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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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On a Different Path? The Managerial Reshaping of Japanese Corporate Governance *

On a Different Path? The Managerial Reshaping of Japanese Corporate Governance *

(p.1) 1 On a Different Path? The Managerial Reshaping of Japanese Corporate Governance*
Corporate Governance and Managerial Reform in Japan

Simon Deakin (Contributor Webpage)

D. Hugh Whittaker (Contributor Webpage)

Oxford University Press

This introductory chapter sets out the main themes of the book and provides an overview of the chapters that follow. The chapter explains how the traditional or postwar model of Japanese corporate governance came under pressure in the “lost decade” of the 1990s and how a debate concerning corporate governance was launched in the early 2000s which led to a number of reforms, including legal encouragement for the appointment of independent directors and changes to takeover law in the aftermath of the Livedoor case in 2005. The chapter suggests that Japan's recent experience should not be seen either in terms of a delayed transition to the “global standard” on corporate governance or of simple resistance to the Anglo-American model. Instead there has been a managerial adaptation to, and reshaping of, the corporate governance reforms, which, paradoxically, has served to strengthen the core features of the Japanese “community firm.”

Keywords:   Japan, corporate governance, bank‐led monitoring, community firm, independent directors, takeovers

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