Author: Takeo Hoshi
Publisher: MIT Press
ISBN: 9780262582483
Category : Business & Economics
Languages : en
Pages : 386
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Book Description
In this book, Takeo Hoshi and Anil Kashyap examine the history of the Japanese financial system, from its nineteenth-century beginnings through the collapse of the 1990s that concluded with sweeping reforms. Combining financial theory with new data and original case studies, they show why the Japanese financial system developed as it did and how its history affects its ongoing evolution. The authors describe four major periods within Japan's financial history and speculate on the fifth, into which Japan is now moving. Throughout, they focus on four questions: How do households hold their savings? How is business financing provided? What range of services do banks provide? And what is the nature and extent of bank involvement in the management of firms? The answers provide a framework for analyzing the history of the past 150 years, as well as implications of the just-completed reforms known as the "Japanese Big Bang." Hoshi and Kashyap show that the largely successful era of bank dominance in postwar Japan is over, largely because deregulation has exposed the banks to competition from capital markets and foreign competitors. The banks are destined to shrink as households change their savings patterns and their customers continue to migrate to new funding sources. Securities markets are set to re-emerge as central to corporate finance and governance.
Author: Takeo Hoshi
Publisher: MIT Press
ISBN: 0262582481
Category : Business & Economics
Languages : en
Pages : 379
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Book Description
In this book, Takeo Hoshi and Anil Kashyap examine the history of the Japanese financial system, from its nineteenth-century beginnings through the collapse of the 1990s that concluded with sweeping reforms. Combining financial theory with new data and original case studies, they show why the Japanese financial system developed as it did and how its history affects its ongoing evolution. The authors describe four major periods within Japan's financial history and speculate on the fifth, into which Japan is now moving. Throughout, they focus on four questions: How do households hold their savings? How is business financing provided? What range of services do banks provide? And what is the nature and extent of bank involvement in the management of firms? The answers provide a framework for analyzing the history of the past 150 years, as well as implications of the just-completed reforms known as the "Japanese Big Bang." Hoshi and Kashyap show that the largely successful era of bank dominance in postwar Japan is over, largely because deregulation has exposed the banks to competition from capital markets and foreign competitors. The banks are destined to shrink as households change their savings patterns and their customers continue to migrate to new funding sources. Securities markets are set to re-emerge as central to corporate finance and governance.
Author: Masahiko Aoki
Publisher: OUP Oxford
ISBN: 0191536385
Category : Business & Economics
Languages : en
Pages : 468
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Book Description
Debates regarding corporate governance have become increasingly important in Japan as the post-war model of bank-based, stakeholder-oriented corporate governance faces the new pressures associated with globalization and growing investor demands for shareholder value. Bringing together a group of leading scholars from economics, law, sociology and management studies, this book looks at how the Japanese approach to corporate governance and the firm have changed in the post-bubble era. The contributions offer a unique empirical exploration of why and how Japanese firms are reshaping their corporate governance arrangements, leading to greater diversity among firms and new 'hybrid' forms of corporate governance. The book concludes by looking at what effect these incremental but transformative changes may have on Japan's distinctive variety of capitalism.
Author: Megumi Suto
Publisher: Springer
ISBN: 9811089868
Category : Business & Economics
Languages : en
Pages : 240
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Book Description
This book explores the linkages between the evolution of corporate social responsibility (CSR) and corporate financing and governance in Japan since the late 2000s. Since the 1990s, increasing economic and financial globalization has steadily eroded the Japanese style of business based on relationships and influenced the awareness and practices of CSR that are unique to Japanese companies. In Japan’s two “lost decades” after the bubble economy, the business model and corporate financing seem to have continued a gradual financial reform toward a more market-oriented system. CSR awareness and practices of Japanese companies have been influenced by social and environmental issues that global society and communities face. Furthermore, the Fukushima nuclear accident in 2011 triggered increasing attention paid to the responsibility of business toward society. In this process, major players in corporate governance and components of governance structure have continued to change. The conventional view of Japanese corporate governance and corporate finance is too narrow to understand this field in Japan. This book is based on empirical research to investigate how multifaceted CSR has aligned with business and finance and has influenced the corporate governance structure of Japanese companies. The findings and discussions in this book act are stepping stones in further research on the linkages between business and society, and provide empirical evidence on changes in Japanese corporate finance and governance.
Author: Mitsura Misawa
Publisher: Hong Kong University Press
ISBN: 9622098916
Category : Business & Economics
Languages : en
Pages : 193
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Book Description
While Japan's export-oriented economy has been advancing with astounding speed, significant differences remain between the management philosophy and techniques used within Japanese companies and those used in the West. These include the significant differences in the use of capital budgeting techniques, economic and political assessment of projects, decision-making styles, and techniques of corporate governance.
