Corporate Governance and Law Reform in Japan: From the Lost Decade to the End of History?

Nottage, Luke; Wolff, Larry

doi:10.2139/ssrn.830005

Cited by 6 publications

(3 citation statements)

References 65 publications

(13 reference statements)

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“…This appears the case currently in particular for Japanese companies adopting management practices from the USA. This involves HRM (Matanle, 2003; Pudelko, 2004b, 2005b) but also, among others, corporate governance (Nottage and Wolff, 2005), corporate finance (Abegglen, 2005) and corporate strategy (Katz, 1998). Also German corporations seem to orient themselves towards American management practices in the area of HRM (Pudelko, 2004a) and elsewhere (Dore, 2000).…”

Section: Discussionmentioning

confidence: 99%

A comparison of HRM systems in the USA, Japan and Germany in their socio‐economic context

Pudelko

2006

Human Res Mgmt Journal

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This article provides a comparative analysis of the HR practices of American, Japanese and German companies. The starting point is an investigation of the managerial, economic, socio‐political and cultural contexts of the three HR systems. It will be demonstrated that the socio‐economic contextual factors of the American and Japanese HR systems are in many ways at opposite ends of the spectrum, with the German factors in between. Subsequently, the three HR systems themselves are analysed. The data show that the same pattern, USA and Japan at the extremes and Germany taking a middle position, is valid also for the HR systems. This suggests that the relevant socio‐economic context is highly pertinent for the establishment of an HR system. This outcome does not exclude either the integration of HR practices from a foreign HR model into the domestic one or standardisation efforts of HR practices of multinational companies, but confines the potential for cross‐cultural learning and standardisation to what is within the ‘fit’ of the relevant socio‐cultural context.

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Section: Discussionmentioning

confidence: 99%

A comparison of HRM systems in the USA, Japan and Germany in their socio‐economic context

Pudelko

2006

Human Res Mgmt Journal

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“…Fierce global competition and the increasing liberalisation of domestic markets are forcing corporations to align their governance structures along the lines of what is considered the optimum model. Others however, have strongly opposed this prediction, arguing equally convincingly that although changes to national laws may occur so that they resemble those in Anglo-American jurisdictions (indication of a formal convergence), factors such as culture, individual social and political histories and path dependence will prevent functional convergence from taking place (Hansmann and Kraakman, 2001;Gilson, 2001;Kelemen and Sibbitt, 2002;Shishido, 2004;Milhaput, 2003;Nottage and Wolff, 2005). Germany and Japan, which both ascribe to the ''stakeholder-oriented'' model of governance, are seen as deviating from the norm (the ''shareholder-oriented'' system being the baseline for comparison) (see Jackson and Moerke, 2005).…”

Section: Introductionmentioning

confidence: 99%

Current changes in labour management and industrial relations in Japan and their impact on its “stakeholder‐oriented” governance model

Miles

2007

Managerial Law

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Purpose -The purpose of this paper is to consider how recent changes in Japanese labour management and industrial relations are affecting its traditional ''stakeholder-oriented'' governance model, where special recognition was given to company employees. Design/methodology/approach -This paper critically analyses a range of recently published (2000)(2001)(2002)(2003)(2004)(2005)(2006) works on Japanese labour management and industrial relations with a view to predicting future trends in Japanese employment practices. Findings -The paper finds that Japanese firms are breaking with tradition and experimenting with Western style employment practices. Changes in such practices indicate a move away from the traditional model of governance. It may be that a hybrid model of governance is emerging. Originality/value -This paper fulfils an identified information/resources need and contributes to the study of recent changes and developments in corporate governance in South East Asian countries.

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“…This has been accompanied by Japanese corporate law norms with distinct parallels to Delaware law, especially regarding the use of defensive measures like "poison pills" in Japan's brave new world of occasional hostile takeovers {Milhaupt 2005a: 2175}. Because this package of reforms has relaxed many mandatory rules set out in Japan's Commercial Code, originally enacted in 1899 based primarily on German law {Baum and Takahashi 2005}, another growing perception is that Japanese corporate law and practice is or will soon be converging strongly on the US model {cf Nottage and Wolff 2005}. Nonetheless, assessments remain divided as to whether these moves in corporate governance and capitalism more generally in Japan amount to a new paradigm or "regime shift" {Pempel 1998}. Part I of this paper introduces and critically assesses often influential commentary primarily in English on contemporary Japanese developments.3 It identifies two pairs of views, stressing securities regulation in Japan, but those have also been considerable {Kelemen and Sibbitt 2002}.…”

Section: Introductionmentioning

confidence: 99%

Nothing New in the (North) East? Interpreting the Rhetoric and Reality of Japanese Corporate Governance

Nottage

2006

SSRN Journal

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Japan finally seems to be pulling itself out of its "lost decade" (and a half) of economic stagnation. Some grudgingly or triumphantly attribute this to micro-economic reforms, freeing up arthritic markets, although there is also evidence that macroeconomic policy failures have been a major cause of poor performance since the 1990s. Many point to overlapping transformations in corporate governance, broadly defined to cover relationships among managers and employees as well as between firms and outside shareholders, creditors, and other stakeholders. These relationships are in flux, with moves arguably favouring shareholders and more market-driven control mechanisms.

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Corporate Governance and Law Reform in Japan: From the Lost Decade to the End of History?

Cited by 6 publications

References 65 publications

A comparison of HRM systems in the USA, Japan and Germany in their socio‐economic context

A comparison of HRM systems in the USA, Japan and Germany in their socio‐economic context

Current changes in labour management and industrial relations in Japan and their impact on its “stakeholder‐oriented” governance model

Nothing New in the (North) East? Interpreting the Rhetoric and Reality of Japanese Corporate Governance

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