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Books > Law > Laws of other jurisdictions & general law > Financial, taxation, commercial, industrial law > Company law
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Corporate Governance and Managerial Reform in Japan (Hardcover, New)
Loot Price: R3,795
Discovery Miles 37 950
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Corporate Governance and Managerial Reform in Japan (Hardcover, New)
Expected to ship within 12 - 19 working days
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Japanese corporate governance and managerial practice is at a
critical juncture. At the start of the decade pressures mounted for
Japan to move to a shareholder-value driven, "Anglo-American"
system of corporate governance. Subsequent changes, however, may be
seen as an adjustment and renewal of the post-war model of the
Japanese firm. In adapting to global corporate governance
standards, Japanese managers have also been reshaping them
according to their own agenda of reform and restructuring of
decision-making processes.
The board's role is seen in terms of strategic planning rather than
monitoring, and external directors are viewed as advisers, not as
representatives of the shareholders. Managers have adopted a
variety of defences against hostile takeovers, including poison
pills in some cases. Although shareholder influence is more
extensive than it was, central aspects of the Japanese "community
firm" remain in place. The commitment to stable or "lifetime"
employment for a core of employees, although coming under severe
pressure, is still an important point of reference for Japanese
management.
Corporate Governance and Managerial Reform in Japan is based on
detailed and intensive field work in large Japanese companies and
interviews with investors, civil servants, and policy makers in the
period following the adoption of significant corporate law reforms
in the early 2000s up to the months just before the global
financial crisis of 2008. The Japanese experience suggests that
there are limits to the global convergence of company law systems,
and that the widespread association of Anglo-American practices
with the "modernization" of corporate governance has been
misplaced. This conclusion is unlikely to be altered--it may be
reinforced--by reactions to the financial crisis.
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