Revitalisation of the Japanese economy: a corporate governance perspective
by Aleksandar Sevic, Zeljko Sevic
International Journal of Monetary Economics and Finance (IJMEF), Vol. 1, No. 1, 2007

Abstract: This study examines Japanese restructuring agendas from a corporate governance perspective. The initial analysis of bank-based and market-based systems sets the cornerstone for system convergence, followed by the discussion on bad-debt problems, managerial group entrenchments, unclear monitoring relationships and recent mergers and acquisitions waves. Following La Porta et al. (1998) legal system comparison methodology we conclude that Japan has a good legal framework, but norms, deeply embedded in business practices, obstruct the enforcement. Finally, the comparison across markets, legal and accounting systems provides the general scheme for the functioning of any Japanese company, be it located in Japan or elsewhere.

Online publication date: Sun, 02-Dec-2007

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