Corporate Governance, Risk, and Inequality in Japan and the United States
Sanford M. Jacoby
University of California, Los Angeles
These days, Americans seem to take their corporate governance model for granted. Shareholder interests are what matter. But this essay traces the history of corporate governance to show that such models change over time. And they are different in other nations, such as Japan. I argue that American-style corporate governance has resulted in wage inequality, risk shifting, and poor management. And financial reforms, despite the recent major scandals, have not gone far enough.
Number of Pages in PDF File: 17
Keywords: corporate governance, risk, inequality, japan, employees, managers
JEL Classification: E25, G34, G38, J30, K22, M51, N30, N80, P50
Date posted: January 26, 2005