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Erschienen in:
Financial Management Under Uncertainty: An Introduction Kapitel lesen Erstes Kapitel lesen

2023 | OriginalPaper | Buchkapitel

Corporate Governance and Corporate Performance: Case Study Japan

verfasst von : Clemens Kustner, Silke Waterstraat

Erschienen in: Finance in Crises

Verlag: Springer Nature Switzerland

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Abstract

After the bursting of the stock market bubble at the end of the 1980s Japan began to comprehensively reform its corporate governance system. Modernising Japan’s corporate governance system was seen as one of the key levers to making Japanese companies more profitable, faster growing and less risk-prone, with the overarching goal of revitalising the Japanese economy in the long term.
The first phase of the reform lost some of its momentum in the wake of the great financial crisis that broke out in 2008. Prime Minister Abe then pushed the reform process forward again with vehemence from 2012 onwards. Abe’s reform efforts encompassed several elements, such as the reform of company law and the introduction of a corporate governance code and a stewardship code. At the same time, the Tokyo Stock Exchange has influenced the corporate governance of Japanese companies through its listing rules.
From a regulatory perspective, the Japanese corporate governance system can be described as modern and efficient. However, corporate practice often lags behind. The Fujitec case study at the end of this chapter shows two things: first, how lacking the actual practice of corporate governance can be despite good rules. Second, it shows how determined shareholders today have the power to protect their interests and ensure that Japan’s modern corporate governance rules are brought to life, to the benefit of employees, shareholders and the Japanese economy as a whole.

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Vorheriges Kapitel Internal Control System (ICS) in Times of Crises: Theoretical and Practical Approaches—The Proactive and Reactive Role of the ICS in Switzerland
Nächstes Kapitel Controlling of the Circular Economy
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Metadaten
Titel
Corporate Governance and Corporate Performance: Case Study Japan
verfasst von
Clemens Kustner
Silke Waterstraat
Copyright-Jahr
2023
Buch
Finance in Crises

Print ISBN: 978-3-031-48070-6

Electronic ISBN: 978-3-031-48071-3

Copyright-Jahr: 2023

DOI
https://doi.org/10.1007/978-3-031-48071-3_7