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Recent Trends in Japanese Corporate Governance

Author

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  • Nikolay Naydenov

Abstract

The corporate governance (CG) system in Japan at the start of the XXI century is analyzed in the study along the following lines: changes in the corporate ownership structure – the dissolution of stable and cross ownership; changes in the composition and structure of corporate boards; the effects of the introduction of incentive schemes for directors; development of the market for corporate control – mergers and acquisitions (M&A); relationship between transparency (information disclosure) and CG models. Based on this analysis, recent trends in Japanese CG have been identified, namely – declining role of the banks in the ownership, monitoring and control of Japanese corporations; enhancing the interests of shareholders; significant intensification of M&A activities; rewinding of cross ownership in the second half of last decade; diversification of the CG mechanisms applied by firms and their groupings. In conclusion, some guidelines for the development of CG in Bulgaria have been suggested.

Suggested Citation

  • Nikolay Naydenov, 2014. "Recent Trends in Japanese Corporate Governance," Economic Studies journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 1, pages 88-115.
    • Handle: RePEc:bas:econst:y:2014:i:1:p:88-115
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    References listed on IDEAS

    as
    1. MORIKAWA Masayuki, 2012. "Stock Options and Productivity (Japanese)," Discussion Papers (Japanese) 12002, Research Institute of Economy, Trade and Industry (RIETI).
    2. MORIKAWA Masayuki, 2012. "Stock Options and Productivity: An empirical analysis of Japanese firms," Discussion papers 12011, Research Institute of Economy, Trade and Industry (RIETI).
    3. Masao Nakamura, 2011. "Adoption and policy implications of Japan’s new corporate governance practices after the reform," Asia Pacific Journal of Management, Springer, vol. 28(1), pages 187-213, March.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    JEL classification:

    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • M12 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Personnel Management; Executives; Executive Compensation

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