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Changing the Rules of the Game : The Reform of Corporate Governance in Japan

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  • MARTIN SCHULZ

Abstract

Governance in Japan is moving from a system of stable "insider" relations to a more flexible model of market-based "outsider" or shareholder participation and control. This transformation remains costly and time consuming. But major changes in the commercial code, the bankruptcy code, accounting rules, shareholder structures, and labor market contracts have already shifted the "rules of the game" towards a more open market economy. It is now necessary to enforce the implementation of these governance reforms by keeping a strong focus on transparency at every level, and by pushing the swift progress of the "accounting big bang" and the privatization of the postal savings system.

Suggested Citation

  • Martin Schulz, 2004. "Changing the Rules of the Game : The Reform of Corporate Governance in Japan," Japanese Economy, Taylor & Francis Journals, vol. 32(1), pages 87-131.
    • Handle: RePEc:mes:jpneco:v:32:y:2004:i:1:p:87-131
    DOI: 10.1080/2329194X.2004.11045186
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    Cited by:

    1. Yonekura, Akira & Gallhofer, Sonja & Haslam, Jim, 2012. "Accounting disclosure, corporate governance and the battle for markets: The case of trade negotiations between Japan and the U.S," CRITICAL PERSPECTIVES ON ACCOUNTING, Elsevier, vol. 23(4), pages 312-331.

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