By Simon Learmount
ISBN-10: 0199252912
ISBN-13: 9780199252916
This booklet explores present pondering on company governance in terms of an empirical exam of the governance practices of fourteen jap businesses. The research is established round 4 crucial subject matters, specifically the position of shareholders, the position of the most financial institution, the position of staff, and the function of senior administration within the governance of those businesses. The publication means that a process of reciprocal tasks, responsibilities, and belief inside of and among businesses act as a major skill wherein such a lot eastern businesses are ruled.
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Additional info for Corporate Governance: What Can Be Learned from Japan?
Example text
5. 5 Source: Toyo Keizai Kigyo Keiretsu Soran, quoted in OECD (1996). The 'problem' is that most of these external directors come from related firms and friendly banks, and therefore it is believed that they cannot exercise independent judgement or be representative of shareholder interests (Monks and Minow 1995). It is assumed that as a consequence, Japanese boards of directors are largely unaccountable, for example By Western standards the often geriatric 'insider' boards of big Japanese companies, with their largely ceremonial meetings, are woefully devoid of checks and balances.
This is argued to demonstrate that Japanese top executives are no more entrenched than their US counterparts. In a separate study, Kaplan and Minton (1994) examine the determinants and implications for company managers of the appointment of main bank and affiliated company directors to the board between 1980 and 1988. They find in a series of regression analyses that both such appointments increase with poor stock performance, with bank directors being appointed after earnings losses. To explain this finding, they suggest that bank and inter-corporate relationships may act in a similar way as, and substitute for, US style market driven 'management control' mechanisms, although they offer no support for this postulation.
The Size of lapanese Corporate Boards Should be Reduced to Enable Effective and Efficient Decision-Making Regarding the Company's Strategic Plan and Executive Performance. (CalPERS 1998: capitals in original) CalPERS primary admonition is that Japanese boards of directors need to improve their accountability to shareholders, and one of the main ways of achieving this is to increase the number of independent directors. 5. 5. 5 Source: Toyo Keizai Kigyo Keiretsu Soran, quoted in OECD (1996). The 'problem' is that most of these external directors come from related firms and friendly banks, and therefore it is believed that they cannot exercise independent judgement or be representative of shareholder interests (Monks and Minow 1995).
Corporate Governance: What Can Be Learned from Japan? by Simon Learmount
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