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Japan's Paradoxical Response to the new 'Global Standard' in Corporate Governance

Author

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  • John Buchanan
  • Simon Deakin

Abstract

We suggest, on the basis of empirical research into the implementation of recent legal reforms, that Japan is not moving inexorably towards a 'global standard' in corporate governance, based on external monitoring and a market for corporate control. Japanese corporate governance is nevertheless changing: in part as an indirect response to legal initiatives, new structures and practices are emerging, aimed at providing greater flexibility in decision-making, while retaining the organisational core of the Japanese firm. The paradoxical effect of legal reforms aimed, in large part, at transplanting the global standard, may be to renew the distinctive Japanese model of the corporation.

Suggested Citation

  • John Buchanan & Simon Deakin, 2007. "Japan's Paradoxical Response to the new 'Global Standard' in Corporate Governance," Working Papers wp351, Centre for Business Research, University of Cambridge.
    • Handle: RePEc:cbr:cbrwps:wp351
    Note: PRO-2
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    File URL: https://www.jbs.cam.ac.uk/cbrwp351/
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    Citations

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    Cited by:

    1. Simon Deakin & Ajit Singh, 2009. "The Stock Market, the Market for Corporate Control and the Theory of the Firm: Legal and Economic Perspectives and Implications for Public Policy," Chapters, in: Per-Olof Bjuggren & Dennis C. Mueller (ed.), The Modern Firm, Corporate Governance and Investment, chapter 9, Edward Elgar Publishing.
    2. Yumiko Miwa & Peter Wirtz & Mitsuru Mizuno & Mohamed Khenissi, 2016. "Professional Asset Managers and the Evolution of Corporate Governance in France and Japan: Lessons from a Questionnaire Survey," Post-Print hal-01337466, HAL.
    3. Windsor, Duane, 2009. "Tightening corporate governance," Journal of International Management, Elsevier, vol. 15(3), pages 306-316, September.

    More about this item

    Keywords

    corporate governance; company law reform; Japan;
    All these keywords.

    JEL classification:

    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • K22 - Law and Economics - - Regulation and Business Law - - - Business and Securities Law

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