Changes in Japan's Practice‐Dependent Stakeholder Model and Employee‐Centered Corporate Governance*
Japan's stakeholder model of corporate governance is upheld by customary practice rather than law. This chapter considers whether changes to practice will lead to fundamental institutional changes which, in turn, might transform the model. Focusing on employment and labor relations, it briefly characterizes the stakeholder model, then reviews recent developments in shareholder ownership and management structures, as well as changes in employment and labor‐management relations, both collective and individual. Finally, it evaluates the impact of changes in practices, legislative developments, and thinking in Japanese corporate society, and outlines some implications for corporate governance from the perspective of labor law. Araki concludes that Japanese society must look for a better balance between shareholder and employee value. Diversity in corporate governance will increase, and competition between the different governance models will take place, not for more profit for shareholders, but for a better balance between shareholder and employee interests.
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