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Corporate Governance Convergence in Japan

In: The Convergence of Corporate Governance

Author

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  • Christina L. Ahmadjian

Abstract

Corporate governance in post-war Japan contrasted sharply with the Anglo-American system. Insiders dominated boards of directors. Main banks, business partners, and other friendly shareholders held shares of publicly traded firms, protecting them from the threat of hostile takeover. Firms relied on close and long-term relationships with main banks for financing. Corporate executives strove to balance the needs and demands of employees, suppliers, buyers, customers and sodety, and saw the company as a community — rather than a means to maximize shareholder value (Dore, 2000; Learmount, 2002; Schaede, 1994). It is not that firms ignored their shareholders; rather, share-holders were buyers, suppliers, banks, and other long-term partners, interested in the long-term health of the firm rather than short-term investment gains.

Suggested Citation

  • Christina L. Ahmadjian, 2012. "Corporate Governance Convergence in Japan," Palgrave Macmillan Books, in: Abdul A. Rasheed & Toru Yoshikawa (ed.), The Convergence of Corporate Governance, chapter 6, pages 117-136, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-02956-0_6
    DOI: 10.1057/9781137029560_6
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    Cited by:

    1. Okamoto, Noriaki, 2022. "Financialisation in the context of cross-shareholding in Japan: the performative pursuit of better corporate governance," LSE Research Online Documents on Economics 117994, London School of Economics and Political Science, LSE Library.
    2. Noriaki Okamoto, 2024. "Financialisation in the context of cross-shareholding in Japan: The performative pursuit of better corporate governance," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 28(1), pages 337-357, March.

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