Overview

By examining several key variables concerning corporate governance, Miyajima and Arikawa examine the evolutionary process of corporate governance arrangements in Japan from the 2000s to the early 2020s. Japanese corporate governance has become more market-oriented and this book illustrates the impact of the change on corporate behavior including business diversification, restructuring, and corporate misconduct. This volume looks at how Japanese firms have evolved from cross-shareholding between firms and banks to a more shareholder-oriented system, with an expanding role for outside directors and, more importantly, large holdings by institutional shareholders (including activist and buyout funds). The notion of hybridization, which is one of the key concepts of this book, enhances the understanding of the evolution of corporate governance in Japan. As financial markets continue to globalize and institutional shareholders gain influence, firms in in civil law jurisdictions or coordinated market economies may find the book’s discussion of hybridization of interest. An essential read for scholars in finance, management and organization as well as market participants and lawyers who wish to understand the current Japanese economy from a practical perspective.

Full Product Details

Author:   Hideaki Miyajima ,  Yasuhiro Arikawa
Publisher:   Taylor & Francis Ltd
Imprint:   Routledge
Weight:   0.750kg
ISBN:  

9781032912905

ISBN 10:   1032912901
Pages:   308
Publication Date:   28 November 2025
Audience:   College/higher education ,  Professional and scholarly ,  Postgraduate, Research & Scholarly ,  Professional & Vocational
Format:   Hardback
Publisher's Status:   Active
Availability:   Not yet available  
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Table of Contents

Contents Contributors Preface: Hideaki Miyajima and Yasuhiro Arikawa Chapter 1: Overview of the Evolution of Corporate Governance: The Impact of Reforms and the Future of Japanese Firms Yasuhiro Arikawa, Hideaki Miyajima, and Takuji Saito Chapter 2: The Bank–Firm Relationship after the Creation of Megabanks Yasuhiro Arikawa, Hideaki Miyajima, and Ryo Ogawa Chapter 3: Convergence or Emerging Diversity? Understanding the Impact of Foreign Investors on Corporate Governance in Japan. Hideaki Miyajima and Ryo Ogawa Chapter 4: Employee Ownership in Japan. Takao Kato, Hideaki Miyajima, and Hideo Owan Chapter 5: Current State and Analysis of Corporate Governance Reform in Japan —How the “Comply or Explain” Rule Can and Has Changed the Board of Directors System Wataru Tanaka Chapter 6: Board Evolution in Japan in the Last Twenty Years Thanh Thi Phuong Nguyen, Katsuyuki Kubo, and Hanh Minh Thai Chapter 7: The Effects of Opening up All-insider Boards on Firm Value and CSR: A Study from Japan. Mariko Yasu Chapter 8: Empirical Analysis of Public-to-Private Management Buyouts of Japanese Companies. Takashi Saito, Takuya Kawanishi, and Shinya Kawamoto Chapter 9: Private Debt Restructuring and Alternative Dispute Resolution in Japan Sumio Saruyama and Xu Peng Chapter 10: Have Large Firms in Japan Become More Likely to Have Fewer Employees? Katsuyuki Kubo Chapter 11: Agency Hazards and the Value of Corporate Diversification in Japan. Tatsuo Ushijima Chapter 12: Corporate Governance and Financial Misconduct: Is Corporate Governance Reform Effective？ Hidetaka Aoki Chapter 13: Impact of Organizational Culture on Corporate Fraud: A Quantitative Empirical Analysis using Text Mining of Corporate Philosophy Yoshimi Shibano Chapter 14: Corporate Social Responsibility in Context: A Comparative Perspective on Japan Gregory Jackson and Julia Bartosch Chapter 15: ESG Investment and Its Impact on Japanese Companies Naoko Nemoto Chapter 16: Corporate Governance, Employment, and Financial Performance of Japanese firms: A Cross-Country Analysis. Yasuhiro Arikawa, Kotaro Inoue, and Takuji Saito

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Author Information

Hideaki Miyajima is a Professor at Faculty of Commerce, Waseda University and a Faculty Fellow at the Researc Institute of Economy, Trade, and Industry. His work appeared in the Review of Financial Studies and Journal of Banking and Finance. He published several edited volumes such as Corporate Governance in Japan. Yasuhiro Arikawa is an Associate Professor at the Faculty of Commerce, Waseda University. His research has been published in academic journals such as the Journal of Banking and Finance.

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