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A Vacuum of Governance in Japanese Bank Management

In: Banking, Capital Markets and Corporate Governance

Author

Listed:
  • Masaharu Hanazaki
  • Akiyoshi Horiuchi

Abstract

This paper overviews the bank crisis Japan has faced since the early 1990s. Undeniably, the current bank crisis is the aftermath of the financial overexpansion that occurred in the late 1980s. However, this paper focuses on the issues related to managerial governance in the banking sector. We propose a hypothesis that there has existed a vacuum of governance in Japanese bank management in the sense that bank managers have enjoyed wide latitude. This hypothesis of the governance vacuum will explain why the bank crisis has been so serious and so protracted.

Suggested Citation

  • Masaharu Hanazaki & Akiyoshi Horiuchi, 2001. "A Vacuum of Governance in Japanese Bank Management," Palgrave Macmillan Books, in: Hiroshi Osano & Toshiaki Tachibanaki (ed.), Banking, Capital Markets and Corporate Governance, chapter 6, pages 133-180, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-28814-0_6
    DOI: 10.1057/9780230288140_6
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    Cited by:

    1. Hanazaki, Masaharu & 花崎, 正晴 & ハナザキ, マサハル & Horiuchi, Akiyoshi & 堀内, 昭義 & ホリウチ, アキヨシ, 2001. "Can the Financial Restraint Hypothesis Explain Japan's Postwar Experience?," CEI Working Paper Series 2001-12, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University.
    2. Hanazaki, Masaharu & Horiuchi, Akiyoshi, 2003. "A review of Japan's bank crisis from the governance perspective," Pacific-Basin Finance Journal, Elsevier, vol. 11(3), pages 305-325, July.
    3. Nakamura, Jun-ichi, 2023. "A 50-year history of “zombie firms” in Japan: How banks and shareholders have been involved in corporate bailouts?," Japan and the World Economy, Elsevier, vol. 66(C).
    4. Masaharu Hanazaki & Akiyoshi Horiuchi, 2001. "Can the Financial Restraint Hypothesis Explain Japan's Postwar Experience?," CIRJE F-Series CIRJE-F-130, CIRJE, Faculty of Economics, University of Tokyo.

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