Corporate Governance in Japan and the UK: Codes, Theory and Practice

17 Pages Posted: 21 Dec 2009

See all articles by Mitsuru Mizuno

Mitsuru Mizuno

Nihon University - Graduate School of Business

Isaac T. Tabner

University of Stirling - Accounting and Finance Division

Abstract

We reflect on the evolution of corporate governance and the role of institutional investors in enhancing governance in Japan and the UK. Japan places emphasis on stakeholder capitalism, whereas the UK places emphasis on shareholder capitalism. Nonetheless, in both countries, institutional investors have exerted significant influence on the evolution of corporate governance. Institutional investors in the UK have more power over company management than their Japanese counterparts, although it is alleged that these powers are not exercised to their best potential in either country.

Suggested Citation

Mizuno, Mitsuru and Tabner, Isaac T., Corporate Governance in Japan and the UK: Codes, Theory and Practice. Pacific Economic Review, Vol. 14, Issue 5, pp. 622-638, December 2009. Available at SSRN: https://ssrn.com/abstract=1525078 or http://dx.doi.org/10.1111/j.1468-0106.2009.00472.x

Mitsuru Mizuno

Nihon University - Graduate School of Business ( email )

Kudanminami 4-8-24
Chiyoda-ku
Tokyo 102-8275
Japan

Isaac T. Tabner

University of Stirling - Accounting and Finance Division ( email )

Accounting and Finance Division
University of Stirling
Stirling FK9 4LA, Scotland
United Kingdom
44 (0) 1786 467305 (Phone)
44 (0) 1786 467308 (Fax)

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