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Corporate Governance in Japan$
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Masahiko Aoki, Gregory Jackson, and Hideaki Miyajima

Print publication date: 2007

Print ISBN-13: 9780199284511

Published to Oxford Scholarship Online: September 2007

DOI: 10.1093/acprof:oso/9780199284511.001.0001

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Introduction: The Diversity and Change of Corporate Governance in Japan 1

Chapter:
(p.1) 1 Introduction: The Diversity and Change of Corporate Governance in Japan1
Source:
Corporate Governance in Japan
Author(s):

Gregory Jackson (Contributor Webpage)

Hideaki Miyajima (Contributor Webpage)

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199284511.003.0001

The introductory chapter gives a comprehensive overview of the crisis and transformation of corporate governance in Japan since the mid-1990s. Drawing on the main empirical findings of the book, these changes are examined in relation to three areas: corporate ownership and finance, patterns of corporate organization and employment, and changes in the legal and governance role of the board of directors. Based on data from a Japanese Ministry of Finance survey, a summary typology of corporate governance practices in Japanese firms is developed that identifies three major clusters or types: firms with traditional Japanese-style practices, firms with hybrid practices combining market-oriented finance and governance with relationship-oriented employment, and firms with ‘inverse’ hybrid practices that combine relationship-oriented finance and governance with market-oriented employment. The implications of this growing diversity in organizational practices are discussed in relation to institutional change and the viability of a new Japanese-style model of corporate governance in the future.

Keywords:   Japanese economy, institutional change, corporate ownership, corporate finance, corporate organization, board of directors

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