Corporate Governance in the 21st Century

Corporate Governance in the 21st Century

Japan’s Gradual Transformation

Corporations, Globalisation and the Law series

Edited by Luke Nottage, Leon Wolff and Kent Anderson

The ‘lost decade’ of economic stagnation in Japan during the 1990s has become a ‘found decade’ for regulatory and institutional reform. Nowhere is this more evident than in corporate law. In 2005, for example, a spate of reforms to the Commercial Code culminated in the new Company Act, a statute promising greater organisational flexibility and shareholder empowerment for Japanese corporations competing in a more globalised economy. But does this new law herald a more ‘Americanised’ system of corporate governance? Has Japan embraced shareholder primacy over its traditional loyalty to other key stakeholders such as ‘main banks’, core employees, and partners within diffuse corporate (keiretsu) groups? This book argues that a more complex ‘gradual transformation’ is unfolding in Japan – a process evident in many other post-industrial economies.

Abbreviations

Edited by Luke Nottage, Leon Wolff and Kent Anderson

Subjects: asian studies, asian business, asian law, business and management, asia business, international business, law - academic, asian law, corporate law and governance

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