A lost decade for Japanese corporate governance reform?: What has changed, what hasn't, and why

Institutional Change in Japan

Volumn , Issue , 2006, Pages 97-119

  Milhaupt, Curtis J ^a  

^a The Earth Institute at Columbia University   (United States)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 33750010574     PISSN: None     EISSN: None     Source Type: Book    
DOI: 10.4324/9780203968819     Document Type: Chapter

References (52)

1. Akaishi, Koichi. 2002. "Kikan toshika no coporeto gabanansu katsudo no igi - waga kuni no kikan toshika wa kokateki na gabanansu katsudo ga dekiru ka" [The Signficance of Corporate Governance Activities by Institutional Investors:Can Institutional Investors in Our Country Play an Effective Role?]. Unpublished report. Research Institute of Economy, Trade and Industry.
2. Allen, Franklin and Douglas Gale. 2002. "A Comparative Theory of Corporate Governance." Unpublished working paper.
3. Aoki, Masahiko. 2000. Information, Corporate Governance, and Institutional Diversity: Competitiveness in Japan, the USA, and the Transitional Economies. Oxford: Oxford University Press. Translated by Stacey Jehlik.
4. Bhagat, Sanjai and Bernard Black. 2002. "The Non-Correlation Between Board Independence and Long-Term Firm Performance." Journal of Corporation Law 27: 231-73.
5. Chandler, William and Leo Strine. 2003. "The New Federalism of the American Corporate Governance System: Preliminary Reflections of Two Residents of One Small State." University of Pennsylvania Law Review (forthcoming).
6. Columbia Conference. 2001. "The New Rhetoric and Realities of Corporate Governance." Panel discussion at Corporate Japan: The Beginning of a New Era? held March 23, 2001.
7. "Diversity Distinguishes IY Bank." 2001. Nikkei Weekly, June 11, p. 13.
8. Gilson, Ronald. 2001a. "Globalizing Corporate Governance: Convergence of Form or Function?" American Journal of Comparative Law 49: 329-57.
9. Gilson, Ronald. 2001b. "Catalyzing Corporate Governance: The Evolution of the U.S. System in the 1980s." Unpublished manuscript.
10. Hansmann, Henry and Reinier Kraakman. 2001. "The End of History for Corporate Law." Georgetown Law Journal 88: 439-68.
11. Hisada, Kishiko et al. 1999. "Japan Sticks to Lifetime Job System." Asahi Shimbun, December 2, 1999.
12. "Institutions Threaten Corporate Governance." 2002. Nikkei Weekly, July 22. Available on Westlaw (WLNR 1647285).
13. JCAA (Japan Corporate Auditors Association). 2002. Cited in letter from Group of Japanese Companies to the U.S. Securities and Exchange Commission, November 14.
14. "Jisha kabu kai baizo, 2 cho encho" ["Share Repurchases Double to Exceed 2 Trillion"]. 2002. Nihon keizai shimbun, April 28, p. 1.
15. "Kaisha bunkatsu: 1 nen de 200 ken" ["200 Spin-offs in One Year"]. 2001. Nihon keizai shimbun, March 31, p. 1.
16. "Kaisha ha koshite henshin saseru" ["This is How Corporattions Change"]. 2002. Shukan toyo keizai, April 6, pp. 42, 43-5.
17. Kanda, Hideki. 2000. "Reforms in Corporate Law and Financial Regulation in Japan." Unpublished manuscript.
18. Kanda, Hideki and Tomotaka Fujita. 1998. "Kabushiki kaisha ho no tokushitsu, tayosei, henka" ["Features, Variety and Evolution of Stock Corporation Statutes"]. In Yoshiro Miwa et al. (eds) Kaisha ho no keizaigaku. Tokyo: Tokyo University Press, pp. 453-77.
19. Kato, Takao. 2001. "The End of 'Lifetime Employment' in Japan? Evidence from National Surveys and Field Research." Unpublished manuscript.
20. Kikuchi, Masatoshi. 2000. TOB, Kaisha bunkatsu ni yoru M&A senryaku [M&A Strategy: Takeovers and Spin-offs]. Tokyo: Toyo keizai shimbunsha.
21. "Mergers Snapshot." 2003. Wall Street Journal, April 2, C5.
22. Milgrom, Paul and John Roberts. 1994. "Complementarities and Systems: Understanding Japanese Economic Organization." Estudios Economicos 9: 3-42.
23. Milhaupt, Curtis. 1997. "The Market for Innovation in the United States and Japan: Venture Capital and the Comparative Corporate Governance Debate." Northwestern University Law Review 91: 865-98.
24. Milhaupt, Curtis. 2001. "Creative Norm Destruction: The Evolution of Nonlegal Rules in Japanese Corporate Governance." University of Pennsylvania Law Review 149: 2083-129.
