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New Development in the Japanese Corporate Governance in the 1990s - The Role of Corporate Pension Funds

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  • Suto, Megumi

Abstract

In recent years, there has been a slow but steady change in ownership structures and corporate governance in Japan. As a result of economic stagnation, relations between companies characterised by cross-shareholdings and the main-bank system have become less rigid and institutional investors show increasing shareholder activism. This paper investigates the role of corporate pension funds in this process. Major trust banks and life insurance companies which act as trustees of pension funds are becoming more and more concerned with shareholder value. However, as will be demonstrated, this does not mean a transition from a relationship-oriented system to a pure market-based one. Instead, due to differences in the regulatory framework and schemes of corporate pension funds, but also due to differences in corporate relationships, there is rather a tendency towards convergence to a "communication-based" system with institutional investors taking the role of information intermediaries for their customers. In den letzten Jahren ist in Japan ein allmählicher stetiger Wandel in Besitzverhältnissen, Unternehmensführung und Managementkontrolle zu beobachten. Als Folge der Wirtschaftsrezession haben sich die Verbindungen zwischen großen Unternehmen, die durch Überkreuz-Aktienbesitz und eine starke Stellung der Banken bestimmt waren, gelockert und gerade institutionelle Investoren sind sich zunehmend ihrer Aktionärsrechte bewußt. Das Diskussionspapier untersucht die Rolle der Unternehmenspensionsfonds in diesem Prozeß. In Japan fungieren Treuhandbanken und Lebensversicherer als Treuhänder der Pensionsfonds. Sie schenken dem Shareholder Value zunehmend Aufmerksamkeit. Das bedeutet allerdings nicht, daß sich die japanische Wirtschaft von einem durch Beziehungen geregelten System zu einem reinen Marktsystem entwickeln wird. Stattdessen zeichnet sich ab, daß es hier zu einer Art "Kommunikationssystem" kommen wird, in dem den institutionellen Investoren vor allem eine Informationsvermittlungsrolle zukommt.

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  • Suto, Megumi, 2000. "New Development in the Japanese Corporate Governance in the 1990s - The Role of Corporate Pension Funds," Discussion Paper Series 26220, Hamburg Institute of International Economics.
    • Handle: RePEc:ags:hwwadp:26220
    DOI: 10.22004/ag.econ.26220
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    References listed on IDEAS

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    Cited by:

    1. Reszat, Beate, 2000. "Evolution, Spatial Self-Organisation and Path Dependence: Tokyo's Role as an International Financial Center," Discussion Paper Series 26371, Hamburg Institute of International Economics.
    2. Reszat, Beate, 2000. "Evolution, spatial selforganisation and path dependence: Tokyo's role as an international financial center," HWWA Discussion Papers 93, Hamburg Institute of International Economics (HWWA).
    3. Manow, Philip, 2001. "Globalization, corporate finance, and coordinated capitalism: Pension finance in Germany and Japan," MPIfG Working Paper 01/5, Max Planck Institute for the Study of Societies.

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