The financial system and corporate governance in Japan

Material type: 文書・図像類

Author: 岡部, 光明

Publisher: 慶應義塾大学大学院政策・メディア研究科

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Material Format: Digital

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Note (General)：: type:textCorporations may be said to be engines of any market economy and their proper behavior is a key to economic, hence human, security. This pape...

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Material Type: 文書・図像類
Title: The financial system and corporate governance in Japan
Author/Editor: 岡部, 光明
Author Heading: 岡部, 光明
Publication, Distribution, etc.: 慶應義塾大学大学院政策・メディア研究科
Periodical title: 総合政策学ワーキングペーパーシリーズ
No. or year of volume/issue: 17
Volume: 17
ISSN (Periodical Title): ISSN : 1348-8317
Text Language Code: eng
Subject Heading: Japanese firm,main bank,cross shareholding,institutional investors,product innovation
Target Audience: 一般
Note (General): type:text
Corporations may be said to be engines of any market economy and their proper behavior is a key to economic, hence human, security. This paper argues that one of the most important causes for the prolonged period of recessions of the Japanese economy in the 1990's is deeply rooted in the long-established financial structure of the economy and in the closely related issue of corporate governance. Although Japanese corporations have been traditionally understood that their activities are monitored and governed by "main banks," this framework has been changing over the last 10-15 years toward corporate governance driven by pressure from capital markets. This change has been necessitated by: (a) less need on the part of corporations to rely on banks in acquiring funds, (b) ongoing dissolution of cross shareholdings, (3) an increasing importance for the role of institutional investors, and (4) innovations in information and communication technologies. The change may be regarded as being one from "process innovation" toward a system conducive to "product innovation;" hence a desirable shift. There remain, however, a number of policy tasks, such as institutional improvement in securities investment trusts and the need to better define the role of institutional investors.
The 21st century center of excellence program "Policy innovation initiative: human security research in Japan and Asia"
Access Restrictions: 限定公開
Data Provider (Database): 国立情報学研究所 : 学術機関リポジトリデータベース（IRDB）（機関リポジトリ）
https://irdb.nii.ac.jp
Original Data Provider (Database): 慶應義塾大学 : 慶應義塾大学学術情報リポジトリ