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Corporate Governance in JapanInstitutional Change and Organizational Diversity$
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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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Corporate Governance in Financial Distress: The New Role of Bankruptcy 1

Corporate Governance in Financial Distress: The New Role of Bankruptcy 1

(p.179) 6 Corporate Governance in Financial Distress: The New Role of Bankruptcy1
Corporate Governance in Japan

Peng Xu

Oxford University Press

This chapter presents evidence on recent bankruptcy resolution and bankruptcy reform in Japan. Prior to bankruptcy, bank lenders are less likely to intervene than they did before bankruptcy. Most bankrupt firms experience abnormal president turnover around bankruptcy filings. Civil Rehabilitation firm expenditure in bankruptcy is substantially shorter than that in a Corporate Reorganization firm. Also, Corporate Reorganization firms have proven to emerge quicker after the 2000 bankruptcy reform. The main difference between rehabilitation duration and reorganization duration is that leverage only prolongs Civil Rehabilitation duration.

Keywords:   Japanese economy, bankruptcy, Civil Rehabilitation firms, Corporate Reorganization firms

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