Contemporary Analysis of Japanese Corporate Boards
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概要
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This paper evaluates the numerous sources about Japanese board of directors in the drastically changing business environment and thereby shows the road map of Japanese corporate boards. The results give in-depth understanding compared to the previous studies based on the evidence derived through the sub-samples representing different patterns of governance. Leader of the board of directors meeting is basically the president or chairman, especially in the companies having a traditional approach to corporate governance. Conversely, in case of the companies which have shifted to Anglo-Saxon committee system the leader of the board of directors meeting is mainly an outside director. The jomu-kai (executive directors meeting) or keiei-iinkai (management executive committee) is still the center for major decisions in many companies having traditional governance system. The major decisions of global companies having either committee system or intermediate system are taken at the board of directors meeting. When attaining a long-term goal is uncertain, disregarding the nature of governance system, Japanese boards try to grasp any failure through their monitoring function. The larger companies having either intermediate or committee system shifted the power of selecting the next president from the existing president to a board committee. About half of the companies have already implemented the outside directors though some of them are not independent in actual terms. Particularly in larger companies having shifted to Anglo-Saxon committee system, there are independent directors similar to their Western counterparts. No matter the system is Japanese or Anglo-Saxon type, the board of directors and president or chairman of Japanese companies have an above average influence on their corporate governance systems. At present the companies have more concern about very specific board reforms such as implementation of performance evaluation and review of compensation. The 'ceremonial nature' of Japanese Corporate Boards has been shifting away to some extent and emphasizing more on efficient and effective decision making. The nature and the role of board of directors of companies largely shifted to Anglo-Saxon committee system and intermediate system have been significantly changed. There is a trend of monitoring over execution indicating a tendency of converging toward the Anglo-Saxon model. Conversely, there are several larger companies greatly refusing to accept the new reforms, instead they consider improving the system along with the local and global requirements. The small and medium scale companies still prefer the traditional approach which benefits them over half a century. Historically, the Japanese people feel the obligation to a family, a company or country that leads to the consensus attitudes. But they have taken some measures to improve their traditional system for better governance.
- 中京大学の論文
著者
関連論文
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- Contemporary Analysis of Japanese Corporate Boards
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