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Corporate Governance and Managerial Reform in Japan$
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D. Hugh Whittaker and Simon Deakin

Print publication date: 2009

Print ISBN-13: 9780199563630

Published to Oxford Scholarship Online: February 2010

DOI: 10.1093/acprof:oso/9780199563630.001.0001

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Managers and Corporate Governance Reform in Japan: Restoring Self‐Confidence or Shareholder Revolution?

Managers and Corporate Governance Reform in Japan: Restoring Self‐Confidence or Shareholder Revolution?

Chapter:
(p.163) 6 Managers and Corporate Governance Reform in Japan: Restoring Self‐Confidence or Shareholder Revolution?
Source:
Corporate Governance and Managerial Reform in Japan
Author(s):

Takeshi Inagami

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199563630.003.0006

Debates about corporate governance reform in Japan began in 1992, when the term “corporate governance” was still relatively unknown. This chapter follows the subsequent evolution of executive thinking about corporate governance, focusing on key publications by Keizai Dokukai (Japan Committee for Economic Development) and Nippon Keidanren, identifying underlying continuity in these, and continued stress on labor‐management cooperation. It then looks at changes in corporate governance institutions and behavior, finding significant change in the legal framework, but less change in actual practice. Attempts to tackle corporate corruption, moreover, have strengthened corporate social responsibility measures. Inagami then considers evidence for the “silent shareholder revolution” thesis, paying special attention to executive career paths and remuneration. Despite some changes to value‐added distribution, he concludes that there has not been a major realignment of stakeholder relations or demise of the community firm.

Keywords:   Japan, corporate governance, community firm, “silent shareholder revolution” thesis, corporate corruption, Nippon Keidanren, Keizai Doyukai

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