Programs: Special Research

Frontiers of Analysis on Corporate Governance: Risk-taking and Corporate Governance

Project Leader/Sub-Leader


MIYAJIMA Hideaki (Faculty Fellow)



There are increasing concerns about corporate governance in Japan as a part of the growth strategy of "Abenomics." This project aims to examine new corporate governance arrangements that could encourage the further growth of Japanese firms. In this project, we continue to consider the diversified corporate governance arrangement in Japanese firms that has been emphasized through our previous works. The comparative approach with the United States, the United Kingdom, as well as continental European and Asian business groups is also introduced into the analysis. Furthermore, we carefully take into account the inter-relationship among the ownership, governance arrangements, corporate policies, and their performance. In designing the new governance arrangement, we consider the right balance between the shareholders' and other stakeholders' interests. From these aspects, we address: 1) the governance arrangement and financial system that enable firms to take higher risks, 2) the appropriate ownership and board structure that uphold the commitment of long-term shareholders and other stakeholders, and 3) the relationship between governance arrangements and the distribution of firm performances through cross-country comparison.

April 1, 2015 - September 30, 2016

Major Research Results


RIETI Discussion Papers


RIETI Discussion Papers