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Corporate governance in Japan: Past performance and future prospects

Опубликовано на портале: 15-12-2002
Oxford Review of Economic Policy. .  Vol. 16. No. 2. P. 74-84. 
Much has been written about the Japanese model of corporate governance. This article describes the evolution of corporate governance in Japan since the Second World War, and surveys the empirical evidence on its performance. Although there is substantial evidence on the effectiveness of the Japanese system, there is also evidence on its significant shortcomings. The article also evaluates the effects of the current macroeconomic and banking crises on corporate governance in Japan, and suggests possible directions for future changes, which are likely to make Japan more similar to the U.S. in this respect.