Independent Directors and Team Production in Japanese Corporate Governance
Bibliographic Data
| ID | 3793141 |
|---|---|
| Authors | Andrew Johnston (0000-0001-5352-9563), Kohei Miyamoto |
| Year | 2023 |
| Volume | 10 |
| Issue | 2 |
| Pages | 272-305 |
| Publication date | 2023-06-01 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | Asian Journal of Law and Society (JOURNAL) |
| Journal identifiers | ISSN: 2052-9015 • E-ISSN: 2052-9023 |
| Publisher | Cambridge University Press (CUP) (PUBLISHER) |
| DOI | 10.1017/als.2022.22 |
| OpenAlex | W4296764238 |
| Language | EN |
| References cited | 32 |
Independent directors (IDs) in listed Japanese companies have gradually increased with the transplant of the Western model of the monitoring board. In practice, however, IDs act more like the mediating hierarch in team production theory than the agent of the shareholders, albeit with a number of differences from Blair and Stout's seminal model. Japanese IDs mediate formally and informally, resolving vertical disputes between groups of executives as they contest control of the company. Given the norm of lifetime employment, such vertical disputes are common in Japanese companies and are economically significant, since failure to resolve them can result in destruction of firm-specific human capital. The article explores the scope for mediating hierarchy in Japanese law and corporate governance practice, then develops three case-studies which highlight the role played by IDs. Their practice is shaped by and supports social norms that emphasize the importance of continuity in team production
Business · CONTEST · Control (management · Corporate governance · Corporate law · Economics · Hierarchy · Management · Microeconomics · Norm (philosophy · Political science · Production (economics · Shareholder · Corporate Finance and Governance · Corporate Governance and Law · Corporate Insolvency and Governance · Accounting · Finance · Law
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Hedge Fund Activism in Japan
Theory of the firm
Varieties of Capitalism
Information, Incentives and Bargaining in the Japanese Economy
Community and efficiency in the Japanese firm
Reinventing the Outside Director
Agency Problems and the Theory of the Firm
Helping the family’
A Team Production Theory of Corporate Law
Legal Irritants
Independent Directors in Singapore
| Citation velocity | historical |
|---|---|
| Highly cited | No |