Japan's Gradual Transformation in Corporate Governance

21 Pages Posted: 19 Apr 2008

See all articles by Luke R. Nottage

Luke R. Nottage

The University of Sydney Law School; The University of Sydney - Australian Network for Japanese Law

Leon Wolff

Queensland University of Technology - Faculty of Law

Kent Anderson

The University of Western Australia

Date Written: April 2008

Abstract

Japan has recovered from a 'lost decade' of economic stagnation over the 1990s. Anyway, it has been a 'found decade' for civil and criminal justice law reform, especially in corporate and securities law. Yet, have liberalisation and globalisation in those fields led to major changes in the 'law in action'? Does this represent 'Americanisation' of Japan's corporate governance system, focusing on shareholders rather than other key stakeholders such as 'main banks', core employees, and partners within diffuse corporate groups (keiretsu)? This version of our introductory chapter explains how our forthcoming book argues for a more complex 'gradual transformation'. Such shifts are also found in many other post-industrial economies, but Japan appears to give greater emphasis to certain modes of achieving change. The book brings together contributions from academics and practitioners from Japan, Australia, New Zealand, Canada and the United States. An early chapter introduces methodology for effective cross-country comparisons and for evaluating the burgeoning but divergent literature on Japanese corporate governance. The concluding chapter compares continuities and changes in Japan's largest companies now and two decades ago. Other chapters cover 'lifelong employment', main banks, the untold story of closely-held companies, the limited uptake of the Committee-based governance form, and the procedural, substantive and FDI policy dimensions of takeovers law and practice.

Keywords: Corporate governance, corporate law, securities regulation, Japanese law, Asian law, comparative law

JEL Classification: G38, G30, K22, K10, K30

Suggested Citation

Nottage, Luke R. and Wolff, Leon and Anderson, Kent, Japan's Gradual Transformation in Corporate Governance (April 2008). Sydney Law School Research Paper No. 08/29; ANU College of Law Research Paper No. 08-03. Available at SSRN: https://ssrn.com/abstract=1121510 or http://dx.doi.org/10.2139/ssrn.1121510

Luke R. Nottage (Contact Author)

The University of Sydney Law School ( email )

New Law Building, F10
The University of Sydney
Sydney, NSW 2006
Australia

The University of Sydney - Australian Network for Japanese Law

Room 640, Building F10, Eastern Avenue
Sydney, NSW 2006
Australia

Leon Wolff

Queensland University of Technology - Faculty of Law ( email )

Level 4, C Block Gardens Point
2 George St
Brisbane, QLD 4000
Australia
+617 3138 5210 (Phone)

Kent Anderson

The University of Western Australia ( email )

35 Stirling Highway
Crawley, Western Australia 6009
AUSTRALIA

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