Overview
2009 - 2010
This project aims to examine the most urgent and crucial issues on corporate governance in Japanese firms. In this project, we will primarily focus on the causes and effects of increasing foreign institutional shareholders and the unwinding of cross shareholding; redesigning a contingent governance structure following the collapse of the main bank system; clarifying the complementary or substitutional relationship between internal governance and external governance; the control over business units or subsidiaries following the introduction of the holding company system; the regulation of financial institutions; and the theoretical reexamination of the complementarity of the various subsystems involved in corporate governance. By examining these topics, we expect to comprehensively clarify corporate governance in Japan, which is now characterized as the hybridization or rather combination of two different modes of relationships, namely, market-based governance and relationship-based organizational structures. In this project, we also try to address the impact of the world financial crisis on the evolution of corporate governance in Japan. The research results of our team will be published by the end of spring 2011.
April 14, 2009 - March 31, 2011
Major Research Results
2010
RIETI Discussion Papers
- 11-E-013
"Debt, Ownership Structure, and R&D Investment: Evidence from Japan" (ARIKAWA Yasuhiro, KAWANISHI Takuya and MIYAJIMA Hideaki) - 11-J-011
"A Diversification of Ownership Structure and its Effect on Corporate Performance: Unwinding and resurgence of cross-shareholdings and the role of surging foreign investors" (MIYAJIMA Hideaki and NITTA Keisuke) - 10-J-057
"Business Unit Governance in Japan: Focusing on corporate boundaries and two-layer agency relationships" (AOKI Hideaki and MIYAJIMA Hideaki)
RIETI Policy Discussion Papers
2009
RIETI Discussion Papers
- 10-E-014
"Stakeholder-Oriented Corporate Governance and Firm-Specific Human Capital: Wage analysis of employer-employee matched data" (ODAKI Kazuhiko and KODAMA Naomi) - 09-E-039
"Equity Markets and Institutions: The case of Japan" (Julian FRANKS, Colin MAYER and MIYAJIMA Hideaki) - 09-J-023
"Main Bank Relationships in Japan: From monitoring to risk hedging" (HIROTA Shinichi) - 09-J-017
"Pluralistic Evolution of the Japanese-Style Enterprise System: Toward the Hybrid Model" (MIYAJIMA Hideaki)