abhandlungen

Where Are We Going?: The Process of Change
in Japanese Corporate Governance

Toshiko Igarashi^*

 

I.     Introduction: Where are we going?

1.   The current corporate governance debate

2.   Traditional Japanese corporate governance model and its troubles

3.   The change of Japanese corporate governance and its implication

II.    Is Japanese corporate governance changing?

1.   The methodology of the analysis

2.   The change of Japanese corporate governance

III.   The process of the change in Japanese corporate governance

1.   Patterns of the change in Japanese corporate governance

2.   The role of legal and regulatory reform

IV.   Conclusion

1.   Implication for institutional change

2.   Implication for current corporate governance debate

3.   “Where Are We Going?”: the future of Japanese corporate governance

V.    Appendix: List of Major Surveys Examined in the Paper

 

I.     Introduction: Where are we going?

1.    The current corporate governance debate

“Where Do We Come From? What Are We? Where Are We Going?”

^[1] – This title of Paul Gauguin’s painting at Boston’s Museum of Fine Arts coincidentally represents the current research questions on corporate governance.

“Where Do We Come From?” – Since the late 1990s, this question has been attract­ing attention as La Porta et al.

 presented a new view that legal origins and the degree of investor protection might influence the corporate governance.^[2] Yet debates over which factor affects corporate governance are still ongoing. Roe argues that the degree of social democracy might matter more in rich countries and explains why good law may

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