolution of Japanese corporate governance over the last three decades with a specific emphasis on the changes in the capital structure of major companies and the efforts to correct ineffective board of directors monitoring. By doing this, we investigate to what extent specific Japanese corporate governance features may explain the nation's economic situation over this period. Thereby, we try to clarify the influences that have presided over recent corporate governance reforms in Japan despite the existence of managerial failures and corporate scandals. This paper places itself into the debate over the diversity of capitalism as it portrays the specificities, differences, and converging trends of Japanese corporate governance practices.

Keywords: Governance; Evolution; Japan; History; Corporate scandals (search for similar items in EconPapers)
Date: 2023-05-29
New Economics Papers: this item is included in nep-his
Note: View the original document on HAL open archive server: https://hal.science/hal-04110803v1
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Published in Administrative Sciences, 2023, 13 (6), pp.141-158. ⟨10.3390/admsci13060141⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-04110803

DOI: 10.3390/admsci13060141

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