25. Milhaupt, Curtis. 2004. "Nonprofit Organizations as Investor Protection: Economic Theory, and Evidence from East Asia." Yale International Law Journal 29: 169-207.
26. Milhaupt, Curtis. 2005. "In the Shadow of Delaware? The Rise of Hostile Takeovers in Japan." Columbia Law Review 105: 2171-2216.
27. Milhaupt, Curtis and Mark West. 2003. "Institutional Change and M&A in Japan:Diversity through Deals." In Curtis J. Milhaupt (ed.) Global Markets, Domestic Institutions: Corporate Law and Governance in a New Era of Cross-Border Deals. New York: Columbia University Press, 295-338.
28. Miwa, Yoshiro and Mark Ramseyer. 2003. "Financial Malaise and the Myth of the Misgoverned Bank. In Curtis J. Milhaupt (ed.) Global Markets, Domestic Institutions:Corporate Law and Governance in a New Era of Cross-Border Deals. New York: Columbia University Press, pp. 339-72.
29. Miyajima, Hideaki and Hidetaka Aoki. 2002. "Changes in the J-Type Firm: From Bank-Centred Governance to Internal Governance." In Javed Maswood, Jeffrey Graham and Hideaki Miyajima (eds) Japan: Change and Continuity. London:RoutledgeCurzon, pp. 72-105.
30. Nomura Research Institute. 2001. Unpublished data on ratio of bust-up value to market capitalization.
31. Olson, Mancur. 1982. The Rise and Decline of Nations: Economic Growth, Stagflation, and Social Rigidities. New Haven: Yale University Press.
32. Osugi, Kenichi and Anthony Zaloom. 2002. "Recent Amendments to Japan's Company Law: Drastic Overhaul or Just Tinkering?" Unpublished manuscript.
33. Ota, Seiichi. 2002. " 'Sentakusei' saiyo ga kansayaku seido wo tsuyoku suru." ["Adoption of the 'Elective System' will Strenghten the Statutory Auditor System"]. Torishimariyaku no homu 95: 4-7.
34. Posner, Richard. 1997. "Social Norms and the Law: An Economic Approach." American Economic Review 87: 365-9.
35. Ramseyer, Mark and Minoru Nakazato. 1999. Japanese Law: An Economic Approach. Chicago: University of Chicago Press.
36. Recof LLC. 2001. Mergers and Acquisitions Report.
37. Recof LLC. 2002. Online. Available at: www.recof.co.jp/01_market/index.htm. Accessed October 1, 2002.
38. "Regional Banks Should be Spared from Bad Loan Target." 2003. Nikkei Net Interactive, March 19.
39. Roe, Mark. 2003. "What Corporate Law Cannot Do." In Curtis J. Milhaupt (ed.) Global Markets, Domestic Institutions: Corporate Law and Governance in a New Era of Cross Border Deals. New York: Columbia University Press, pp. 107-51.
40. Root, Hilton. 2001. "Asia's Bad Old Ways." Foreign Affairs 80(2): 9-14.
41. "Shagai torishimariyaku 38% ga sennin" ["38% Choose Outside Directors"]. 2001. Nihon keizai shinbun, June 16, p. 1.
42. Shishido, Zenichi. 1999. "Reform in Japanese Corporate Law and Corporate Governance:Current Changes in Historical Perspective." American Journal of Comparative Law 49: 653-77.
43. Shoji homu kenkyukai. 1999. "Kabunushi sokai hakusho" ["White Paper on Shareholders' Meetings"]. Shoji homu 1234: 3-118.
44. Thompson Financial. Merger Yearbook, various years.
45. Thomson Financial. 2002. "Japanese M&A: Stayin' Alive", April 4. Online. Available at: www.tfibcm.com/league/pdfs/MA/4Q2001/Docs/4Q01JapanesePR.PDF. Accessed October 1, 2002.
46. Tokyo shoken torihikijo [Tokyo Stock Exchange]. 2000. "Kooporeto gabanansu ni kansuru ankeeto no chosa kekka ni tsuite" ["Results of Corporate Governance Survey"]. November 30.
47. Towers Perrin. 2003. Worldwide Total Compensation Report 2003-2004.
48. West, Mark. 2001a. "Why Shareholders Sue: The Evidence from Japan." Journal of Legal Studies 30: 351-82.
49. West, Mark. 2001b. "The Puzzling Divergence of Corporate Law: Evidence and Explanations from Japan and the United States." University of Pennsylvania Law Review 150: 527-601.
50. Xu, Peng. 2002. "Bankruptcy Resolution in Japan: Corporate Reorganization vs. Civil Rehabilitation." Unpublished paper.
51. Yasui, Takahiro. 1999. "Corporate Governance in Japan." OECD paper, March.
52. Zhang, Hua. 2000. "Share Repurchases in Japan: Market Reaction and Actual Implementation." Unpublished manuscript. Online. Available at:www.efmaefm.org/hzang.pdf. Accessed October 1, 2002.