Author: M. Nakamura
Publisher: Springer
ISBN: 0230512283
Category : Business & Economics
Languages : en
Pages : 417
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Book Description
Emerging from ten years of post-bubble recession, the Japanese business and economic system will need to enter a period of radical restructuring in order to return to the growth of former years and maintain its influential position in the development of new technologies. Japan's choices for the future will have a major impact on its global trading partners. In this edited collection of papers, an international range of contributors discuss the fundamental issues faced by the Japanese business and economic system from historical, analytical and empirical perspectives. Their conclusions combine to present a view of the path Japan should take to restore its economy to optimal growth in the 21st century, and show how this path will affect global markets.
Author: Randall K. Morck
Publisher: University of Chicago Press
ISBN: 0226536831
Category : Business & Economics
Languages : en
Pages : 700
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Book Description
For many Americans, capitalism is a dynamic engine of prosperity that rewards the bold, the daring, and the hardworking. But to many outside the United States, capitalism seems like an initiative that serves only to concentrate power and wealth in the hands of a few hereditary oligarchies. As A History of Corporate Governance around the World shows, neither conception is wrong. In this volume, some of the brightest minds in the field of economics present new empirical research that suggests that each side of the debate has something to offer the other. Free enterprise and well-developed financial systems are proven to produce growth in those countries that have them. But research also suggests that in some other capitalist countries, arrangements truly do concentrate corporate ownership in the hands of a few wealthy families. A History of Corporate Governance around the World provides historical studies of the patterns of corporate governance in several countries-including the large industrial economies of Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States; larger developing economies like China and India; and alternative models like those of the Netherlands and Sweden.
Author: T. Inagami
Publisher: Cambridge University Press
ISBN: 9781139442930
Category : Business & Economics
Languages : en
Pages : 302
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Book Description
After sweeping all before it in the 1980s, 'Japanese management' ran into trouble in the 1990s, especially in the high-tech industries, prompting many to declare it had outlived its usefulness. From the late 1990s leading companies embarked on wide-ranging reforms designed to restore their entrepreneurial vigour. For some, this spelled the end of Japanese management; for others, little had changed. From the perspective of the community firm, Inagami and Whittaker examine changes to employment practices, corporate governance and management priorities, in this 2005 book, drawing on a rich combination of survey data and an in-depth study of Hitachi, Japan's leading general electric company and enterprise group. They find change and continuity, the emergence of a 'reformed model', but not the demise of the community firm. The model addresses both economic vitality and social fairness, within limits. This book offers unique insights into changes in Japanese management, corporations and society.
Author: Yves Tiberghien
Publisher: Cornell University Press
ISBN: 0801462444
Category : Political Science
Languages : en
Pages : 280
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Book Description
In Entrepreneurial States, an innovative examination of the comparative politics of reform in stakeholder systems, Yves Tiberghien analyzes the modern partnership between the state and global capital in attaining structural domestic change. The emergence of a powerful global equity market has altered incentives for the state and presented political leaders with a "golden bargain"—the infusion of abundant and cheap capital into domestic stock markets in exchange for reform of corporate governance and other regulatory changes. Drawing on extensive archival research and interviews with policy and corporate elites in Europe and East Asia, Tiberghien asks why states such as Korea and France have embraced this opportunity and engaged in far-reaching reforms to make their companies more attractive to foreign capital, whereas Japan and Germany have moved forward much more grudgingly. Interest groups and electoral institutions have their impacts, but by tracing the unfolding dynamic of reform under different constraints, Tiberghien shows that the role of political entrepreneurs is critical. Such policy elites act as mediators between global forces and national constraints. As risk takers and bargain builders, Tiberghien finds, they use corporate reform to reshape their political parties and to stake out new policy ground. The degree of political autonomy available to them and the domestic organization of bureaucratic responsibility determine their ability to succeed.
Author: Takatoshi Ito
Publisher: University of Chicago Press
ISBN: 0226386961
Category : Business & Economics
Languages : en
Pages : 483
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Book Description
Over the last twenty-five years, there has been an acceleration in the move from government regulation towards privatization. Governance, Regulation, and Privatization in the Asia-Pacific Region is the first thoroughgoing account of the relative success of the different approaches to privatization as undertaken in Korea, China, Australia, and Japan. In most contexts, privatization is expected to yield greater efficiency and cost effectiveness while avoiding the corruption and bloated budgets of government regulation or monopoly control. But broad-scale privatization, if ill designed, has also yielded its share of difficulties in East Asia. Privatization sometimes has created a vacuum in corporate governance for some of the region's most important industries and in some cases merely reinstated the monopoly-like configurations. The papers presented in this book discuss the experiences of privatization in several industries, including railroad and telecom, corporate governance problems, accounting issues, and challenges for the future in East Asian countries. The first section is theoretical in nature and proposes boundaries among government protection, market freedom, and shareholder expectations. The second part is constituted by country case studies, beginning with an analysis of both the Korean financial crisis that followed its 1997 law to privatize large, public sector corporations and the new ways Korean corporations finance themselves. Following is an evaluation of China's approach to privatization, with an in-depth look at the financial transitions of companies slated for initial public offering. Providing provocative examples of the methods of privatization in the Asia-Pacific region specifically, these papers will be of huge import to any economist or policymaker interested in transposing those successes for their own region.
